I you have had a repossession less than a year ago.If the repossession was not included in a bankruptcy and there is still a balance on the account, you can still pre qualify. Greater money down requirements will apply and vehicle selection will be limited to newer cars that are still under factory warranty.
you have had a bankruptcy. you can gert pre approved as long as the bankruptcy is discharged, or you have an Authorization to Incur Debt from the bankruptcy trustee.
If you are currently in a Chapter 13 Bankruptcy. you can pre qualify. However, it may take longer to process your loan. You have to obtain an “Authorization to Incur Debt” from the trustee of your bankruptcy. This normally takes two to three weeks. Consult your bankruptcy attorney.
A Cosigner may be considered for a Buyer who does not comply with all the credit requirements. The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.
Monthly payments are based on your credit profile and the vehicle you are purchasing. Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have under 50,000 miles.
