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Getting Chapter 13 Bankruptcy Car Loan – What You Must Know?

The procedure to get approved for auto loans while in chapter 13 can be highly complicated as the debtor, who is already in financial doldrums, is thinking of applying for additional credit. Typically, to finance car during a chapter 13 proceeding requires nod from creditors and written permission from the court appointed “Trustee”. Besides, probable applicants can apply for chapter 13 auto loans only if they meet few basic requirements.


  • Little need to get into the hassles of securing costly dealership financing.
  • Pay low down payment and obtain an auto loan by negotiating a good deal.
  • Majority of the loan dealers don’t ask for details of car’s make, model & type.
  • A car loan pre-approval can be helpful in pre-determining affordability of the loan.
  • Borrower can shop and buy car very much like a cash buyer when a car dealership.

Handling A Car Loan During Chapter 13 – Some Vital Things to Consider

  • In case, car has been purchased 930 days prior to filing chapter 13 then it is advisable to repay the loan completely.
  • If vehicle has been purchased much earlier than debtor has the option to surrender it or pay back portion of the debt with a favourable monthly payment schedule.
  • Debtor can consider repaying dues on auto loan during chapter 13 but if car value is less than the unpaid principal loan amount, court can further reduce debts.
  • In a typical chapter 13 procedure, debtor has the option to keep vehicle but needs to make sure the loan payments are regular.
  • If debtor fully repays auto loan dues in the course of chapter 13 bankruptcy proceeding then he can retain the vehicle and own it.

Learn How to Qualify for Car Financing While in Chapter 13 Bankruptcy

It is needless to say that car loans for people in chapter 13 bankruptcy are hard to get but with an expert’s advice such a proposition can be a reality. To that effect, if you are thinking of applying for an auto loan while in an open chapter 13 bankruptcy then to improve your chances of getting approved it could be much better if you follow the below mentioned steps.

  • Convince the court that you desperately need car and get written consent from Trustee.
  • Court will assess your request and even let you know how much loan amount is permissible.
  • If permission is granted then you can look for specialized bankruptcy auto loan dealers online.
  • Trustee will oversee the paperwork so as to ensure that monthly car payments are in accordance with the limits endorsed by the court.

2 Important Guidelines for Keeping Your Car When in Chapter 13 Process

Under chapter 13 rules and regulations debtors can keep their properties but are required to pay back portion of their debts with a sustainable monthly debt repayment plan which is approved by the “Trustee” who is overlooking chapter 13 cases. However, there are a couple of aspects which need to be considered if you intend to keep your car while in an open chapter 13 proceeding. These are as follows.

  • Car Equity Can Affect Payments – If there is some amount of equity left in car then chapter 13 debt payment schedules can get adversely impacted. Nevertheless, as car value depreciates with time and so most debtors don’t have any problem.
  • Car Expenses Must Be Reasonable – Debt repayment plans in chapter 13 processes are worked out on the basis of disposable incomes debtors may have and hence, borrower must ensure that vehicle expenses are not very high and are within budget.
Secure Chapter 13 Bankruptcy Car Loans Online

CarLoanNoCredit offers Chapter 13 auto loans at lowest rates. We always help our clients in such a way that they can get maximum benefits with their application.