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Many people worry when they come to talk to a St. Louis Chapter 7 bankruptcy lawyer that they won’t be able to get a loan for a car when they file for bankruptcy. Maybe they are still making payments on their car and they know it will be repossessed by the bank, or maybe they are driving an old vehicle and see they will need a new car sooner rather than later. Even after bankruptcy, some lenders will still give you a loan for a car. If not, other options exist should you need to get a vehicle.
Options for Borrowers from a St. Louis Chapter 7 Bankruptcy Lawyer
Some lenders specialize in lending to people with bad credit. Even with a bankruptcy or other adverse items on your credit history, they will loan you money to borrow a car. The problem is that these lenders often charge a very high interest rate to mitigate the risk, so it may not be the best option for people trying to get back on track after dealing with a St. Louis Chapter 7 bankruptcy lawyer especially for people without steady income.
Some charitable organizations will get car donations and sell them cheaply to people in need. By contacting one of these organizations, you may be able to get a car that runs for a very good price. While it may not be the nicest car in the world, it can get you to work or help you run errands. And without a car payment, it will allow you to save money quickly.
Another option may be to speak to family or friends and see if they are interested in selling their vehicle. If they are looking to buy a new car, they may be willing to sell theirs for a reasonable price or allow you to make payments with no interest. If you are confident you can make the payments on time and not damage a relationship, this can be a good option.
Even after consulting with a St. Louis Chapter 7 bankruptcy lawyer, options still exist for you to get a new car and a fresh start on your finances.