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How to Refinance Your Car Loan after Chapter 13 Bankruptcy

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When you want to refinance your car loan after a Chapter 13 bankruptcy, there are some steps to take in order to increase your chances of approval. If your existing lender will not approve you, check with other lenders until you find one willing to grant your request.

What You Will Need

Here are some things a lender may need to qualify you for a loan:

  • Balance on the car
  • Household income
  • Monthly debt payments
  • Copy of the bankruptcy discharge
  • Reasons for the bankruptcy

Step 1 - Call Your Existing Lender

Ask for a 10 day payoff on the loan, to leave room for delays in the new loan closing.

Step 2 - Gather Your Information

Figure your income and debt payments, make a copy of the bankruptcy discharge, and write down your reasons for filing.

Step 3 - Contact Other Lenders

Present the lenders with your documentation. If you receive multiple approvals, choose which lender you prefer. If conditions are required to be met by, such as a down payment on the loan, comply with the lender’s request or shop around until you find a lender willing to work with you.