Auto Loan Requirements After Bankruptcy

There is a whole other set of requirements for people who apply for Car Loans after a bankruptcy. Aside from the normal requirements like being a legal US resident, being at least 18 years of age, and having a steady job, people who have filed for bankruptcy must make sure that it has already been discharged before they file an application for auto loans. Also, the person’s monthly income must at least be $1500. In some states, this number is much higher. Finally, there shouldn’t be any repossessions done in the last year. This is done to lessen the risk to the lenders as well.