Frequently Asked Questions About Bankruptcy

Q: Why buy from Larry H. Miller Toyota Murray?
A: We have established relationships with many reputable lenders that other dealers aren't able to offer. This allows us to offer the lowest rates, best quality vehicles, and more financing options, personalized for your needs. Each lender reports to all credit bureaus so you can begin to rebuild your credit.

Q: If I have a bankruptcy, can I get approved?
A: Absolutely. Unlike other dealers, we can get you a loan prior to your 341 meeting. You don't need to be discharged! Of course, we can still assist you if your bankruptcy has discharged.

Q: Can I get approved if I'm in a Chapter 13 bankruptcy?
A: Yes, we can help you work closely with your attorney to obtain authorization from the courts to purchase a vehicle.

Q: Do I have to keep or reaffirm on my vehicle?
A: No, now is the time to start re-establishing your credit. In most cases, when you keep your current vehicle, it will no longer report on your credit bureau. This will only delay the process or re-establishment.

Q: Can I finance while in a bankruptcy?
A: You can finance while in a bankruptcy 7 & 13. There are programs to lower your interest rate a full 2% per year.
Q: How can I ensure a quick approval?
A: Bring your most recent pay stub, your most recent utility bill to show residence, a valid driver's license, and proof of auto insurance.

Q: Will a co-signer help me get approved?
A: In some situations, a co-signer can be beneficial. This is determined on a case-by-case basis. In some situations, both applicants will have to qualify on their own.

Q: How much can I get approved for?
A: This will vary. The loan that you will be pre-approved for is based on a number of factors, including your gross monthly income and the amount of your previous or current loan history. Our financing team will work to ensure we get you a great deal on a new or used vehicle that meets your budgeting needs.

Q: When I qualify, how much money will I need for a down payment?
A: We have many programs available that require no down payment. 

Q: Can I use my trade as a down payment?
A: Definitely! We accept all makes and models. Just bring in your vehicle for a professional trade appraisal.

Q: What are the interest rates?
A: Rates are based on your credit score, miles on the vehicle, length of the loan, and the equity position of the loan. The higher your credit rating and down payment, the lower your rates will be. We offer the most competitive financing available and will work with various financing institutions to find the program that best fits your needs.

Q: Will my interest rate be less if I wait until my bankruptcy is discharged?
A: Not necessarily. We offer competitive financing plus rate reduction. This program allows you to reduce your interest rate every three months as long as your payments are made on time.


Janalee Johnson
General Sales Manager
(855) 449-7816

Financing Center Hours

  • Monday Closed for July 4th
  • Tuesday 9:00 am - 8:00 pm
  • Wednesday 9:00 am - 8:00 pm
  • Thursday 9:00 am - 8:00 pm
  • Friday 9:00 am - 8:00 pm
  • Saturday 9:00 am - 8:00 pm
  • Sunday Closed