Bad Credit Auto Refinance » car loan after bankruptcy http://bad-credit-auto-refinance.com Bad Credit Car/Auto Loans | Car Loans for College Students | Auto Refinance For Bad Credit Tue, 24 Apr 2012 14:40:02 +0000 en hourly 1 Car Loan After Bankruptcy – Fastest Way to Get Approved http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-fastest-way-to-get-approved http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-fastest-way-to-get-approved#comments Thu, 07 Oct 2010 01:24:59 +0000 John G. Smith http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-fastest-way-to-get-approved A car loan after bankruptcy is a great way to improve your poor credit history and be in the car of your dreams. Many people think you can a loan for so many years after bankruptcy, but there are ways to get a car loan the day after filing. Here is the fastest and most simple way to get approved for a low interest rate car loan.

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]]> A car loan after bankruptcy is a great way to improve your poor credit history and be in the car of your dreams. Many people think you can’t get a loan for so many years after bankruptcy, but there are ways to get money the day after filing. Here is the fastest and most simple way to get approved for a low interest rate loan.

Determine What You Want and How Much You Need

You should have a good understanding of how much money you are going to need and what you can afford to pay each month. Set a budget and determine what you can pay and how much the vehicle will cost. Sometimes getting a car loan after bankruptcy is easier if you can prove to lenders you can afford the payments on the vehicle you want.  

Apply Through Lenders Who Specialize In Bad Credit Loans

A car loan after bankruptcy is usually only provided from lenders who specialize in these types of loans. These lenders deal with many partners who provide loans in spite of the many types of bad credit risks, such as a car loan after bankruptcy.

Never be afraid to mention during your application process that you have claimed bankruptcy, and explain why. You should explain what circumstances got you where you are, and how you are attempting to resolve credit problems. Always mention how you have improved your current financial situation.

Where To Apply for a Car Loan After Bankruptcy?

The best way to find a low interest car loan after bankruptcy is through searching many online lenders for free. It is much easier to find a good deal online then to travel to all the dealers and banks in your city.  Online lenders will send you a check when you are approved, and all the instructions are provided to you. This puts you in a good situation once you go to the dealers because you will have already been pre-approved and in a good position to negotiate a deal on your vehicle.

The best part about being approved instantly for a car loan after bankruptcy is that you do not have to take the loan just because you were approved. So you can shop around all day and get the lowest interest without leaving home.

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]]> http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-fastest-way-to-get-approved/feed/ 0 Car Loan After Bankruptcy – How to Get One http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-how-to-get-one http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-how-to-get-one#comments Wed, 25 Aug 2010 23:31:31 +0000 Al Falaq Arsendatama http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-how-to-get-one It is not an easy thing to get a credit after bankruptcy. Once you file a bankruptcy, it will stain your credit record for up to 10 years. Within these years you will have a hard time on finding loans, including car loans. So here are some facts that you need to know about bankruptcy car loan.

Car Loan After Bankruptcy – How to Get One is a post from: Bad Credit Auto Refinance

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]]> It is not an easy thing to get a credit after bankruptcy. Once you file a bankruptcy, it will stain your credit record for up to 10 years. Within these years you will have a hard time on finding loans, including car loans. So here are some facts that you need to know about bankruptcy car loan.

Facts about Car Loan after Bankruptcy

You are still can manage to have car loan after filing bankruptcy. Initially, loan lender company willing to have a client who’s having bankruptcy record after 2 years minimum. This specific time period will determine the capability of a client on how good that client to rebuilds the financial health back during the first 2 years of bankruptcy. First thing that you need to understand, bankruptcy car loan has higher percentage rate than car loan in normal condition. They also have some specific requirements that you need to fulfill. You must be at least at least 18-years-old, live at the same place and being employed for at least six months with certain minimum salary. If you are not 18-years-old already, then you must have someone to be your co-signer.

How to Get One

If you think that you are eligible enough to above specific qualifications criteria, it is time for you to start your homework by searching some loan lender and doing a study market on them. You can have your loan from any local car dealer around your area, but for the best offer of bankruptcy car loan comes from online loan companies. On line car loan has a low interest rate offer and more flexible requirements compare to any car dealer avail. On line loan is also helping you to have a preview on how much you actually need to pay out per month for your upcoming car.

Based on your bankruptcy record, when you fill out a loan application, loan companies may need explanation for your bankruptcy background and what approach that you chose to clear the credit. To make it easier for them to understand, you can file this reason in written into your credit report. On the other hand, it is even better way if you can manage to pull a copy of your credit report just before you are applying any car loan. This action will refresh your credit history and avoid you to have a negative credit rating that may reduce your credibility.

When finally you have being approved to have loan after bankruptcy, please ensure to always maintain your regular payment on time. This is important for you to achieve your financial recoveries, which will eventually giving you easy access whenever you need other loans with even lower interest rates that you can imagine.

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]]> http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-how-to-get-one/feed/ 1 Car Loan After Bankruptcy – A Ray Of Sunlight After A Storm http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-a-ray-of-sunlight-after-a-storm http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-a-ray-of-sunlight-after-a-storm#comments Wed, 14 Jul 2010 22:32:53 +0000 Dean Shainin http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-a-ray-of-sunlight-after-a-storm During declaration of bankruptcy, almost all of the things that we want are quite impossible including our dream car or house. It is virtually impossible to get a car loan after bankruptcy because companies and banks believe that a bankrupt person has no capabilities of paying back loans. This is no longer the case.

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]]> Being bankrupt means having nothing on hand, in most cases especially money. It is a financial state where money was lost and many loans were not paid because of lack of monetary resources or income.

If bankruptcy will be formally defined, then bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organization, or it can be requested by creditors in an effort to recoup a portion of what they are owed.

Bankruptcy doesn’t necessary mean that it is just for banks. It is applicable to any person or group who lost resources and funds. If you are going to define bankruptcy, it varies. It may be individual bankruptcy or business bankruptcy.

Business bankruptcy is defined from its root words, bankrupt from the Latin word ‘bancus’ meaning bench and ‘ruptus’ meaning broken. The bench refers to the place in a local market where a moneylender would set up shop. If the banker’s business failed, or if he absconded without paying his creditors, his bench would be broken to show in a public manner that he is out of business.

In individual bankruptcy, a person who declares bankruptcy will experience extreme difficulty in acquiring credit for a number of years, at which point his or her previous bad credit history is erased if credit recovery is done properly.

It may be possible for such a person to arrange for limited secured credit in the form of a credit card so that they can rebuild their credit rating. Until the end of the period of bankruptcy, however, the declarer will essentially have to live on a cash payment basis.

Many people who have gone through bankruptcy describe it as a learning experience in which they gained an appreciation of the need to monitor one’s debts before they get out of hand.

During declaration of bankruptcy, almost all of the things that we want are quite impossible including our dream car or house. It is virtually impossible to get a car loan after bankruptcy because companies and banks believe that a bankrupt person has no capabilities of paying back loans.

Some people who had experienced bankruptcy themselves have used several techniques and methods to buy a new car. They were able to acquire a car despite of the fact that many companies would not loan them the money for them to buy a car.

The following are some of the techniques used for you to purchase your dream car as easy as possible even if you have just declared bankruptcy.

o Try to buy cars that are affordable and cheap. This will help you to save money. Choose those that are a bargain or on sale. Be sure to look up the Blue Book value of the car. Stick to those that are practical and reliable, this is not the time for a flashy convertible or a powerful SUV.

o In applying for a car loan after bankruptcy, have someone act as your trustee or guarantor. Having someone to act as your trustee or guarantor will make your application easier and faster.

o If you do buy your car from a dealer, keep the focus on how much you can afford to pay each month not on how much you want to pay for the car on a monthly basis.

o Instead of putting the dealer in charge of your finances, put yourself in charge. Start by calculating how much the car costs and what you can afford to pay off in two to three years.

o Put down as much as you can afford to put down toward the total price of the car. This will help you to get a lower interest rate. Try to put at least 1/3 down payment of the total cost of the car.

These techniques given are just some that can be used by those who have experienced bankruptcy and these techniques tend to be effective. Following these may help you, but it is still up to you to ensure that you make the payments on time.

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]]> http://bad-credit-auto-refinance.com/car-loan-after-bankruptcy-a-ray-of-sunlight-after-a-storm/feed/ 10 Car Loans After Bankruptcy? is it Realistic? http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy-is-it-realistic http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy-is-it-realistic#comments Wed, 05 Aug 2009 11:46:38 +0000 admin http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy-is-it-realistic Melissa Kellett asked: Those who have gone through a bankruptcy process are eager to retake the path of reasonable financing. However, it is usually very difficult to get approved for a loan with a past bankruptcy on your credit report. And especially those who want to purchase a new car wonder whether approval for a [...]

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]]> car loan after bankruptcy11 Car Loans After Bankruptcy? is it Realistic?
Melissa Kellett asked:

Those who have gone through a bankruptcy process are eager to retake the path of reasonable financing. However, it is usually very difficult to get approved for a loan with a past bankruptcy on your credit report. And especially those who want to purchase a new car wonder whether approval for a car loan after bankruptcy is feasible or not.

Undoubtedly, it is possible to get a car loan after bankruptcy. But, how long do you have to wait before applying? What are your chances of getting approved? How can you boost your possibilities of obtaining your loan? All these questions are asked by those who have gone through a bankruptcy when contacting lenders. However, answering them is not that simple.

Advantages Of Car Loans After Bankruptcy

The secured nature of car loans contributes greatly to the approval process of applicants with past bankruptcies on their credit reports. The car to be purchased is used as collateral of the loan and in case of default; the lender can recover his money by forcing the sell of the vehicle so he can claim his investment from the purchase price.

Collateral greatly reduces the risk involved for the lender in the financial transaction and thus contributes to increase the chances of getting approved. The main reason why applicants with bankruptcy get rejected is because the risk they represent is too high. Thus, anything that reduces the risk, increases the likelihood of approval.

Requisites For Approval

One of the main requisites for approval when you have gone through a bankruptcy process is a suitable income to face the monthly payments on the loan. You need to be able to prove that you have a steady income by showing copies of paychecks or tax presentations if you are self employed. This requisite is very important and if you can not show proof of a steady income, forget about obtaining a car loan after bankruptcy.

Also, even though it is obvious you will not have a good credit score or history, there will still be credit requirements that you will need to meet in order to get approved. From the day your bankruptcy has been discharged on, your credit history must be impeccable. Any delinquency, even if it is a small one, would otherwise scare lenders away and compromise your chances of getting approved for your car loan after bankruptcy.

Bankruptcy Requirements

As regards to your bankruptcy, a prudential time must have passed since it was discharged in order to apply for any kind of loan. Most lenders will fix this period on two years and some lenders will raise it up to ten. Nevertheless, given that these loans are secured, it is possible to bypass this requirement provided that you have a suitable income. You will be required, however, to face higher interest rates due to the high risk involved in the transaction.

If you are still on a bankruptcy process, it is almost impossible to get approved for any kind of loan. Unless specifically authorized by the court due to exceptional reasons, you are not allowed to take loans during a bankruptcy process. Besides, it is impossible to think of a lender that would be willing to lend to someone being currently in bankruptcy.

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]]> http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy-is-it-realistic/feed/ 0 Car Loans After Bankruptcy http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy#comments Wed, 18 Mar 2009 23:09:08 +0000 admin http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy Devora Witts asked: In spite of what many people think, it IS possible to get a car loan after bankruptcy. A bankruptcy process can be difficult to swallow, but it does not turn you into a bad guy. We would like to be of help to those unfortunate persons who have had to run the gauntlet [...]

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]]> car loan after bankruptcy4 Car Loans After Bankruptcy
Devora Witts asked:

In spite of what many people think, it IS possible to get a car loan after bankruptcy. A bankruptcy process can be difficult to swallow, but it does not turn you into a bad guy. We would like to be of help to those unfortunate persons who have had to run the gauntlet of a financial breakdown.

A Well-Planned Budget

Planning in advance is capital. Make a detailed budget that contains your income, your expenses and what monthly installments you can afford to pay. This will give you a clear idea of what the best payment program would be for you, when you start asking for quotes from lenders.

Contingencies

There is a great difference between what you would like and real fact. Be prepared to face reality and opt for a smaller loan or a longer repay period if you notice that you will be a little too tight. Remember that you have just gone through a period of mistakes or maybe unforeseen happenings and you do not want to repeat them.

Credit Report

In this question of being prepared, you do not want to forget to check your credit report. Every citizen is entitled to one free credit report per year. Use it to check out unforeseen errors. Should you spot any, contact the Bureau immediately and have it corrected. They will tell you what you need to do.

Double Benefit

After bankruptcy, your credit needs to be repaired fast. So, this car loan you are looking for can be secured with the car itself as collateral. It will be “pinned” until you finish paying for it, but at least you get the loan.

Besides, credit improvement states how you pay and how much the loan is for, but they do not mention collaterals, so it would be just the same as paying back an unsecured loan.

Car Loan Brokers

Remember to see car loan brokers, because they will be able to get you a better deal when establishing the make, model and price of your car. Apart from this important fact, they are also used to dealing with customers with poor, bad or no credit at all, as well as post-bankruptcy situations.

Applying On-Line

This is a good way to go about things, because you can use the on-line application form without leaving your home and will not have to do any paperwork until the loan is effectively approved. This kind of agency has a lower fixed cost, so their rates are generally lower.

Sail the net and search for suitable lenders. Ask for quotes and do not be afraid of filling an on-line form in order to get information. You have not signed any paper yet.

One Last Touch

After a certain time, your credit will improve. Again ask for a credit report, even at a certain cost, see how your condition has gotten better and go straight for a refinance. You will be granted the possibility to do this, with the obvious convenience for you, regarding a shorter term with less interest.

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]]> http://bad-credit-auto-refinance.com/car-loans-after-bankruptcy/feed/ 0 Secured Car Loan Company http://bad-credit-auto-refinance.com/secured-car-loan-company http://bad-credit-auto-refinance.com/secured-car-loan-company#comments Wed, 11 Mar 2009 01:17:41 +0000 admin http://bad-credit-auto-refinance.com/secured-car-loan-company Sadhana Dhanyal asked: Owning a car of their own is a dream for many. However, some people don’t have sufficient money with them to buy one. This doesn’t mean that such people should not get an opportunity to own a car! There are many type of loans available in the loan market which cater to [...]

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]]> car loan after bankruptcy20 Secured Car Loan Company
Sadhana Dhanyal asked:

Owning a car of their own is a dream for many. However, some people don’t have sufficient money with them to buy one. This doesn’t mean that such people should not get an opportunity to own a car! There are many type of loans available in the loan market which cater to the needs of such people.

One can make use of car loans. These loans are available to all kinds of borrowers. They are available in two forms – secured and unsecured. Secured car loans can be availed by pledging some valuable asset as collateral against the loan.

These loans are considered to be the best and most economical source of funding a car. It is advisable that a borrower takes into consideration certain things while looking for secured car loans:

•  It will help if one is sure of the car that one wants to buy.

•  Getting advice from the best automobile dealers in the market can help one immensely.

•  Having a fair idea of how much one can invest.

It’s no more a luxury to own a car. These loans have made it accessible to everyone. By pledging some valuable asset as collateral against the loan, the lender is assured of getting back the money in case of non repayment. The collateral acts as a security. A borrower can also get a loan at a lower rate of interest. One has the additional freedom of borrowing the amount of his or her choice. A secured car loan company can provide the required guidance to the borrower.

Car Finance Benefits!

Car finance is available all over the market. Innumerable lenders offer various kinds of loans. Different lenders offer loans at different rate of interest. It also depends on the requirement of the borrower. One can even look online. There are many lenders offering such loans.

Looking online too can save one from the hassle of filling out lengthy details of form. One need not run around to secure a loan too. Moreover, the loans are processed much faster online. One is also at the liberty to choose from various kinds of loans and choose the best type of loan.

In case, a person has turned bankrupt and wises to buy a car, he or she can still do it! Opting for car loan after bankruptcy can help to a large extent. These kinds of loans are specifically chalked out for those who have turned bankrupt. One need not wait until the bankruptcy is discharged. One can secure the required amount of money and buy the car of his or her choice.

Total Debt Relief

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]]> http://bad-credit-auto-refinance.com/secured-car-loan-company/feed/ 0 Obtaining a Car Loan After Bankruptcy http://bad-credit-auto-refinance.com/obtaining-a-car-loan-after-bankruptcy http://bad-credit-auto-refinance.com/obtaining-a-car-loan-after-bankruptcy#comments Fri, 06 Mar 2009 16:43:41 +0000 admin http://bad-credit-auto-refinance.com/obtaining-a-car-loan-after-bankruptcy Chad Fisher asked: If you’ve just discharged your debts and come out of bankruptcy it can be challenging to find an auto loan. You will need to check your FICO score after bankruptcy because if your score is too low you may be stuck with an exorbitantly high interest rate in the 10-15% range. That [...]

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]]> car loan after bankruptcy10 Obtaining a Car Loan After Bankruptcy
Chad Fisher asked:

If you’ve just discharged your debts and come out of bankruptcy it can be challenging to find an auto loan. You will need to check your FICO score after bankruptcy because if your score is too low you may be stuck with an exorbitantly high interest rate in the 10-15% range. That can add up quickly if you’re buying a car over $10,000.

 

 If you can scrape together some money, try to put 20-30% down on the car so you can reduce your monthly payment. If you have a trade-in car, try to sell that to a private party. A private party sale via Craigslist will get you much for your car than a dealer trade-in. Check out the blue book value first for your zip code so you know what to list it for.

 

If you buy a car from a dealership, don’t be afraid to shop the loan around. They may offer you a low annual percentage rate, but also may get a better deal through your bank or credit union.

 

You don’t have to wait for your bankruptcy filing to be completely finished before you start applying for car loans. Start searching for a loan and try to get pre-approved before you decide on your purchase. The last thing you want to do is find a car and then not be able to find the loan you need.

 

Whatever loan you decide on, check for hidden fees and prepayment penalties. There’s no reason to accept a high interest loan where you can’t pay down the balance when you get yourself back on your feet. Take the time to read the fine print, it can save you money and keep you from ending up back in bankruptcy.

Clear Your Bankrupsy

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]]> http://bad-credit-auto-refinance.com/obtaining-a-car-loan-after-bankruptcy/feed/ 0 How To Get Approved For A Car Loan After Bankruptcy Or With Bad Credit http://bad-credit-auto-refinance.com/how-to-get-approved-for-a-car-loan-after-bankruptcy-or-with-bad-credit http://bad-credit-auto-refinance.com/how-to-get-approved-for-a-car-loan-after-bankruptcy-or-with-bad-credit#comments Sun, 22 Feb 2009 04:29:40 +0000 admin http://bad-credit-auto-refinance.com/how-to-get-approved-for-a-car-loan-after-bankruptcy-or-with-bad-credit David Maillie asked: Bankruptcy and bad credit can make you think your ability to get a car loan will be an impossible task. But it does not have to be. Also, any new loans including a car loan will help you to build and reestablish your credit and credit history. Most finance companies will not [...]

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]]> car loan after bankruptcy13 How To Get Approved For A Car Loan After Bankruptcy Or With Bad Credit
David Maillie asked:

Bankruptcy and bad credit can make you think your ability to get a car loan will be an impossible task. But it does not have to be. Also, any new loans including a car loan will help you to build and reestablish your credit and credit history.

Most finance companies will not deal with you if you are in the middle of bankruptcy, but they will when it is finalized as you can then legally take on debt and reestablish yourself. Bad credit should not mean no credit. You can still get a good car loan and even a reasonable or good rate and payment. Here are some excellent tips and pointers to help you get the best car loan and terms possible regardless of your credit history.

First, get a copy of your credit report.

This is a crucial step as your credit report may and probably will contain some erroneous and derogatory information. It is a known fact that over 90 percent of credit reports contain some sort of error or incorrect information. This can range from wrong contact or loan info to derogatory debt info that should be removed as it is older than 7 years.

The rule is that most derogatory credit and debt reporting can only stay on your credit report for 7 years (a bankruptcy is 10 years). Many collection companies and other creditors abuse this law by relisting bad credit with different loan numbers and such. This is actually illegal and a violation of the Fair Debt Reporting Act. If you find any fraudulent reporting like this hire an attorney and sue the violating company.

Basically, anything that does not belong on your credit file can be investigated by inquiring with the credit bureaus (Trans Union, Equifax and Experian). When an inquiry is opened, they must contact the original creditor and receive proof that the debt is valid. If they do not receive proof within 30 days the disputed information must be removed. The credit bureau in question will then send you a free, corrected credit file. Note, this dispute process is not to be abused for knowingly valid debts.

By correcting the data in your credit report you can only improve your credit rating. You are also entitled to add a small entry to explain any valid derogatory entry. For instance if it was caused by a unexpected illness, automotive accident by an un-insured motorist or something that was not your fault. Creditors may take this info into account and give you a better rate or terms or extend credit where they normally would not.

Make friends with the special finance manager at your local car dealership that handles bad credit.

This can only help as many times a loan is made or determined on the finance managers personal opinions. They can put in a good word for you or a personal favor or recommendation. Especially if they are at a large dealership and they do a lot of loans. They may be able to throw it in with a package of loans and get you approved or get you a better rate. Do not discount this, I have personally seen this happen.

The special finance manager will also determine how much money you can put down and what payments you can afford. If you are friends with them you will most likely get a much better deal, car and payments.

Look online before you sign the dotted line.

There are numerous online finance companies and websites that may give you better terms and or rate, but you will never know if you do not check. Just look up the keywords bad credit car loan on Google or Yahoo and you will find plenty of them. Find a few and see what kinds of offers or terms you will get. Do not be surprised if you are approved, but for a newer car. Many finance companies will not do loans on cars older than 5 or 7 years or with prices below $5,000.

Buy here pay here.

If you wish to buy a car older than the range most companies will finance, under $5,000, or your credit will not let you buy at a normal dealership (very rare), then there is one last resort the BHPH (Buy Here Pay Here dealer). These car dealers finance the car themselves and will usually expect weekly payments. Do not expect your car loan with them to be reported on your credit report so it will probably not help your credit. If you miss a payment, they will tow off or repo your car.

Then you will have to pay extra repo fees and all payments to get you up to date to get the vehicle back. BHPH is kind of like legalized loan sharking, but for some it is an acceptable or only alternative to riding the bus or walking. Expect high interest rates (whatever the state maximum is) and weekly payments of between $50 and $100 with a sizeable down payment (usually around $2,000 or so depending on the year and price of the car being loaned).

Now, once you have a car loan, do not mess up and miss or make late payments. Your goal is to correct the mistakes of your past and build good credit. If you keep making on time payments and continue to build your credit, with 1 to 2 years you will improve your credit and may even be able to do things like purchase a house or condo and qualify for better rates and terms.

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]]> http://bad-credit-auto-refinance.com/how-to-get-approved-for-a-car-loan-after-bankruptcy-or-with-bad-credit/feed/ 0 How Do You Get A Car Loan After Bankruptcy http://bad-credit-auto-refinance.com/how-do-you-get-a-car-loan-after-bankruptcy http://bad-credit-auto-refinance.com/how-do-you-get-a-car-loan-after-bankruptcy#comments Wed, 09 Jul 2008 19:11:00 +0000 admin http://bad-credit-auto-refinance.com/how-do-you-get-a-car-loan-after-bankruptcy/  How Do You Get A Car Loan After Bankruptcy Obviously, filing for bankruptcy creates a big dent in your credit score. Bankruptcy remains on your credit report for a period of seven years and may cause any applications for a loan to get rejected. After you have filed for bankruptcy, if you want to buy [...]

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]]>  How Do You Get A Car Loan After Bankruptcy

Obviously, filing for bankruptcy creates a big dent in your credit score. Bankruptcy remains on your credit report for a period of seven years and may cause any applications for a loan to get rejected.

After you have filed for bankruptcy, if you want to buy a car, you don’t have as many options available as previously. However, you can usually get approved for an auto loan through so called, sub-prime lenders. Sub-prime lenders specialize in financing auto loans to people with bad credit and/or recent bankruptcy. If you repay the loans per your repayment schedule, it can help rebuild your credit report and improve your credit rating.

Most car loans after bankruptcy can be applied for approximately two years after filing for bankruptcy. The reason for the two year waiting period is that it gives the lender time to evaluate you on how you have managed your finances during this time frame, post bankruptcy. There are also very specialized lenders, mostly online, that will offer car loans to people with bankruptcy filings within the two year time frame. It pays to research what is available as banking rules and regulations change almost daily.

Car loan applications will often ask if and why you have declared bankruptcy. Make sure to explain your financial situation when prompted and to include why the bankruptcy occurred as well as what you have done to clear up your credit situation.

Tell The Lender The Truth About Your Situation

If the lender discovers that you have not changed your fiscal ways and you are leading the same lifestyle as pre-bankruptcy, then rest assured that your loan application will be rejected. However, if you have changed after your recent insolvency, have started making responsible financial decisions, and are taking the necessary steps to improve your financial situation, then there is a good chance that you will be given the car loan.

In addition, the secured nature of car loans contributes greatly to the approval process of applicants with past bankruptcies on their credit reports. The car to be purchased is used as collateral for the loan and in case of default the lender can recover his money by forcing the sale of the vehicle so he can reclaim his investment.


How Do You Get A Car Loan After Bankruptcy

Once you are approved for a car loan, don’t forget the possibility of future refinancing. By making your payments on time with all your bills, in a year or so you could easily qualify for considerably lower interest rates. In three years, you can raise your credit score enough to be eligible for even lower rates. There is help available after bankruptcy, so don’t despair and get back on track to financial security.

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