Tips For Getting A Car After Your Bankruptcy

October 14, 2011 by  Filed under: Bankruptcy 

So, you have been through the process of bankruptcy and find the need to search for a car loan. Don’t despair there is hope for getting a loan.

If you have recently used a bankruptcy to climb out from mounds of debt and your car has decided to quit running, you may find this article helpful. Here are three tips that can help you find a car after cleaning up too much debt.

Bankruptcy Will Be On Your Credit Report For 10 Years

Where this is true, it is comforting to know that it does not mean you are powerless to get credit for the next 10 years. In fact, car loans after bankruptcy are the best chance you have to obtain a loan and begin rebuilding your credit history.

There are sub-prime lenders available who are a little more willing and understanding than conventional lenders when it comes to giving you a loan for a quality used vehicle. Chances are most likely you will have to pay a little more in interest rates but if you have got the income, your car loan can be a reality.

With this, you can begin the task of increasing your FICO score by paying the loan on time each month. Each payment will be recorded on your credit report and future lenders will be able to see the responsibility you have been putting forward with your auto loan.

After One Year Of Making Current Payments, Consider Refinancing

Through the process of being responsible with your auto loan payments, you may qualify for a more conventional loan after one year. When refinancing, you may be able to get better interest rate and terms so you can lower your monthly payments.

Some people overlook the thought of refinancing for better terms. Just because your original loan is for a term of 3 or 4 years doesn’t mean you can’t apply for a new loan. It is good to know that with one year of faithfully paying your auto loan on time, you have this option available. Please remember to try refinancing after a year and see if it doesn’t reduce your monthly payment.

Consider An Auto Consultant for After Bankruptcy Car Loans

Some auto consultants offer special financing for those with less than perfect credit scores. An auto consultant works for you and will do their best to find you special financing after a bankruptcy. An auto consultant works with you and your situation, they are less concerned about just making a car sale for the day.

In addition, using a consultant could offer you a better selection in the choice of quality used vehicle you get with your new loan. These establishments most often have a variety of resources from which they locate your vehicle.

Quality service, along with a car loan that makes sense for you and your specific situation, and auto broker may be a wise choice to help you get your new car loan.

If you enjoyed this article and want to learn more, Click Here… we have the antidote for your car buying blues after your bankruptcy.

Here’s a short video for you from 9News called, Coming Back From Bankruptcy that can help you get the car you need and want much easier.

Article Source:
http://EzineArticles.com/?expert=Mike_Reitz

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