If you have discharged your bankruptcy as ordered by the court, you can start to move on rebuilding your credit status. One way that thousands of people have discovered is an after bankruptcy car loan. The key to a successful car loan after bankruptcy discharge, is the last word in that phrase, discharge. In order to qualify for auto finance after bankruptcy you must have completed the discharge of all the court ordered provisions of the bankruptcy filing. For those under a Chapter 13 repayment schedule, the court must grant permission before you consider entering into a new credit agreement.
There are some other considerations that you must determine for yourself before applying for after bankruptcy car loans.
Have you continued to make timely payments on the obligations not discharged by the bankruptcy proceedings?
What Can You Afford To Pay?
If you have been unable to make timely payments on the obligations not discharged by the bankruptcy, then the chances that any lender will be willing to grant you a loan for a new one are not good. Therefore, before you consider auto financing after bankruptcy, you need to get your financial house in order. A history of on time payments must be established, six months to a year is a starting point. Any less than that and you risk rejection!
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Looking auto loans after bankruptcy for an amount that will stretch your budget to its limits is not only unwise but places you at risk of defaulting. You have one strike against you because of the bankruptcy. Don’t risk getting a second because in this game, two strikes and you’re out!
How to Get a Auto Loan after Bankruptcy?
If you’ve been making on time payments and have established a realistic payment amount, the next stage is to apply. Where do you apply to get car loans after bankruptcy? Your first choice should be the dealer/lender network you can find right here at CarloanbadcreditUSA. The traditional lending sources, like Banks, and Credit Unions with the recent tightening of credit standards are unlikely places to look. They are looking for “safe” loans, not ones they would consider “risky.” The internet has established a tradition of granting car loans after bankruptcy, in fact, it is a source for auto finance for credit of all types.
Auto Loan Rates after Bankruptcy?
Don’t expect to receive the ‘teaser’ rates advertised in the manufacturer’s ads on TV or those you may read in your local paper. You will pay more. You are a risk that a lender is taking and that will cost you more. However, the good news is that once you have that car loan, bankruptcy can start to be something of the past. The dealers and lenders you will find here will report your on time payments to one of the major credit reporting agencies and you will be on your way to putting that part of your financial past behind you! Some people have re-established a good credit rating in as little as two years with a car loan after bankruptcy.
Buying A Car After Bankruptcy Can Be The Solution To Making A Secure Financial Future!
Bankruptcy car loans with on time payments are one of the easiest ways out of the credit situation that a bankruptcy creates. And for some of the best car loans after bankruptcy, you’ve come to the right place. We provide professional, courteous service to all people that qualify and are seeking auto loans after bankruptcy.
After bankruptcy car loans applications are quick and easy, secure on our SSL encrypted website and only ask for the information needed to process your request. Can I get a car loan after bankruptcy? Apply now and see!