Many people want to know if it's possible to get an auto loan with no down payment in bankruptcy. Unfortunately, in most cases a down payment is necessary for a bankruptcy auto loan. Today we'll show you why a down payment is beneficial, and give you ideas of how to come up with one.
How is a Down Payment Beneficial?
A down payment for a bankruptcy auto loan is beneficial for many reasons. For starters, the higher your down payment the less you will have to finance. Less to finance also means that you'll pay less in interest over the life of the loan.
In addition, lenders are going to be more willing to give you after bankruptcy auto financing when you have a down payment. They see you as less of a risk when you invest money in the car right from the start.
Coming up with a Down Payment
Coming up with a down payment for a car isn't always easy. There are several options that you may want to consider:
- Trade in your current vehicle
- Borrow money from family or close friends
- Take a loan from your 401k or retirement plan
- Work more hours or get a second job
If you aren't able to come up with money to put down on the car, you could also consider using a cosigner. Just make sure that they have a better credit rating than you do.
Getting an Auto Loan after Bankruptcy
Getting an auto loan after bankruptcy is easier than ever thanks to BankruptcyAutoFinancing.com. Our car financing services allow you to get into a pre-owned vehicle quickly and easily, as long as you meet our minimum requirements. To get started, fill out our online application, and you could be driving a new-to-you car in just a few days.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.