If you are one of the many bankruptcy filers that have been turned down by dealership after dealership when applying for an auto loan, you’re not alone. Many dealerships turn these bankrupt consumers away not because it’s impossible to finance someone with a past bk, but because they simply don’t know how. This is why you need to find a bankruptcy friendly auto finance company that will work with your situation.
So where are these dealerships? There are actually a lot more than you thank and here at BankruptcyAutoFinancing.com we can help you find them. We have a network of subprime-friendly lenders that specialize in bad credit auto loans including both bankruptcy and repossession. These dealerships accepting bankrupt clients can give you the best chance at an approval for car financing regardless of what your bk status is.
Bankruptcy Car Loans
Keep in mind, when you have less than perfect credit the interest rates offered to you aren’t going to be as good as they would be for those with good credit. This is because you are considered a high risk to the lender and they want to ensure that you have reason to pay the bill. Another way they may do this is by requiring a down payment for the vehicle. This means you already have equity in the car and you are more likely to pay the bill.
Although you may not be offered the best rates the financing you receive will be affordable for your budget, and can still help you rebuild your credit score. Once you have a loan that you can afford and you start paying the bill on time each month your rating will increase accordingly. Once your score as increased enough you can refinance the loan and save even more money.
If you’re ready to get into a new or used car with a reasonable payment apply online today. You will be set up with a bk friendly dealership in your area that will give your best chance at an approval, and you could be driving away in your new vehicle in 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.