Going through bankruptcy is rarely a joyous occasion and it can leave you feeling down in the dumps about your financial situation. Luckily, here at BankruptcyAutoFinancing.com we offer you a way to get bankruptcy friendly auto loans to help rebuild your credit situation.
How it Works
A lot of people don’t know how long to wait after bankruptcy to apply for an auto loan, and all too often we hear about people waiting ten years after their bankruptcy because they thought the bankruptcy had to “fall off” their credit report first. This could not be farther from the truth. There are plenty of ways to get an auto loan after bankruptcy you just need to know how.
The first thing that you should do is pull your credit report. This will allow you to see if there are any accounts there were discharged in your bankruptcy, but left open on your credit report. If this happens, be sure to contact the creditor right away. After you have taken care of any mistakes on your report; start saving some money for a down payment.
Typically a down payment is necessary for a bankruptcy auto loan because you are a high risk to the lender. Putting money down is a way to show the creditor good faith because you are putting equity into the car, and therefore, more likely to pay the loan back.
Apply for Vehicle Financing after Bk
After you have a down payment saved you can start applying at dealerships and lenders. You could go dealership to dealership, but that wastes a lot of time and money, and who wants that? By applying with us online today you are giving yourself the best chance at an auto loan approval after bankruptcy by a dealership in your area.
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.