Reliable transportation is essential, especially in a big state like Wyoming. But if you've recently undergone a bankruptcy and couldn't keep your car in chapter 7, you can easily find yourself in desperate need of a car but staring the difficult task of taking on more debt so soon after clearing your finances.
Why Getting an Auto Loan Isn't As Crazy As it Sounds
Admittedly, it does sound a little crazy. After all, unmanageable debt is what drives most Americans to file for bankruptcy in the first place, why would you want to take on so more debt so soon? Ideally you wouldn't, but most people don't work within walking distance of their home, or have mass transit running none-stop nearby. They do however need to work, and for that they do need a vehicle.
Of course if you have to get an auto loan after bankruptcy, why not make it work for you? You probably noticed that your credit rating isn't looking as healthy since you've filed. You'll want to fix that, and demonstrating to the credit bureaus that you're now able to pay your bills on time after bankruptcy will go a long way towards that. However, they'll only find out your paying your bills on time if your lender tells them.
Not All Car Loan Lenders in Wyoming Are Equal
It may seem strange, but while almost every lender will take time out to report problems with payments, not all lenders can be bothered to report timely and responsible payments. In fact for those that don't report, its better for them if your credit never improves. After all, they want your repeat business along with ever increasing rates.
Instead, what you should look for is a lender that specializes in auto loans with bad credit, and understands the bankruptcy laws in your state. On top of that, you should be sure that they'll report your timely payments so you can get to work building your credit. Here at Bankruptcy Auto Financing, we can help you find dealers in your area that do just that.
If you meet the minimum requirements and you are looking to get into a new or used vehicle after bankruptcy, submit our free and easy application today. Once we receive your information we will find the Wyoming dealerships in your area accepting bankruptcy clients, and you could be driving away in your new affordable car within 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.