A bankruptcy can make it seem like you may never be financially stable again, but that’s not true. Bankruptcy can actually help you start over with a clean slate and allow you to be able to open new lines of credit to rebuild your credit score back up. For example, financing a truck after bankruptcy is one of the top two ways to rebuild your credit.
Financing a Truck from Subprime Loan Lenders
While not all dealerships or lenders will be able to help you secure a new or used pickup loan, many can. Here at Bankruptcy Auto Financing we work with a network of subprime lenders that specialize in bad credit bankruptcy auto loans. These lenders have the tools and experience to help you into a truck that is exactly what you’re looking for while adhering to your budget as well. If you meet our minimum requirements you could be approved within a day!
- At least one year with current employer
- Minimum gross monthly income of $1,500
- Down payments may be required
- No repossession within the last year unless included in bk
- Must reside in the U.S. or Canada
Secure Truck Loans Post Bankruptcy
If you’re still worried about being turned down for new or used truck financing there are a few things you can do to help the process. For example the following list contains a few things that may help your bankruptcy auto loan application be approved.
- Build your credit first with a secured credit card
- Have a co-signer ready
- Prepare yourself for a high interest rate when making your budget
- Save for a substantial down payment (usually 10%-20% is required)
- Wait 2-3 years before applying
Taking the time to set up these five simple steps could end up saving you a lot of time and hassle at the dealership. Lenders look at poor credit scores as high risk borrowers, therefore, the higher the down payment is the less chance they are taking. This also proves true for a co-signer. Having someone with a good-to-excellent rating could help save you few percentage points on the APR.
All of us here at BankrutpcyAutoFinancing.com understand how important it is to have a vehicle in today’s world. Between work, school, kids, and errands it is necessary to have a form of transportation which is why we have been helping bankrupt clients get into a much needed and affordable automobile for over a decade. Use our secure online application today to see what you could be pre-qualified for.
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.