For many people buying a car an exciting time, but for those living in Indiana with a history of bankruptcy it can seem nearly impossible. Fortunately, bankruptcy auto loans aren’t impossible at all; just require a little more work from the debtor.
Steps to Achieve Indiana Bankruptcy Auto Loan
It’s no secret that a bankruptcy can severely damage your credit score, but each case in different and there is no set amount of points your score will suffer. So, the first thing you should do is pull your credit report. If there are any mistakes on your report be sure to file a claim with the bureaus to get them taken care of as soon as possible. This will help raise your score, and potentially save you a few percentage points when it comes to negotiating the interest rate with your Indiana lender.
After you have pulled your report and you have taken care of any discrepancies you should find a lender online willing to approve you. Car loan lenders are throughout all of Indiana, but finding one that specializes in subprime lending and bankruptcy clients may be a little more difficult. By applying online for a car loan after bankruptcy with multiple lenders you will greatly raise your chances of being approved.
After you have found a lender to approve you the next step would be to have a down payment ready to hand to the dealer. Most Indiana lenders will require a down payment for the loan because consumers with a bankruptcy history are considered a high risk. Typically the higher the down payment the better chance you have to be approved, but usually a down payment of 10%-20% is required.
Indiana Bankruptcy Auto Financing
Here at BankruptcyAutoFinancing.com we have a network of Indiana subprime lenders that are willing to help you get into a car note that fits both your needs and budget. Once you fill out our online application you will be contacted by one of our financial experts that will walk you through each step of the process and you could be driving home in your new car with in a few short 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.