Unfortunately, nothing in life comes easy. And if you are one of the nearly 600 Mobile, Alabama residents who filed bankruptcy in 2011, you may already know that buying a car after bankruptcy in Mobile can be challenging. So who will help make the process easier?
Bankruptcies filed in Mobile, AL
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We know that an auto loan is one of the best ways to raise your credit score, but most banks and credit unions will think twice about granting you a loan if you have been through bankruptcy. Luckily there are companies in Mobile, AL that are here to make the process easier for you. These companies are called subprime lenders and they specialize in bad credit auto financing.
Bankruptcy Auto Loans in Mobile: What You Need to Know
Before you apply for an auto loan after bankruptcy in Mobile, Alabama there are some things you need to know.
First: Financing a vehicle during open bankruptcy is going to be a lot harder than if you are discharged. The longer you wait after bankruptcy the better chance you have of being approved.
Second: Expect high interest rates. You are now considered a “high risk borrower” which means you will have a higher interest rate because the bankruptcy has lowered your credit score drastically.
Third: Buy used. Buying a reliable used car will be cheaper all around. The cost of the car is cheaper meaning a lower monthly payment, lower interest rates, and a shorter loan term.
Mobile, AL Auto Loan Lenders
Our network of Mobile, AL auto loan lenders are competing for you business. Fill out our online 60 second application today to see if you are pre-approved. We will send your approval information to lenders in Mobile and see which company can offer you the best deal. Once we receive the information we will call you to set up and appointment and get you on your way in your new car.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experience over the years, and may vary with each customer.