Why is buying a used car after bankruptcy in Denver better for you than buying a new car? Well, for starters they have lower price tags and interest rates. Used cars for bankruptcy clients are also easier to obtain than a brand new car making it less of a hassle and less time consuming.
Benefits of Denver Used Car Buying
First of all, when we say “used cars” we are not talking about an old beater that barely runs sitting on the side of the road for $500. We are talking about getting a pre-owned late model car in Denver. These used cars are reliable, affordable, and - in a lot of cases - are no more than five years old.
It can be very time consuming trying to find a dealership in Denver that will work with your situation if you are trying to finance a new car with bankruptcy on your credit. It’s no secret that new cars have higher price tags resulting in a higher monthly payment. Dealerships are not willing to put themselves in a situation of losing money if you cannot make your monthly payment, and now that you are considered a high risk consumer it puts up another red flag.
Financing a pre-owned vehicle in Denver is easier for bankrupt people. They have a smaller price tag and lower interest rates, making your monthly payments more affordable. Lenders are more willing to loan to you because there is less of a risk to lose money.
When to Apply for a Denver Bankruptcy Auto Loan
The biggest question we are asked is “When should I apply for an auto loan after bankruptcy?” It is generally recommended to wait two to three years before applying, but that is not always feasible. Many people are left with no form of transportation during or after bankruptcy and will need to get a new auto loan right away. Here at Bankruptcy Auto Financing we can help. Apply today to see if you are preapproved for a Denver car loan regardless of whether you have been recently discharged or not.
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.