It's often difficult to find dealers that accept bankruptcy clients, which will also help you rebuild your credit. Most large car dealers won't work with you because of your bankruptcy status, and most Buy Here Pay Here dealers don't report your on-time payments. So where do you turn when you need to buy a car after filing bankruptcy?
Which Dealers Give Bankruptcy Auto Loans?
Because you are considered a high risk lender, many dealers won't give you a bankruptcy auto loan. They think that people who have filed bankruptcy are going to default on after bankruptcy auto loans. This may leave you feeling like you have nowhere to turn.
Often people who have been turned down by larger car dealerships turn to Buy Here Pay Here dealers. Because these tote-the-note dealers don't usually run credit checks they are seen as a good alternative. Unfortunately, dealers that offer in-house financing often sell older cars, charge high interest rates and don't report your on-time payments to the major credit bureaus.
Your best bet for a post-bankruptcy auto loan is to use an online auto financing company, such as BankruptcyAutoFinancing.com. We have a large network of lenders and dealers who are ready and willing to work with customers just like you. You may even be able to drive away in a quality used car the same day you apply.
Getting a Bankruptcy Auto Loan
The easiest way to get a bankruptcy auto loan is to fill out our quick and simple auto loan application. One of our bankruptcy auto loan specialists will review your application and contact you with your pre-approval amount. Then they'll set you up with a local car dealer that accepts bankruptcy clients.
A friendly sales person will be there to help you pick out a recent model pre-owned car, truck or SUV that fits your budget and help you complete the paperwork. After that, you're able to drive away in your new-to-you vehicle. You'll have peace of mind knowing that you got the best post-bankruptcy auto loan available, and that your on-time payments are being reported to the major credit bureaus.
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.