No, your eyes aren't playing tricks on you; today, on Thanksgiving, we are giving thanks for bankruptcy. Specifically, what it does for people. Although people do not want to be in debt, or have to resolve to bankruptcy, it is a reality for thousands and thousands of Americans. Filing bankruptcy for many is a clean slate to start rebuilding your credit with an after bankruptcy auto loan.
What is there to be Thankful For in Bankruptcy?
A lot of people now-a-days are upside-down on their auto loan, meaning they owe more than the vehicle is worth. Bankruptcy gives you a chance to walk away free and clear from your loan. Yes, having a bankruptcy on your credit means you will have a higher interest rate, but most dealerships that accept bankruptcy will require a down payment and try to encourage you to a buy a car that is a couple years old because they are cheaper.
That means you will have a cheaper monthly payment than the car you were upside-down on, and gives you a better chance of making the payments on time. Doesn't that sound like something to be thankful for?
How Can I Get Post-Bankruptcy Auto Financing?
We all know that bankruptcy hurts your credit score and can make it hard to get approved for any loan, but financing a car post bankruptcy is possible. In fact here at Bankruptcy Auto Financing our lenders specialize it in. Our lenders are nationwide and will compete to get you approved and driving off in your new or used car in just a few short days.
If you are one of the millions of people that filed for bankruptcy and you're ready to start rebuilding your credit fill out our online application today to see if you are pre-approved. We will send your information to our special finance lenders, and you will be contacted with your approval information.
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.