Manhattan may seem pretty “up-scale” but there are many New Yorkers that are currently facing a big debt load. As many of these Manhattan residents have found themselves facing – or declaring – bankruptcy they may be wondering how they will ever be approved for a vehicle financing. Luckily, we can help with that.
As the Manhattan unemployment rate (7.3%) has lowered below the national average (9.1%) – numbers from Dec. 2012 – some individuals are looking to get a new form of transportation to get to and from their new jobs. The problem is with a recent (or current) bankruptcy on your credit report many dealerships will turn you away. This isn't because bankruptcy auto loans are impossible; it’s simply because they don’t know how to work with your situation.
Steps to Take to Apply for Manhattan Vehicle Financing
Here at BankruptcyAutoFinancing.com we have a network of lenders in Manhattan that are a part of the subprime lending programs and have the tools and experience necessary to get you into an affordable car loan with bankruptcy lingering on your credit report. There are just a few things you need to do before you can apply.
The first and most important thing is to obtain your credit report. Know what is on your report and what could hurt or help you. Make sure to clear up and discrepancies that might occur after a bankruptcy.
Next, save some money for a down payment. Although they are not always required many times a dealer will require a down payment for a bk loan because it shows you have invested something of your into the vehicle. People applying for an auto loan after bk are considered a high risk. So, the more you invest the more reassured a lender is that you will pay the note.
Lastly, shop responsibly. After a Manhattan bankruptcy your credit is not going to be superb and you most likely will not be approved for that new BMW you may have your eye on. Choose a late model, low mileage, reliable car; and once you pay that loan off and raise your credit score you may just be able to get that dream car for your next purchase.
If you’re ready to get started on your Manhattan auto loan application click on the Apply Now button at the top of the page. Once your information is received we will set an appointment up with you at a dealership accepting bk clientele in your area.
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.