Bankruptcy; this small word can prove to do a lot of damage when trying to finance a vehicle at a national bank, but luckily there are Portland, OR car dealers helping with bankruptcy. Finding them is the difficult part, but you have come to the right place. Here at BankruptcyAutoFinancing.com we have a network of Portland lenders working specifically with bankruptcy auto loans.
How Bk Auto Loans in Portland Work
Bankruptcy auto loan (sometimes called subprime auto loans) typically are for individuals discharged from bankruptcy, but may also be available to those still going through the process. They – most of the time – require a down payment of about 10-20% and come with higher interest rates.
Unfortunately, if you have a bankruptcy on your credit, you probably don’t have many choices. This is because bankruptcy can drastically damage your credit score making it difficult to find lending from a “normal” lender. When applying for auto financing after bankruptcy with a Portland, OR dealer accepting bankruptcy, you are agreeing to pay a higher interest rate, but after some time (usually about a year) you may be eligible to refinance the loan, and lower the interest rate.
Obtaining a car loan with bankruptcy on your credit is a great accomplishment, and even with a higher interest it should be look at in a good way. You need to learn to crawl before you can walk, and after you pay off your bankruptcy auto loan you will be eligible for a new car loan under better terms from a “normal” Portland lender.
Find Portland, OR Subprime Lenders
There are many Portland, OR dealers that are accepting bankruptcies, and the best way to find them all is to apply online. Using our fast, easy, and secure online application will allow us to send your information to all of our lenders in your area that are willing to work with your situation. If you meet their minimum requirements your will be contacted to schedule an appointment. You could be driving away in your new-to-you car in a few short days!
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.