Many people believe that buy here pay here lots are the best choice if they have a bankruptcy on their credit history, but that is not always the case. There are many reasons why post-bankruptcy auto financing with buy here pay here car lots could hurt you and have you rethinking your decision. If you're looking to get an automobile after bankruptcy auto finance companies for bankruptcy might be better the better option.

Cons of Buy Here Pay Here Car Lots

Although, there are many reputable buy here pay here (BHPH) dealers, many of them have gotten a bad reputation, and for a good reason. A lot of these companies do not report to the credit bureaus, which makes reestablishing credit by financing a car after bankruptcy impossible.

Something else to consider with BHPH car lots is that many of them will put a GPS or automatic shut off device in your car, so if you are even a day late on your payment then can track the car and repo it that day.

Most buy here pay here dealerships are very unforgiving and offer little to no grace period for your payment. Many people do not realize you can get more favorable after bankruptcy auto financing terms from a specialized local subprime lender.

Apply for Bankruptcy Auto Loans with Subprime Lenders

Here at BankruptcyAutoFinancing.com we help place debtors with subprime lenders that specialize in bad credit auto loans. They understand the situation you are in and can even help with getting open bankruptcy car loans. Apply today with our online application to see if you are pre-approved.

Remember we are now lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.