2013 will soon be upon us and if you are like most people you too will be making a New Year’s resolution. What is it going to be this year? Lose weight and eat healthier? How about one that you will actually stick to? Make your 2013 resolution to start rebuilding your credit with Bankruptcy Auto Financing. Here we specialize in helping bankrupt people get into a vehicle to help reestablish their credit.
Rebuild Credit with Auto Loans after Bankruptcy
If you have ever been through or thought about going through the process of filing bankruptcy you probably know that it can severely hurt your credit score, and therefore scare people away from ever applying for a new line of credit. That is a huge mistake that a lot of people make. Yes, buying a car with cash saves you from possibly being embarrassed and having to explain your situation, but it will also hold you down to always having to have cash upfront.
Financing a vehicle is one of the best and fastest ways to reestablish your credit score after a bankruptcy. A car loan is an installment loan which means you are paying a fixed amount each month for a fixed amount of months. If you go through a reputable dealer or lender then you payments are being reported to the credit bureaus and your credit score will increase accordingly. But remember in order to help your credit score you must make every payment on time and in full, otherwise you are just hurting it further.
Who Will Grant a Car Loan with Bankruptcy?
Going to a bank or credit union will probably not help your case in anyway. Yes, they seem to be loosening the reigns on their lending criteria, but unfortunately that doesn’t usually apply to people looking to finance a car while in bankruptcy or out of bk.
Use a subprime lender that specializes in car loans for people with bad credit, good credit, bankruptcy, or repossession on their credit history. Yes, you will have higher interest rates, but that is a small price to pay to be driving off in a new or used auto after bk. You can even use our finance calculator to estimate what kind of monthly payment you will be able to afford before submitting your online application.
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.