Since bankruptcy auto loan interest rates can be higher, because you're considered a high risk borrower, you want to save as much money as you can on a used car. However, you may not be aware of how you can do that. Here are a few simple tips to help you get the best price on a used car.
Tips for Buying a Used Car After Bankruptcy and Saving Money
It's easier than you may think to save money when buying a used car after bankruptcy. Some ways to do this include:
- Negotiate the selling price. Selling prices aren't set in stone, so try to negotiate with the sales person.
- Go for a car with fewer options. Many options such as a GPS device, stereo and remote car starter can be added inexpensively later on.
- Don't tack on extras. Rust-proofing and fabric protection aren't necessary and can drive up the cost of the vehicle.
- Ask for discounts. You may qualify for discounts or rebates that you won't be aware of if you don't ask.
- Look beyond your favorite brands. There are often many models that will meet your needs if you're willing to keep an open mind.
- Wait it out. Dealers want to move cars off the lot, and will often mark down the price on ones that have been sitting there a while.
By using these simple tips you may be able to save hundreds or even thousands of dollars on a pre-owned vehicle. Over the life of the loan, this will mean a substantial savings for you. For example, by knocking $1,000 off a 5 year loan at 10% APR you can save over $1,200 in interest.
Bankruptcy Auto Financing for Pre-Owned Vehicles
You may think that getting bankruptcy auto financing for pre-owned vehicles is difficult. This isn't the case at all. Although many banks and credit unions don't work with bankruptcy clients, here at BankruptcyAutoFinancing.com we have many loan options available.
To get started today, simply fill out our easy online application. One of our auto loan specialists will work with our network of bankruptcy auto loan lenders to get you pre-approved for a loan. Then they will set you up with a local dealership where you can pick out a new-to-you car, and return home as a proud car owner.
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.