Pennsylvania – like most states – experienced a decrease in bankruptcy filings in 2011, but unfortunately, they are still rather high. With so many PA residents recently coming out of bankruptcy many of them don’t know where to turn to help get them back on their feet. This is where Bankruptcy Auto Financing can help.
We work with a network of Pennsylvania bankruptcy car loan lenders that are willing to work with any credit situation. Auto loans after bankruptcy usually require a down payment and come with higher interest rates, but after a year or two of timely payments refinancing may be available.
What a PA Bankruptcy Car Loan Can Do for You
Some people would rather get a secured credit card to start rebuilding credit instead of a new car loan, which does work. Secured credit cards are available through Pennsylvania banks, credit unions, and large credit card companies that report to the credit bureaus. You give the company an amount you want the balance to be, make small purchases and pay it off in full each month.
Secured credit cards are a good way to rebuild credit, but if credit cards are what got you into bankruptcy in the first place, you might want to steer clear of them. The next best thing is to get a PA auto loan. You don’t even need to be discharged because open bk loans are available. Auto loans can raise your credit score tremendously in just a year or two as long as the payments are made in full and on time each month.
When to Apply for Auto Financing after Bankruptcy in Pennsylvania
We are frequently asked “how long after bankruptcy can I apply for an auto loan?” The answer is always the same; you can apply the very next day. As stated before, financing a vehicle after bankruptcy often requires a down payment and comes in high interest rates, so it is recommended that you wait until you have saved some money for the down payment.
Whether you are still in the process of bankruptcy or you have been discharged, if you are looking to get an auto loan, apply online today. If you are preapproved we will send your application to a Pennsylvania lender near you to see if you meet their minimum requirements. If you do, we will schedule an appointment and get you on your way!
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.