Getting a car loan fresh out of bankruptcy isn't as hard as you might imagine, and financing a car after your bankruptcy is a great way in starting on the path to rebuilding your credit. With a little patience and planning, you can find a lender that will work with you, despite your bankruptcy. Here are a few suggestions to get you pointed in the right direction:
Apply now for a Bankruptcy Car Loan quote or read below for more information.
You should get copies of your credit reports from the three major credit reporting bureaus: Equifax, Experian and TransUnion. You can get free copies by visiting their websites. Once you have received your credit reports, review them to make sure that all accounts that were listed in the bankruptcy now report as being closed. If the accounts are showing as still being open and delinquent, this is hurting your credit score and must be corrected. Just call the company reporting the account and ask them to correct it.
Before you set out to buy a new or used car, take some time to sit down and calculate exactly how much you can really afford to pay each month for the car. Don't overestimate your ability to come with payments that might stretch your budget too thin or be a burden. Keep your monthly payment expectations realistic and well within your ability to pay.
When searching for a car loan after bankruptcy, it is a good idea to use an auto loan broker. Brokers have a lot of experience in helping people with serious credit problems purchase a new or used car, and also have access to multiple lenders that specialize in providing loans to people with past bankruptcies.
If you take the time to do some research and plan your next car purchase carefully, a past bankruptcy should not stand in the way of buying a new or used car.
