Were you forced to file bankruptcy because your whirlwind financial situation became more than you can handle? If so, you probably wonder if having your bankruptcy discharged will prevent you from receiving financing for your next car, truck, SUV, or van. While bankruptcy is a terrible notation to have on your credit report and is infamous for causing credit scores to drop - there are lenders who can help you get the money you need today to put you behind the wheel of the vehicle you want.
Getting The Vehicle You Need
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While its true that many lenders will see your credit status in a negative light for the ten years following your bankruptcy proceedings, there are lenders who see real potential in you as a borrower. For one thing, your credit is now wiped clean and you have no outstanding debt - which means you will likely have the money to repay them for the car you buy.
In addition, because by law you are prohibited from filing bankruptcy proceedings again, your new lender realizes that you cannot run away from the obligation you are making to pay for your new car. Further, your lender has less risk when loaning you money to buy a vehicle because he will have security interest in the vehicle until its fully paid for, and will place a lien against the vehicle until such time arrives.
So, in many instances, you are a very appealing candidate for an auto loan - which makes auto loans a great way to bounce back from bankruptcy discharge. Some lenders prefer borrowers who have filed bankruptcy over borrowers who just have lousy credit.
Making A Down Payment
When shopping for your vehicle loan, you might be asked to present a down payment to secure your loan, although some lenders will not require it. However, by having a down payment, you will not only get a lower interest rate (which will make the vehicle cost less), but also may be afforded an opportunity to take a longer period of time to repay the lender. Smaller monthly payments are much easier to manage, and also allows you to have more money to pay on other bills or loans you might take out in the future. Additionally, offering to make a down payment on your vehicle improves your approval chances.
This Is Your Second Chance
When you receive your post-bankruptcy auto loan, be certain to take full advantage of the opportunity that is being afforded to you. You now have the opportunity to build up your borrowing reputation and show the world that you have learned from your previous bad habits. Be certain to make your auto payments on time, every time, without exception. If at all possible, pay well in advance of the due date, to avoid delays in the mail. By putting forth a bit of effort, a post-bankruptcy auto loan can be your stepping stone to bigger and better loans, including home loans.
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