Bankruptcy Auto Loans ? How To Get Approved Fast
Can I Get An Auto Loan After Filing Bankruptcy?
Yes, you can. Bankruptcy Auto Loans are actually quite common and have helped a number of individuals to secure a vehicle at a time when they needed it most. Many believe that after filing bankruptcy their life as far as credit goes is over, but that is so far from the truth. You can still apply for car loans even after you?ve filed bankruptcy. Since every situation and every lender is different, you may or may not need a co-signer. As far as car loan rates are concerned, the interest will vary based on the lender.
Bankruptcy Auto Loans: Why You Need Them
An auto loan is a great way to rebuild your credit after filing bankruptcy. Some lenders actually have special financing programs for those in the middle of an open bankruptcy or those whose bankruptcy is complete. If you are approved your interest rates will likely be higher than the normal rates because lenders consider those who have filed bankruptcy a ?high credit risk.? Don?t let that bother you because your goal at this point is rebuilding your credit.
How Long Do I Have To Wait Before Getting A New or Used Car Loan?
The amount of time you?ll need to wait before applying for a new or used car loan varies by lender, plus, every situation is different. Financing a car after you have filed bankruptcy isn?t as difficult as it may seem. Since a bankruptcy filing stays on your credit report for at least seven to ten years, there are programs in place to help individuals get bankruptcy auto loans quickly and easily. Depending on the where you go for financing a car, some places require you to wait until your bankruptcy has been completely discharged or liquidated (Chapter 7) or a repayment schedule has been put in place (Chapter 13). Other lenders and finance companies will work to help individuals get car loans while a case is still open.
Financing A Car After Bankruptcy
If you decide that bankruptcy auto loans are best for you, then you can go the long route and call around to several dealerships and find out if they have special financing and try to get an idea what their car loan rates are. However, a number or financing companies can provide you with a quote online, and you can find out if you?ve been approved in as little as 60 seconds.
Credit Unions can also be very helpful when it comes to good rates and bankruptcy auto loans, but, again, it could take days and even weeks before you find out if you?ve been approved ? and that?s after you?ve gone through all the monotonous paper work. That?s why getting an auto loan quote online is so beneficial. Plus, most credit unions require a membership fee.
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