Yes, it's true. Auto loans after bankruptcy may be easier than you imagined. In today's economy there has become a need for lenders who strictly loan money for auto loans to those that have bad credit.
Getting a loan for a car after bankruptcy will not be as easy as it is for someone with perfect credit but by reading further you will discover it is not as difficult as you may have first thought.
There are car loan lenders that can be found online with a simple internet search. These lenders make their living from helping to secure loans for car buyers and some specialize in auto loans after bankruptcy. Be careful when doing business online for an auto loan. You want to be sure and check out the company that you are doing business with before signing any paper work. You also want to make sure you have contact information if you ever have a problem in the future. There is nothing more frustrating than having a problem and you can't get in touch with a live person to help you resolve the problem.
For those of you that are more comfortable doing business face to face there are other options.
There are some car dealerships and auto brokers that help those with a bankruptcy and a car loan. In this situation you will want to be sure to ask the specific question as to whether they have a dealer or department that concentrates on helping those that have less than perfect credit. This is an indicator that they have positive relationships with lenders that cater to helping secure the lowest interest rates possible in a poor credit situation. If they do not, you may find that you will be charged higher interest than necessary due to the lack of volume they bring to these specialized lenders.
A better choice may be an auto broker that has a special finance department. This department is there for the sole purpose of getting auto loans after bankruptcy. This will provide the volume of business that allows lenders to offer slightly lower interest rates.
In addition, because an auto brokers works for you along similar lines as a real estate agent, the salesperson has your best interest at hand. In most cases, you will receive one on one service and the broker will go above normal means to be certain you end up with a loan and monthly payment that makes sense for you.
By Mike Reitz
Getting a loan for a car after bankruptcy will not be as easy as it is for someone with perfect credit but by reading further you will discover it is not as difficult as you may have first thought.
There are car loan lenders that can be found online with a simple internet search. These lenders make their living from helping to secure loans for car buyers and some specialize in auto loans after bankruptcy. Be careful when doing business online for an auto loan. You want to be sure and check out the company that you are doing business with before signing any paper work. You also want to make sure you have contact information if you ever have a problem in the future. There is nothing more frustrating than having a problem and you can't get in touch with a live person to help you resolve the problem.
For those of you that are more comfortable doing business face to face there are other options.
There are some car dealerships and auto brokers that help those with a bankruptcy and a car loan. In this situation you will want to be sure to ask the specific question as to whether they have a dealer or department that concentrates on helping those that have less than perfect credit. This is an indicator that they have positive relationships with lenders that cater to helping secure the lowest interest rates possible in a poor credit situation. If they do not, you may find that you will be charged higher interest than necessary due to the lack of volume they bring to these specialized lenders.
A better choice may be an auto broker that has a special finance department. This department is there for the sole purpose of getting auto loans after bankruptcy. This will provide the volume of business that allows lenders to offer slightly lower interest rates.
In addition, because an auto brokers works for you along similar lines as a real estate agent, the salesperson has your best interest at hand. In most cases, you will receive one on one service and the broker will go above normal means to be certain you end up with a loan and monthly payment that makes sense for you.
By Mike Reitz
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