You may be in a situation where you need to buy a car after bankruptcy. There are certain times when you have no choice except to include your vehicle in the discharge of debts through a bankruptcy. Life isn't always fair and it can leave you in the pits of despair.
Maybe you had fallen too far behind on your car payments or the payments were simply too steep to keep your vehicle, causing you to release the debt along with the balance of the bankruptcy. No matter what the reason, most people still need to have a car to get them where they need to go.
If you find yourself in this situation you will want to continue reading to learn the best way to buy a car after bankruptcy.
Begin by taking a good hard look at your new monthly financial situation. Ask yourself how much you can realistically afford each month for a car payment. One way to get a clear picture of this is to write down on paper each of your monthly bills including rent/mortgage, utilities, and groceries. In the column next to that document your income. Comparing these two will give you a true snapshot of what you can afford each month for a car payment.
Being prepared with this figure representing how much you can handle each month will help you when you go to buy a car after bankruptcy.
The next step is to do an Internet search for dealerships or auto brokers who offer subprime loans in your local area. Not all dealerships or brokers offer these specialty loans but those that do will typically get you better financing than those that do not. Better interest rates can save you money each month.
Once you have located a car dealership or auto broker who offers special financing for those with less than perfect credit, pay a visit and explain your situation. Ask them if they can help you buy a car after your bankruptcy.
Once you are confident this dealer can help you, begin the process of getting pre-approved for a car loan. This pre-approval will help the salesperson find a car best suited to you and your budget as well as save you time.
Now you are ready to look at the inventory of vehicles the dealership or broker has available for a special financing auto loan. If you have a specific make and model that you are looking for, you may want to consider using an auto broker. Because of the vast resources an auto broker uses to find quality used cars they are often able to shop for the near-exact vehicle you are looking for.
One final tip after finding the car and striking the deal is to be sure and make all your payments on time. This will ensure that you are working to rebuild your credit score and getting back on a solid financial track.
By Mike Reitz
Maybe you had fallen too far behind on your car payments or the payments were simply too steep to keep your vehicle, causing you to release the debt along with the balance of the bankruptcy. No matter what the reason, most people still need to have a car to get them where they need to go.
If you find yourself in this situation you will want to continue reading to learn the best way to buy a car after bankruptcy.
Begin by taking a good hard look at your new monthly financial situation. Ask yourself how much you can realistically afford each month for a car payment. One way to get a clear picture of this is to write down on paper each of your monthly bills including rent/mortgage, utilities, and groceries. In the column next to that document your income. Comparing these two will give you a true snapshot of what you can afford each month for a car payment.
Being prepared with this figure representing how much you can handle each month will help you when you go to buy a car after bankruptcy.
The next step is to do an Internet search for dealerships or auto brokers who offer subprime loans in your local area. Not all dealerships or brokers offer these specialty loans but those that do will typically get you better financing than those that do not. Better interest rates can save you money each month.
Once you have located a car dealership or auto broker who offers special financing for those with less than perfect credit, pay a visit and explain your situation. Ask them if they can help you buy a car after your bankruptcy.
Once you are confident this dealer can help you, begin the process of getting pre-approved for a car loan. This pre-approval will help the salesperson find a car best suited to you and your budget as well as save you time.
Now you are ready to look at the inventory of vehicles the dealership or broker has available for a special financing auto loan. If you have a specific make and model that you are looking for, you may want to consider using an auto broker. Because of the vast resources an auto broker uses to find quality used cars they are often able to shop for the near-exact vehicle you are looking for.
One final tip after finding the car and striking the deal is to be sure and make all your payments on time. This will ensure that you are working to rebuild your credit score and getting back on a solid financial track.
By Mike Reitz
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