Today bankruptcy loans for cars are available for those who have recently filed a bankruptcy. There are times when debts simply become too overwhelming and a bankruptcy is the only answer to get out from under those debts. In certain circumstances this may mean losing your car in the bankruptcy.
For people that find themselves in this situation, it is good news to know that bankruptcy loans for cars can be a reality for them. It may require a little more effort on your part, but getting a loan for a vehicle is doable.
The first step to take is to search for car dealerships or auto brokers who help people with less than perfect credit. Not all dealerships or brokerage firms offer this type of loan so you will need to ask each one that you contact. Start with an online search for bankruptcy loans for cars in your local area.
Once you have located two or three, begin calling them and tell them a little about your situation. Tell them that you have recently gone through a bankruptcy and ask if they offer special financing for people like you.
If they answer yes, take note of the type of service you get over the phone. You may find it more comfortable if you experience a sense of compassion from the person you spoke with. Despite your recent bankruptcy you deserve to be treated with respect. If you do not feel this, make a call to the next one on your list until you find someone you feel good about.
If you do find that the person is warm and helpful ask what types of paperwork you will need for pre-qualification for a loan. In most cases, you will need proof of income, proof of residency, a valid state issued driver's license and proof of insurance.
After discovering what you need to bring with you set a time for you to meet with the salesperson to begin the process. Since no two bankruptcies are the same, getting pre-qualified will help the salesperson work the right program specific to you and your situation.
Once you get approved, discuss the types of vehicles the car dealership or auto broker have available for special financing situations. Hopefully they will have a nice selection of quality used cars one to two years old with approximately 35,000 to 45,000 miles on the odometer.
If you have found a quality car, allow the salesperson to do their magic. Most likely they will contact several possible lenders to find you the best deal possible. Discuss your monthly payments to assure that you can make those payments timely each month. This will give you the best chance at a fresh new start toward rebuilding your credit history.
By Mike Reitz
For people that find themselves in this situation, it is good news to know that bankruptcy loans for cars can be a reality for them. It may require a little more effort on your part, but getting a loan for a vehicle is doable.
The first step to take is to search for car dealerships or auto brokers who help people with less than perfect credit. Not all dealerships or brokerage firms offer this type of loan so you will need to ask each one that you contact. Start with an online search for bankruptcy loans for cars in your local area.
Once you have located two or three, begin calling them and tell them a little about your situation. Tell them that you have recently gone through a bankruptcy and ask if they offer special financing for people like you.
If they answer yes, take note of the type of service you get over the phone. You may find it more comfortable if you experience a sense of compassion from the person you spoke with. Despite your recent bankruptcy you deserve to be treated with respect. If you do not feel this, make a call to the next one on your list until you find someone you feel good about.
If you do find that the person is warm and helpful ask what types of paperwork you will need for pre-qualification for a loan. In most cases, you will need proof of income, proof of residency, a valid state issued driver's license and proof of insurance.
After discovering what you need to bring with you set a time for you to meet with the salesperson to begin the process. Since no two bankruptcies are the same, getting pre-qualified will help the salesperson work the right program specific to you and your situation.
Once you get approved, discuss the types of vehicles the car dealership or auto broker have available for special financing situations. Hopefully they will have a nice selection of quality used cars one to two years old with approximately 35,000 to 45,000 miles on the odometer.
If you have found a quality car, allow the salesperson to do their magic. Most likely they will contact several possible lenders to find you the best deal possible. Discuss your monthly payments to assure that you can make those payments timely each month. This will give you the best chance at a fresh new start toward rebuilding your credit history.
By Mike Reitz
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