January 26, 2009

Auto Loans After Bankruptcy – Buy a Car Even After Bankruptcy

If you have suffered bankruptcy, it is very hard for you to avail a small loan,
let alone get a car financed. The black mark that the bankruptcy leaves on your financial scores does not leave you until six to ten years. This means that most traditional money lendersand bankers will not offer you any loan until six to ten years after bankruptcy. The bankruptcy stays on your credit for a minimum of six years even if you have closed all your accounts. But if you need a car seriously, there are options for you. You can go for auto loans after bankruptcy.The best method is to apply online. It is always better to review your credit report before you apply for the car loan.
Make sure each account is marked close on the report. Most people do not get it done, which affects the credit report adversely. You may also explain why you had to go for bankruptcy. If the reasons were genuine, lenders may offer you loans at cheaper rates.As with any loan, for auto loans after bankruptcy too, plan what amount you can pay as installment per month. This ensures that you pay the installment in time which also makes your credit record strong after bankruptcy. Based on the installments, you can decide your car loan budget.
You can use a FREE loan calculator available on the websites of most online money lenders to reach the loan you can afford.It is always better to apply online for auto loans after bankruptcy as these money lenders have more contacts and they help you find a good car deal. Some of these money lenders also have their own associates who deal in cars. So finding a good car won't be a problem for you. The process does not take much time. As soon as your application is approved, you are sent the check

Author: verified_user