Car shopping with bad credit is a struggle but what about if you have a bankruptcy? Going through a bankruptcy can make it feel like you have nowhere else to turn and that it is the end. The key to fighting back against bankruptcy to still get the auto loan for the car you need is fighting against the idea that a bankruptcy is the end of the road.
It’s a hard thing to have to go through a bankruptcy, no one is denying that. That doesn’t mean it has to be the dark cloud that forever looms overhead though. There is a societal aspect to seeing bankruptcy as something that only happens to people who are irresponsible with their money, that they couldn’t deal with their finances and are suffering the consequences. This is the wrong mentality. Bankruptcies happen to good people who have structured finances. The problem with life is that things happen from illness to job loss and anything that dramatic can crush even the most well thought out financial planning.
What to keep in mind when you’re looking for an auto loan post-bankruptcy is what lenders look at. They will look over payment history to see how you dealt with previous loans and if you missed any payments etc. They will also look to see how an uncontrollable event like job loss impacted your finances. Your current financial situation as well as income will also be taken into account and that could lead to the lenders asking for more money down on the vehicle in order to secure a loan.
The reality is that you can still get an auto loan, but keep in mind that you’ll be having to make compromise. You may not be able to obtain the dream car you wanted, but if you can get an auto loan and keep up with the monthly payments, you never know where you’ll end up. It certainly looks great to lenders that you’re keeping up on your payments after a bankruptcy. Keep the faith and be willing to put up with limitations and you can find your financial life still possible after a bankruptcy.
If you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at Approved Loan Store. Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!
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