Tag Archives: bankruptcy

Getting an Auto Loan After a Bankruptcy


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!

Image courtesy of everydayplus at FreeDigitalPhotos.net

South Beach Tow Shows the Other Side of Car Repossession

Many Americans have experienced the frustration and embarrassment of a car repossession, but very few people stop to imagine what it is like to be a repo man or woman. The work is hard, safety is often a big concern, and nobody likes it when repo man is successful at his or her job. In Jennifer Lopez’s new show South Beach Tow, a camera crew follows the daily life and work of Tremont Towing in South Beach, Miami.

The show reminds me a lot of Dog the Bounty Hunter except that Tremont Towing brings in cars, not parole violators. Sometimes it is funny, sometimes it is scary, but it is almost always ridiculous. People in South Beach will apparently do everything and anything to prevent that tow truck from taking their car. In one episode, a team of paintball players gang up and shoot paint over the VIN number before chasing Junior, one of the repo men, back into his truck. In another, a frat boy at a pimp-and-hoes party busted out the passenger-side window with his cane.

Whether you enjoy this type of reality TV or not, though, I think it provides some perspective to the many Americans who have dealt with a car repossession. No matter what the circumstances surrounding a repo, those repo men and women are human beings who are just trying to do their job, and violence or verbal abuse is not helpful nor warranted. Also, if you are having trouble keeping up with car payments, reach out to your lenders and work out a plan of action. They understand that job loss or other unforeseeable circumstances happen, and more often than not, they want to work with you.

If you have gone through a car repossession, a bankruptcy, or other credit problems, you can still get into a new or used vehicle through Approved Loan Store! We want to help you get into the car you want at terms you can afford! Fill out our secure auto loan application here, and keep up with the latest from Approved Loan Store by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

Getting an Auto Loan After Bankruptcy

Turn on the news and it seems that even with talk of recovery, there’s still plenty of businesses and people being forced to declare bankruptcy. It’s something that’s been consistent with the economy in its current state. According to the American Bankruptcy Institute, the total number of bankruptcy filings in the US had an increase in February. The growth was 19 percent versus the filings in January. The total filings in January was 87,981 while February was 104,418.

Samuel J Gerdano is the executive director of the ABI says about the increase, “The stagnant housing sector and high unemployment continue to stress the cash flow of consumers and business. As consumers and businesses work to shed tremendous debt loads, there are times when bankruptcy is the only shelter to provide financial relief.”

Bankruptcy is a terrible thing to encounter. It has a long consequences not just on the finances of an individual, but also leaves a mental scar. As frightening as it can be, however, Approved Loan Store wants to make sure that people know that bankruptcy isn’t the end. We here at ALS look to work with people struggling from bad credit and want to help them drive away in the car they want and need. We can assist you get that car even after a bankruptcy. Go online and sign up to see how we can help you. Make sure to like us on Facebook to stay up to date on all the latest news and offerings we have.

Image: Grant Cochrane / FreeDigitalPhotos.net