How Do You Get Car Loans After Bankruptcy?
Thanks to the abundance of car loan choices today, you no longer have to wonder whether or not you can get loans after you file your bankruptcy. A number of companies now offer flexible terms when it comes to car loans, offer substantial help to people who have had problems with their finances in the past. Companies now offer secured car loans to people with bad credit history, giving the lender the assurance that the balance will indeed be paid off, one way or another. Other terms for such car loans apply. But it may not be as easy as it sounds. Or, you may not have a hard time finding companies offering car loans for people with problematic financial history. But can you really afford the consequences and terms of car loans after you file for bankruptcy? Hence, here are some tips on how to get a car loan after you file bankruptcy. • Don’t buy a car at all. If you have a car that’s working, keep it. There are other ways to rebuild your credit over time, and they may cost less. This is
• Don’t buy a car at all. If you have a car that’s working, keep it. There are other ways to rebuild your credit over time, and they may cost less. This is the best way to go if you’re still having any financial troubles. • Pay cash for a car. If at all possible, save up the money to buy a used car in working condition. It doesn’t need to be a fancy or new one. It just has to run well enough that you don’t have to do any major maintenance on it. • If you don’t need a car immediately, one way to do this is to make a car payment of whatever amount you wish to yourself. Pay yourself before you pay others, and especially before you buy anything extra or optional. • This has the added advantage that you’re not paying anyone interest. • Buy an inexpensive car. When you look for car loans with your bad credit history, you may find interest rates as high as 20 percent. Most bad credit car loans have high interest rates because there is a higher risk of default.. Therefore, in order to get back
