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Car Loans for People with Bad Credit - Getting an Auto Loan after Bankruptcy
Getting credit after a bankruptcy is not easy. This includes credit for mortgages, vehicle loans, consumer loans, etc. In this circumstance, individuals who have recently filed bankruptcy may opt to pay for everything in cash. While this may appear to be a good solution to credit problems, if you need to purchase a new car, paying for the vehicle in cash may be impossible. In this case, you will need to obtain an auto loan.
Can You Get an Auto Loan after a Bankruptcy
A bankruptcy on your credit report justifies a credit application denial. As a rule, lenders do not want to offer money to bad credit candidates. The probability that you will default on the loan is high. Nonetheless, some creditors are willing to make an exception with auto loans. The vehicle secures the auto loan. If you do not pay back the auto loan, the lender can easily take back your vehicle.
Criteria for Obtaining an Auto Loan after Bankruptcy
If you are interested in receiving an auto loan after bankruptcy, be ready to pay a higher percentage rate. Moreover, lenders have specific qualification criteria's. For example, some lenders require that individuals with a recent bankruptcy have a minimum monthly income. This amount varies lender to lender.
In addition, a lender may require you to have the same residence and employment for at least six months. To obtain a car loan, you must also be at least 18-years-old, or have a co-signer. Additional criteria's include not having a previous repossession within the last year, and the bankruptcy must be discharged.
How to Improve Your Chances of Getting an Auto Loan
Auto loans are great for individuals hoping to rebuild their credit. After a bankruptcy, it is vital to open new accounts. In addition to obtaining a car loan, you may consider getting a secured or unsecured credit card. The interest rate you receive on your auto loan may be a few percentage points higher. However, if you work towards improving your credit rating, you may have the opportunity to refinance the auto loan. Refinancing for a lower rate may decrease your monthly payments.
Here are our Recommended Bad Credit Auto Finance Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
More Useful Resource and Updates on 11 car loans
- US: Automakers want federal loan doubled (just-auto)
This article is locked. You need to be a Registered User of just-auto to view this article.
- Carmakers Deserve Loan Guarantees, G.M. Official Says (New York Times)
General Motor?s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own.
- VW claims number three spot (Independent Online)
The European car manufacturer Volkswagen has passed its American rival, Ford, to become the third biggest auto maker in the world.
- Carmakers Deserve Loan Guarantees, G.M. Official Says (The Sarasota Herald-Tribune)
General Motors vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own.
- On TV: 8-30 (Muskogee Phoenix)
Auto racing 9 p.m., ESPN2 ? NASCAR, Nationwide Series, Camping World RV Service 300, at Fontana, Calif. 11:30 p.m., ESPN2 ? NHRA, qualifying for U.S. Nationals, at Indianapolis (delayed tape)
- Zia Engineering is a firm on the rise (Las Cruces Sun-News)
LAS CRUCES ? One morning early in the year 2000, Edward Martinez awoke to discover his Jeep Cherokee had been stolen from in front of his house. At the time he was not pleased to learn he had joined the ranks of victims of auto theft.
- Vanguard Study Finds Pension Protection Act Boosts Auto Features in 401(k) Plans (Centre Daily Times)
More employees were put on the path to retirement security in 2007 by employers adopting automatic savings and investment solutions in their retirement plans, according to How America Saves 2008, a comprehensive report on defined contribution retirement plans released today by Vanguard.
- Utah gets failing grade for loan protections (Deseret Morning News)
Utah is failing consumers by not capping "abusive" interest rates on small-dollar loans that ultimately pull individuals into debt spirals and drag down the U.S. economy, according to a state-by-state scorecard released Wednesday by three national consumer groups.
- Popular Announces Substantial Sale of Loan and Servicing Assets of its U.S. Mortgage Unit, Popular Financial Holdings, ... (PR Newswire via Yahoo! Finance)
Popular, Inc. announced today an agreement to sell loan and servicing assets of its U.S. mortgage subsidiary Popular Financial Holdings to various Goldman Sachs affiliates. The sale includes approximately $1,170 million in loans and mortgage servicing assets.
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