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Auto Loans After Bankruptcy - How Does a Bankruptcy Affect Your Approval?
A recent bankruptcy will not disqualify you from obtaining an auto loan. In fact, opening a new line of credit shortly after a bankruptcy helps re-establish your credit and improve your credit history. Bankruptcy allows a fresh start. Initially, lenders may be hesitant to lend you money. However, after you have established a good payment history with new creditors, other creditors will take notice and become more willing to offer lower interest rates.
Sub Prime Lender Approval
Although a bankruptcy will not prevent you from qualifying for an auto loan, it will make it difficult to obtain a low interest rate. The interest rate plays a huge role in determining your monthly payments. On average, individuals with good or fair credit receive an interest rate of 5 or 6 percent. Individuals who have filed a recent bankruptcy can expect to pay a few points higher. A higher interest rate can increase monthly payments up to $150. Because traditional auto lenders are unwilling to negotiate low rates with recently bankrupt individuals, sub prime lenders are your best alternative.
Improve Credit History
Auto loans after bankruptcy are ideal for rebuilding credit. However, if you do not want to pay a high interest rate on the auto loan, put off obtaining a new car and apply for a new credit card or line of credit. The interest rate received on these types of credit will also be higher. By paying the balance on the new line of credit each month, you will not incur huge finance fees, and your credit report will reflect a good payment history with new creditors. If possible, try and open at least three to four new lines of credit. After you have had the new credit accounts for 12 24 months, now is the time to apply for an auto loan. Your credit history and score will have likely improved, thus auto lenders will have confidence in your ability to repay the loan.
Shop Around for the Best Rate
Request quotes from several auto loan brokers. Applying for a quote online is quick and convenient. Submit applicable information such as employment history, income, and desired loan amount. The auto loan lenders will obtain your credit report and negotiate the best rate with various auto lenders.
View our recommended Bad Credit Car Loan Companies here at: Recommended Bad Credit Auto Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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