Second Chance Auto Loans for High Risk Car Buyers
by Dave LaLonde on Sunday, October 14th, 2007Second Chance Auto Loans for High Risk Car Buyers
If you’re considered a high credit risk because of past credit problems you can get a second change to rebuild your credit with a high risk auto loan. When you get a second chance, make sure to make your auto loan payments on time. Rarely will you get a third chance to re-establish your credit.
Second Chance Auto Financing
Many high risk car loan lenders are willing to give you a second chance to finance a car. Most of these lending sources are not available to the general public. Instead, they offer their services through local franchised car dealers. Not every dealer offers second chance car loans so it’s important that you find a dealer that does before you complete an auto financing application. If you apply with a dealer that does not offer high risk auto loans, you run the risk of lowering your credit score with unnecessary credit bureau inquiries.
To improve your chances of getting approved for a bad credit auto loan, apply with a high risk credit car buying service such as Auto Credit Express. Auto Credit Express has dealers with second chance car loans in all 50 states and Canada as well.
i am trying to get a loan for a car without a co-signer.. its that i really have bad credit its that i have no credit.. my question is if i cant get a car loan how am i suppose to build my credit? can u please help me.
thankyou,
nikki
Just applied for bankruptsy. Make $8,000 monthly with check stub to prove. On job for 16 years. Can you help?
Sincerely,
James Mattus
James,
It depends on which bankruptcy you applied for. If you are in a Chapter 13, you need to contact the trustee to get an order to incur additional debt before you can apply for a loan. If you are in a Chapter 7, you will need to have completed your 341 meeting of creditors before applying for a car loan. If you have any more questions, please feel free to call our toll free number on our web site at: http://www.autocreditexpress.com.
I have a 570 Credit score, I am reestablishing my student laon (it will be active and in the green by January 09 after default). I have two credit cards account previously in default which I have recently paid in full. I make about $6000/month with about 1000/month in bills. Can you please let me know if you can help. I am looking for about 25-30k for this loan and a 5 year term.
Rich,
The first thing that you need to do is fill out the loan application at http://www.autocreditexpress.com. Once you have done this, you can contact one of our customer service professionals using our toll-free number. They would be glad to answer any questions that you have.
If my car is currently under repossession and they have advised me to get financing thru another bank?
Can you help me ? I currently make about 4,000/month?
Doris,
If you have a current vehicle in repossession (and this repossession is on your credit report), there is no bank that I know of that will finance you at this time. Even most subprime lenders will only finance someone with a repossession if the repossession occurred at least a year ago.
My credit score is low 500 tryin to rebuild my credit i make 1800 aweek after taxes. im lookin at a 15,000 auto loan think i can get a loan even with deliquent accts?
Nathan,
It really depends on what those delinquent accounts are. I would suggest that you fill out an application and then call us on our toll-free number if you haven’t been contacted by someone within 24 hours.
I just completed my 314 meeting today in Chapter 7. I’ve paid my current car on time for the past 2 yrs and have reaffirmed. I make $6,000 per month. How soon can I apply for an auto loan? I also have a co-signer with a 750 credit score. The max that I am looking to finance is $20K. Is there any hope for me?
Luisa,
What is the purpose of the auto loan? If you are looking for a second car, the judge will not allow that during the bankruptcy. If you apply for a loan, the bank is going to want the current loan paid off. One other point, if you have bad credit, the credit score of the co-signer is not relevant, regardless of how high it is. We are not lawyers and do not give legal advice, but in most cases, including your current car in the bankruptcy (if you want to replace it) and then applying for a loan is the only way you could replace it at this time. Otherwise, if your spouse is the co-signer and not in the bankruptcy, have your spouse apply for the new car and put it in their name.