Consumer Car Buying Advice Blog

A bankruptcy does not mean an end to your chances of getting approved for a car loan.

Getting reestablished

Applying for a bad credit car loan following a bankruptcy is one way you can help rebuild your credit history. In fact, as many of us here at Auto Credit Express know, once your bankruptcy is discharged, you can immediately apply for a car loan. Many lenders, in fact, will allow consumers to apply for a loan even before a Chapter 7 is discharged. But before you fill out the loan application, you need to be sure that you currently qualify for a bad credit car loan. To get approved for the best rates for a bad credit auto loan, follow these tips:

Examine your credit report

Before you fill out a bankruptcy car loan application at www.autocreditexpress.com, order a copy of your credit report from each of the three bureaus and make sure all the information it contains is correct. It’s not uncommon once a bankruptcy has been discharged to see open accounts on a credit report that should be reported as being closed, which hurt your FICO score.

While you’re in the process of reviewing your credit reports, you might want to consider adding a page explaining the circumstances that resulted in your bankruptcy filing. If there were mitigating causes, lenders may take those into consideration in determining the interest rate that you qualify for by adjusting it in your favor. You may also wish to compose a letter that also outlines the reasons you filed and bring it with you when you visit the car dealer.

Determine your budget

Speaking of car dealers, before you visit one and even before you fill out an application, you’ll want to visit our web site at www.autocreditexpress.com. While you’re there, you can familiarize yourself with our basic loan requirements. You see, unlike many web sites that guarantee you a car loan, we won’t lead you on with false promises. Our goal is to give you a realistic scenario of what to expect based on our twenty plus year’s experience in subprime auto finance.

Although you know your finances and what you can afford better than anyone else, we can show you what lenders think you can afford in a monthly car loan payment. Our loan calculators can help you decide which financing package is best for you. Both the loan amount and the loan term will determine your monthly payments, so there is a certain amount of flexibility in determining which vehicle you can afford to purchase.

Applying online

At Auto Credit Express, our job is to match you with a car dealer whose employees are experts at helping customers with bankruptcy car loans. For nearly twenty years, we have helped thousands of bad credit car loan customers reestablish their car credit and raise their credit scores with a bad credit car loan.

Every dealer in our nationwide network has a team of experts who deal with bankruptcy car loans on an everyday basis. With a wide spectrum of subprime lenders, these professionals will guide you through the loan process to get you back on the road to better credit.

The future

Once you’ve received an approval and you’ve signed the loan contract, you need to be aware of the fact that you’ve only taken the first step. By making regular payments on your new car, as well as the rest of your bills, you will find that, within 18-24 months, you may very well qualify for either a re-finance on your current loan or even a brand new loan, at much lower interest rates.

If you are serious about getting your credit back on track, visit us at www.autocreditexpress.com. If you have any additional questions, feel free to contact us by phone or email us directly from our website.

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