Consumer Car Buying Advice Blog

Here at Auto Credit Express, we can think of two ways to try and get car financing for bad credit…
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At Auto Credit Express, we get a lot of questions from customers asking if a repossession will affect their ability to buy another car. But first, you have to understand what a repossession is.

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Here at Auto Credit Express, we specialize in bad credit car loans. One of the questions we are asked most often is from customers who have experienced a bankruptcy and are wondering if they can finance a car. In fact, a car loan is very possible after a bankruptcy and is a great way to re-establish your credit. There are, however, a couple of questions that need to be answered before (more…)

Here at Auto Credit Express, we freely give advice about those things that we are familiar with - the automotive industry in general and bad credit car loans in particular. One thing we will not do, however, is to give anyone legal advice. If you are looking for that, you need to consult a lawyer and if you are thinking of declaring bankruptcy, a lawyer that specializes in bankruptcy law. What I would like to do is to familiarize you with the different types of bankruptcies as well as some of the terms involved with bankruptcy proceedings. (more…)

Here at Auto Credit Express, we have always told our customers that it is important to know your credit score. Starting in the spring of 2008, it may be even more important. Fair Isaac Corporation, the company that invented the FICO credit scoring system has introduced a new version called FICO 08. According to the company, the new system will be more forgiving with the occasional credit slip-up, while also changing the way it treats so-called “repeat offenders”. (more…)

A few years ago just about anyone could file a Chapter 7 bankruptcy. With a Chapter 7 bankruptcy all of your debts are liquidated. This type of bankruptcy made it easy to rack up a bunch a debt, charge it off in the bankruptcy, and get a fresh start auto loan a few months later. Apparently this process allowed too much abuse and, late in 2005, Congress passed stricter bankruptcy laws.

Now, before filing bankruptcy, people have to prove they are broke, and they have to attend credit counseling through an approved agency. If they pass the means test, that is to say, they prove they are broke, and attend the credit counseling sessions, a judge could still insist that the person file a chapter 13 instead. With a chapter 13 bankruptcy, the debts are not liquidated; rather, they are paid off over a period of years. (more…)

Prior to applying with a lender you should visit with your trustee / attorney and ask him or her for an “Authorization to Incur Debt”. This is a legal document that states that the new loan will not be included in the bankruptcy.

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Advice from Auto Credit Express on one way to re-build credit after bankruptcy and start living a better life.

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