Tips for Getting a Car Loan After Bankruptcy

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It wasn't long ago when a bankruptcy would essentially shut you out of the credit world for a period of ten years. Fortunately, this is no longer the case. Providing loans to those who have experienced bad credit has become a big business, and this means you do have options

Car Loan Following Bankruptcy: Rebuild Your Credit

Ask any of the experts, and they will tell you that a steady rebuilding of your credit is one of the best things you can do following a bankruptcy judgment. If you're looking for tips on getting a car loan after bankruptcy, here are some suggestions you'll want to check out. How to get started? Here are three things you can do:

Be Realistic

If you're able to acquire a bankruptcy auto loan following a Chapter 13 or Chapter 7, this is not the time to start shopping for your dream car. Because bad credit loans come with increased interest rates, you'll need to account for that when looking for a car . Auto Credit Express will help you concentrate on finding a car that's reliable and with relatively low mileage, rather than the luxury features you might think you need. There will be plenty of time to buy the car you really want once you've reestablished your credit.

Refinance Down the Road

Good news! When you buy a car and make on-time monthly payments, it shows that you have learned from your mistakes and are on the road to rebuilding a solid, responsible credit foundation. A year or two of making regular payments may be enough to qualify you for a better loan. If you decide to apply for an auto loan refinance at that time, you might be surprised at how much better the interest rate is.

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as of 02/29/2024