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Lenders see a bankruptcy as a big black mark on your credit report, so is there any point in applying for a car loan right after your discharge?
Consumers with problem credit often want to know how a bankruptcy will affect their chances of applying for an auto loan.
For car buyers who have gone through some type of bankruptcy and now have generally poor credit, believe it or not this is actually a good time to apply for an auto loan instead of heading to the local BHPH car dealership.
At Auto Credit Express, we see that the American Bankruptcy Institute has just released its November report on bankruptcy filings – a report in which the executive director states is “perhaps a positive step” for American consumers.
One particular method is legal and, while it won’t help you reestablish your auto credit, being added as an authorized user on a credit card account can raise your credit scores in a very short time.
It would seem like the easiest way for consumers with bad credit to obtain a car loan is by applying for bad credit car loans with instant approval.