Filing for bankruptcy can be a life-changing event, and it can be difficult to see the light at the end of the tunnel. Even if you know that you will emerge from your bankruptcy with a fresh financial start, you may be uncertain about your future buying powers. When it comes to big purchases, will you always be forced to settle for economically priced items?
Bouncing Back From Chapter 7 and Chapter 13
It will take time and effort, but full recovery from a bankruptcy is entirely possible. And while the first post-bankruptcy car that you buy may not be your dream vehicle, you may eventually be able to finance any kind of car that you want to purchase.
- Get Organized: If you are rebuilding your credit after a bankruptcy, you will need a solid game plan and the motivation to meet your goals. Keep good to-do lists, make sure that all of your bills are in order, and establish a payment routine so that you don't fall behind with any of your responsibilities.
- Be Strategic: Your bankruptcy has allowed you to emerge from underneath the burden of debt, but good credit must be proactively established. How do you build credit? Applying for and maintaining a secured credit card is a good way to start. Making timely payments on a bad credit auto loan is another way to boost your credit score.
- Banish Old Habits: If a particular kind of behavior led you to bankruptcy, learn from your mistakes so that you're not doomed to repeat them. Make sure that you establish a realistic budget based on your income. Avoid the accumulation and overuse of high interest credit cards, and don't spend impulsively. With a little time, the new, good habits will seem like second nature.
Don't Act Too Quickly
Sometimes the saying "just because you can doesn't mean you should" rings true. Even if you get to a point with your finances where it is possible to buy a brand new car, be absolutely certain that such a purchase will comfortably fit within your budget. Taking on a monthly payment that you can just barely afford or assuming responsibility for an extra lengthy loan may be actions that lead to disaster . . . Or, a second bankruptcy.
The Road to Success
If you have just been discharged from a bankruptcy, and you need to buy a car and rebuild your credit, contacting Auto Credit Express can ensure your success. We have already helped thousands of credit challenged buyers, and we can work with your credit, no matter what it looks like.
Just fill out our fast and secure online application to get started today.