Many of the questions we get asked have to do with qualifying for poor credit auto loans following a personal bankruptcy. In most cases, Yes you can apply for an auto loan. But only after completing a bankruptcy.
There are two ways to finish a bankruptcy - a discharge or a dismissal.
If the bankruptcy has been dismissed, this signals an unsuccessful completion and your application for a bad credit auto loan will usually be turned down.
If your bankruptcy has been discharged, this signals a successful completion and your application for a bad credit auto loan may now be approved.
After completing a bankruptcy, you will have to begin repairing your credit. There are two types of credit - revolving credit and installment credit. You'll need to establish both.
A credit card is an example of revolving credit. If you don't qualify for a standard credit card, then apply for a secured card. This is where your credit limit is determined by the balance in a special savings account you set up.
An auto loan is an example of installment credit. It requires you to sign a contract and agree to pay a fixed amount for a fixed term (such as $300 per month for 48 months).
At Auto Credit Express we help people with bad credit find a dealer that can give them their best chance at an approval for a new or used car loan. So if you're serious about getting your auto credit back on track, you can begin now by filling out our online car loan application now.
We can help you get easy auto financing in minutes.Drive Today