Bankruptcy? Car Loan Options

Will you qualify for a bankruptcy car loan? The answer is "yes." You can be eligible for a bankruptcy car loan if you are currently in bankruptcy or you have been discharged from the bankruptcy, but it is still appears on your credit report.

Lenders Can Offer You a Bankruptcy Car Loan

Look for lenders that specifically promote and advertise their willingness to write a bankruptcy car loan. This type of car loan caters to individuals that are dealing with bankruptcy. These specialized lenders ensure everything possible is done to allow your car loan to be approved. Let's look at the types of bankruptcy car loan options:

Auto Loans Based On Employment

Some auto lenders are concerned with nothing other than your monthly earnings, how long you've been employed, and your down payment. While you must disclose your bankruptcy, these lenders really don't care since they have the car as collateral. These specialized loan providers aren't worried about your past, rather they focus on what your ability to pay is at this time.

Bankruptcy Car Loans Mean Higher Interest Rates

Bankruptcy car loan lenders specialize in dealing with individuals in bankruptcy. They will charge higher interest rates and they may have different terms than a regular auto loan. They may also require you to make a larger down payment. Some have limits on the age of the car that you can purchase, while others have no restrictions whatsoever.

Flexible Repayment

You might be surprised to learn that some bankruptcy car loan lenders actually allow for a flexible repayment plan. This increases the likelihood of successful repayment, the number of vehicles that you have to choose from, and the price range that you are able to shop in. You will need to speak to the lending institute about the options they offer.

High Down Payment Car Loans for High Risk Buyers

Some lenders will give bankrupt individuals an interest rate that's similar to what non-bankrupt consumers are offered, providing the individual puts down a sizable down payment determined by the lender.

Online Car Loans

There are lenders that have a simple online application, which takes only minutes to fill out. Once your application is approved, your loan check can arrive via courier in days. This process is simple, convenient, and there is a high approval rate. You never have to make an appointment and you never have to leave home.  

Online shopping and online financial services have emerged as both fast and safe, with millions of vehicles being purchased online every year and just as many loans being approved online.

Rebuild Your Credit

While enjoying the availability of your vehicle you can also start to rebuild your credit, so that in the future you have even more options when it comes to an auto loan.

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