What are Bankruptcy Car Loans?

Bankruptcy car loans are types of auto financing offered by lenders to individuals who filed for bankruptcy. Although getting one is not easy, you can be approved for a loan by finding the right lenders, and providing the necessary requirements.

Finding Bankruptcy Car Loan Lenders

Some conventional lending entities, so approaching them is a wise move. If your application is rejected by traditional lenders, you can shop online for bad credit loan providers that provide vehicle financing. It is best to compare rates before choosing a lending company.  Another place to obtain a bankruptcy car loan is through a car dealership. However, dealerships usually apply higher interest rates compared to poor credit lenders. 

Basic Loan Requirements

One of the fundamental requirements that lenders of bankruptcy car loans look for before approving a loan is your bills and debt payment history. You should also be at least 18 years of age and has a current employment. Your monthly gross income is also considered to determine your repayment capability. Usually, lenders require the borrower to have a monthly income of $1500 and a good employment record.

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