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Car Loan After Bankruptcy

Car Loan After Bankruptcy

Many people considering bankruptcy wonder if they’ll be able to get a car loan after bankruptcy.  After-all, many people need a car just to get to work and earn a living.

The good news is that many lenders do provide financing to bankrupts.  Financing isn’t typically provided by the big banks but by generally by smaller lenders or the dealership themselves.

Rates are often high; anywhere from 10%-50%.  When considering a car loan after bankruptcy make sure that you understand the interest rate that you’re being charged and negotiate as much as possible.  Too many bankrupts only focus on payments.  Even if the payment is affordable make sure that you’re getting a fair deal and not paying too much interest.  The less interest that you pay, the sooner that you’ll pay off your loan.

Know that bankrupts must disclose their bankruptcy when applying for more than $1,000 in credit before they complete their bankruptcy.

The good news is that you can obtain a car loan after bankruptcy.  When doing so, understand the interest rate and negotiate as much as possible.

If you’re dealing with debt and would like to have your financial situation reviewed by a licensed Trustee in Bankruptcy then send us an email or give us a call.  We’re always happy to hear from you.  What are you waiting for?  You’ve got nothing to lose except your debt!

 

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