There are some auto loan companies that will even accept you after you have experienced multiple bankruptcies, but there are going to be some limits on the amount of financing you will be able to get through them. That is what makes this a great opportunity for a person that needs a vehicle and has to think about a bankruptcy auto loan to make it all happen.
If your credit score has increased over the last few months after bankruptcy claim has been made, you will be capable of finding the right lender for your unique credit needs. Now, as to your question of buying a car, this is a big question for anyone that has to file for bankruptcy. How can financing car after bankruptcy happen when you do not have good credit any longer?
1. Taking note of your priorities: While you very well may want to purchase a new car, I am of the opinion that the priority is going to be some reliable form of transportation that can be something that you are able to also afford. After all, why would you want to purchase something that is going to lose up to 20 percent of its value the moment that you drive it off the car lot?
2. Finding yourself the best kind of deal: The first thing to do for getting a car loan after bankruptcy is to get in touch with a reliable auto rating magazine, something like a Consumer Reports or the Kelley Blue Book, and look for cars that are in the $9,000 to $12,000 price range. You are obviously going to be driving your car a lot, and you are going to need to have something that will be capable of handling the mileage. The reason for this is that it takes a lot of time and energy and money to go through one car let alone to purchase another down the line. You can save yourself a lot of money and pan if you find the best car that you can that will be able to last for several years then if you buy a couple of cheaper ones that will last for half the time each.
3. You Should Re-establish your credit: Before you go off trying to find a bankruptcy car loans deal, you are going to need to get a secured or unsecured credit card and some form of payment history on it. Banks will usually offer unsecured cards with limits on them. If you can get yourself one of these cards, it is going to come with a high interest rate. If you can not get yourself an unsecured credit card, then they will usually be able to provide you with a secured credit card in exchange for some sort of a deposit. Why should you bother with this step at all you wonder? Well that is because having a good payment history makes your credit score rise.
4. You should be thorough in your search: Go online and start doing research for as many different financial lenders as you possible can in order to find the best possible interest rates for your own unique financial situation. You should not let them know that you are looking for auto loans after bankruptcy because it is the best that you can get. This is simply not true at all. There have been lots of different cases of people out there who have purchased used cars for a lot less then what their asking price was. Just keep looking and you will find exactly the type of deal that you are looking for. Be certain to remember that these deals do in fact exist.