There are ways in which you can qualify for car loans after bankruptcy. There are certain facts that you should make yourself aware of, before checking out the auto loan rates after bankruptcy discharge and applying for these loans. Read on to know more.
If you have filed for chapter 7 of bankruptcy, then you have to wait for the charge to expire, before applying for car loans. The charges, filed under this chapter, last for about four to six months. You can approach a lender and point out that there are no charges against you.
If charges have been filed under chapter 13, then you can apply for a car loan while the charges are still on, by seeking court permission. Or, you can also wait for the discharge. The repayment period might typically last for around three to five year under this chapter.
What should you Do?
A little piece of advice for those saddled with bankruptcy would be not to apply for loans until and unless there is dire need. Those with poor credit scores or bankruptcy charges might as well not find favor with lenders, as far as the loan rates are concerned. These types of borrowers are generally asked to pay up more than the ones with more decent financial credentials. Therefore, its only advisable that you build your way up out of the financial crisis (start working on your credit afresh) and then, as you are successful in repairing your credit a bit, you can jolly well start searching for loans online!
However, if you are compelled to take these loans, do search for legitimate lenders offering bankruptcy credit. You can approach your bankruptcy attorney to help you with a list of legitimate lenders, if it’s possible.
Please make sure that you’re conducting proper survey before settling for loan services. You should consult the online loan calculators in order to find out (approx) the amount of repayment you need to make in case you qualify for the loan. You can also find out the total amount you would be approved of, based on your financial credentials, like earning, credit scores, ability to repay etc. Compare the loan rates offered by premium lenders. And finally, do authenticate the credentials of the lender before striking up any kind of financial deal.
Please visit the website www.carloans123.net if you are still wondering how to get a car loan after bankruptcy. Be prudent and have a great financial future ahead!