Credit Clinic Auto Financing After Bankruptcy
Getting An Auto Loan After A Bankruptcy Is Hassle-Free At Team One Gadsden Chrysler Dodge Jeep and Ram In Gadsden, AL
Filing for a bankruptcy can be a real hassle and destroy your credit score, as well. It is important to understand that getting an auto loan for a car is still possible after filling for one. At Team One Gadsden, we are thrilled to help motorists near Gadsden, Anniston, Albertville, Oxford and Jacksonville, AL that are searching for a car after filing for bankruptcy. Visit Team One Gadsden Finance Department to get assistance in getting a bad credit loan after a bankruptcy.
If you are interested in applying for a bad credit auto loan after filing for a bankruptcy, there are some things that you can do to make the application process and getting approved for a sub-prime auto loan much easer. These tips include:
- While a bankruptcy is a hard process, there is a best case scenario where it wipes out your debt and increases your cash flow to the point where you're able to save money for a down payment on a future vehicle. Putting a larger down payment on cars means the chances of getting approved are higher, since the lender is taking less of a risk with yourauto loan.
- Get and look over your credit report. It may not be easy or pretty, but looking over your credit report will provide you with a view of whatyour lender will be looking over. Therefore, it's a good plan to know what they are going to find. Look for previous auto loans and if those auto loans were included in your bankruptcy.
- Be prepared to refinance. After making your timely loan payments on time for the first six to 12 months, there's a chance your credit score will have changed. At that time, you might be able to refinance your automotive loan and get a lower rate, which will take over for the rest of your term. Your refinancing can be done through Team One Gadsden or one of our lenders.
- Pay off your auto loan on time. Paying off a bad credit or sub-primeloan in a timely manner will help restore your credit score, as long asyour monthly payments are mode on time.
- Purchase a car that you can afford. That might sound easy, but focusing on the basics is very important. Find a vehicle that's relatively small, reliable and isn't packed with all of the latest technology. You might not be getting into your dream vehicle, but you will have a reliable mode of transportation and will be able to afford the monthly payments without putting down a huge down payment.