Securing a Car Loan After Bankruptcy

You Can Rebuild Your Credit

If you have recently declared bankruptcy, don’t worry, it is not the end of your credit story. You can rebuild your credit with a car loan. In fact, auto loans are one of the best ways to improve your credit after a chapter 7 bankruptcy! Next to credit cards, car loans are the easiest type of credit to get.

Lenders are craving for your business and more eager than ever to give you a car loan. They don’t want to lose money, but they lose more by not taking the risk than would lose by not taking the risk! In general, people do not want to default on loans. Ninety-nine percent of borrowers fully intend to pay back every cent, and lenders know this. That is why they are willing to take a risk on someone, even though that someone may have a bankruptcy in their background!

Don’t be Afraid to Ask

If you have filed for bankruptcy fear might be your biggest obstacle. You are judging yourself before you even attempt to get a loan. Yes, a bankruptcy means you fell upon hard times and were not able to pay creditors, but it does not mean you are a bad person! You pick yourself up, dust yourself off and keep on trucking! Lenders know this and are willing to help you get back on track.

Leasing

Leasing is often a good way to re-establish credit. But, many times the agreement will expire before you have had enough time to to really prove yourself. Making your new credit history very short. This makes securing a car loan difficult, but not impossible.

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