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 your
auto 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 what
your 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-prime
loan in a timely manner will help restore your credit score, as long as
your 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.