Is it true that you can get a car loan after bankruptcy? Actually you can, and we can help! While getting a car loan after bankruptcy presents a few challenges, it can be done. At Dan Vaden of Brunswick, we help customers with all sorts of credit. Even if you have been through a recent bankruptcy, we can help.
Many people believe that you simply cannot get a car loan after bankruptcy, but that is incorrect. There are lenders and dealerships that can assist you when you have been through credit challenges. We are one such dealership.
How Can I Get a Car Loan After Bankruptcy?
When you are trying to get a car loan after bankruptcy, there are things that you can do to improve your chances. For example, you need to pay your bills on time, both during and after your bankruptcy. Hopefully your cash flow situation has improved after your bankruptcy, allowing you to keep up with your bills. This is probably the most beneficial thing you can do.
Another key is to keep your expectations reasonable. Your first car loan after bankruptcy will most likely not be for a high end luxury car or a $60,000 SUV. Instead, you should look for a reasonably priced used vehicle or possibly a cheaper new car. The definition of reasonably priced will depend on your budget.
You also need to be realistic about the terms of your car loan after bankruptcy. You probably will not qualify for 0% financing the first time. You may be required to put money down as well. This is not punishment, but is due to the fact that you are considered a higher risk after bankruptcy. Higher risk to the lender will mean a higher interest rate for you when compared to someone with stellar credit.
Saving for a down payment can really improve your chances of getting a loan. While it is not always required, it is always helpful.How much should you have? There is no set answer as this varies on a case by case basis. The best answer is “as much as possible.”
Those are just a few things you can do to improve your shot at getting a car loan after bankruptcy.
What Can We Do to Help You Get a Car Loan After Bankruptcy?
Our finance department has the knowledge and experience to deal with all sorts of credit situations. Regardless of whether the bad credit was caused by late payments, repossessions or bankruptcies, we have helped many people purchase a vehicle.
Experience and knowledge is crucial for dealerships helping consumers get a car loan after bankruptcy. Not all lenders work with bankruptcy customers. We know which ones will. These lenders require things to be presented in a certain way to increase success. We know how to do this. We understand what types of obstacles can come up, and how to overcome them. We also know what types of vehicles are best for your pursuit of a car loan after bankruptcy.
Having the right lenders available is only part of the challenge. It is also important that the dealerships has a good relationship with those lenders. At Dan Vaden of Brunswick, we not only have many lenders available to us,we also have strong relationships with theme. These relationships mean the lenders are more likely to help us as we help you get a car loan after bankruptcy. You may have been told “no” at other dealers simply because they do not have these lenders and good relationships.
Additionally, we have the right inventory of vehicles for those seeking a car loan after bankruptcy. Most lenders have strict requirements on the types of vehicles they will loan money on, particularly after a bankruptcy. Our huge selection of vehicles allows us to find a car that you love and that will work for the lenders
Perhaps most importantly, we have something that many other places simply do not have. Honestly, many dealerships do not want to do the work required to get you a car loan after bankruptcy. This is a more of a challenge than getting someone with perfect credit approved. But we have the desire and the patience required to help. It’s why we are here. Get in touch and find out more.
Can I Get a Loan if My Bankruptcy is Still Active?
Even if your bankruptcy is still active, it does not mean that you cannot buy a vehicle. It is more challenging than obtaining a car loan after bankruptcy, but can still be done. Approvals are needed from your trustee, and additional documentation is required. Much of this is time sensitive and needs to be done in a certain order.
Our knowledge and experience is once again key to success. Having worked with many bankruptcy customers, we understand the process. So, yes, you can still buy a car even with an active bankruptcy.
We are here to help, but you need to get in touch with us. Call Bryce at 912-279-4222. You may also use our convenient contact form at this link, and we will get back in touch with you shortly. You need to take the first step! We are waiting to hear from you and look forward to helping you get a car loan after bankruptcy.