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3 minutes read. Published April 06 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.
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Making an application for an auto loan after bankruptcy might be a daunting task. While it's true that getting an attractive loan after bankruptcy can take some extra leg work, it is still feasible. This will include checking and improving your credit while considering the additional hoops that you'll need to jump through. Types of bankruptcy There are two primary types of bankruptcy. Before you can proceed with an additional loan it is crucial to know the particulars of the type of bankruptcy you have filed. Chapter 7 bankruptcy The court takes legal ownership of some of your possessions when you apply for Chapter 7 bankruptcy, and therefore a temporary stay can be placed on your existing outstanding debts. The process typically will take between 80 to 130 days to complete and can be on your credit report for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy -- also known as the wage earner's program -- allows filers to develop a plan to settle debts accrued. After approval by the court the plan generally consists of the payment of fixed amounts over time. The plan can be listed on your credit report no more than seven years. How do you obtain a car loan after bankruptcy Before signing off on a car loan application, there's a cleaning up that needs to be completed in order to prove to lenders that you will be able to pay off the loan. Do a few additional steps to get approval and favorable conditions. Step 1. Review your credit score After you filed your bankruptcy, your credit score has likely changed. Although there isn't a set amount of reduction of your credit rating after a bankruptcy, it does have less significance as time passes, so you'll likely get higher scores in the previous year than during your first. The better your credit is and the better the terms you'll get. The score of your credit can be found by credit bureausthe three major ones being Experian, TransUnion and Equifax. It is recommended that you determine the state of your credit before submitting a new loan application. In this way, you will feel more assured that you're getting the best deal. Improve your credit
Since your credit rating takes a hit following bankruptcy it is in your best interest to be ahead of your shopping.
3. Budget for a vehicle down down payment can significantly increase the chances of getting approved and may also save you money by reducing your rates. Utilize a calculator to determine the amount you can save with various amounts. Step 4. Shop around The key to finding the most affordable price is to look at many different lenders and keeping an open mind to more than just the latest car models. Consider the advantages and disadvantages of a and get a few offers before deciding. Apply to get loan preapproval
Before heading into a dealership, it is a good idea to apply for . This doesn't guarantee loan approval, but it will give you the ability to negotiate and an understanding about your spending plan.
What should you remember after bankruptcy? While financing a vehicle is possible after declaring bankruptcy, there are some crucial aspects to consider. Beware of predatory lenders If you are an potential loan holder with less than stellar credit You will probably encounter lenders that are predatory. This kind of lender will likely boast the guarantee of credit or no credit check. These options can many times cause you to be liable to their high interest rate. Be aware of the advantages and drawbacks for longer loan terms Similarly you could be confronted with . These over-extended loans are a potential risk, especially at 7 or more years. A longer loan term is yet another possibility where you're more likely to end up upside down on a loan. Consider co-signing with a friend if your credit score is still lacking, consider applying for an loan that requires the . You are more likely to get approval due to lenders feeling more comfort via the co-signer's credit score. Next steps Lenders tend to approve loans of drivers if they believe they are able to pay. A bankruptcy history will not hinder you from being able to meet the requirements. Be patient and thoughtful throughout the process, and make sure you take time to improve your credit prior to .
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase the car they want.
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