Bankruptcy Auto Loan Tips And Tricks_42478

Many people believe that they won't be able to get a Bankruptcy Car Loan for a new or used car after bankruptcy. However, getting a bankruptcy auto loan may not be as difficult as you think; the majority of auto dealerships and auto lenders offer a bankruptcy car financing solution. If you've declared bankruptcy and are looking for an auto loan, there are a few things you should consider: First, before applying for a Bankruptcy Car Loan or any loan, you need to know what's on your credit report. You are entitled to one free report annually from each of the big three credit reporting bureaus (Equifax, Experian, and Trans-Union). Get all three reports from all three bureaus because some creditors will report to one or two bureaus, but not to all of them. Familiarize yourself with what is on your report at this time. If there still are any mistakes or errors, you need to have them removed. Just contact the credit bureau and inform them of the mistakes and they should remove it for you. If you were pushed into a bankruptcy because you had unpaid medical bills or federal income tax, you should consider adding an explanation about that to your credit bureau file. This will help perspective bankruptcy auto loan lenders to understand why you went bankrupt to begin with. Figure out how much you can afford to pay for your monthly car payment before you go to the auto dealership. Because you have gone bankrupt in the past, you should expect that you would pay a higher interest rate now. The fact is that interest rates for a bankruptcy car loan are usually very high. After a year or so of timely payments, you can refinance your bankruptcy auto loan for a lower rate. Some dealerships in your area may offer a “credit building” program targeted towards those who are looking for a bankruptcy auto loan. Getting an auto loan with bankruptcy is the first step to restarting your credit.