Many people assume that bankruptcy is a harbinger of disaster. However, it’s just not true! Yes, we know how tough it can be post-bankruptcy, but you still have some options available if you are looking for bad credit auto loans after your bankruptcy is discharged. Remember, bankruptcy laws are not bad they are in place to protect you from collectors and to help you create a fresh financial slate. So make sure that you don’t look at your recent bankruptcy as an end, but as a new beginning. You will find that immediately upon discharge you will see so many offers of various loans like home loans and personal loans just be cautious.
Part of your new beginning will revolve around transportation. Let’s face it; you just can’t get around in today’s world without a reliable vehicle. Let’s take a look at some of the most common after bankruptcy scenarios and what you need to do if you’ve just filed for Chapter 7 or Chapter 13, but still need to find bad credit auto loans or refinancing.
Bad Credit Scenario: You Got to Keep Your Vehicle
Depending upon what type of bankruptcy you filed, you either lost your car or got to keep it. If you got to keep your automobile, you can certainly appreciate the fact that you didn’t lose everything during your financial hardship. However, you may still be a bit behind on your car loans payments and in need of bad credit auto financing to help in your efforts to get and stay current on any loans. Bad credit is temporary and once the slate has been cleaned you certainly don’t want let financial matters get bad again.
Bad Credit Auto Loans if you lost Your Vehicle
Losing your automobile in a dissolution can be very bad for you mental state. However, just because you don’t have a ride right now, that doesn’t mean that you have to go without reliable new or used automobile for long. Some people rush out and buy a clunker for a few hundred dollars after bankruptcy. We don’t recommend that you do that. You would be better served by saving up a few hundred dollars and using that money as down payment on an automobile purchase. You can get a bad credit auto loan to take care of the balance, and work on rebuilding your credit by staying current on your monthly payments. There are hundreds of high risk auto lenders that will approve a bankruptcy car loan for you.
Trading in Your Car & Bad Credit Auto Financing
You may be in a situation where you got to keep your vehicle, but are in need of a new automobile. If you think you’re out of luck, you might be surprised to find out about the wide range of lenders who are willing to help you get the auto loan you need. In fact, we work with a nationwide network of the best auto loans lenders. If you’ll fill out the bad credit auto financing application we have provided for you, we’ll be able to match you up with an auto lending company that is able to give you a reasonable auto loan. And if you use your existing auto as a trade-in, you may be able to get the automobile you’ve been dreaming of and to pay significantly less on your loan. Never underestimate the power of trade-in money when you are looking for a bad credit car loan.
Life after Bankruptcy
The main thing that we want you to remember is that life does go on after a bankruptcy. You now have the opportunity to take some small steps to rebuild your credit and to establish a solid financial future for yourself and for your family. A car loan may be just what you need to make some regular payments on; so you can begin the process of rebuilding your credit. You can avoid bad interest rates by simply making you payments on time.
To find out what kinds of car loans you qualify for, don’t forget to make use of the free online car loan application form here at DriversApproved.com. We specialize in helping you find the best bad credit car loans from the very best lending companies doing business today.
Bad Credit Auto Loans