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How to Get an Auto Loan Approved After Bankruptcy

If you were unfortunate enough to file for bankruptcy recently, securing an auto loan would be a good way of rebuilding your credit. However, immediately after bankruptcy closure, you may find it hard to get the loan approved. Here are some guidelines to help you in it.

First of all, obtain a copy of your credit report and examine it carefully. See to it that all the accounts that are supposed to have been closed are really closed. It’s not uncommon immediately after bankruptcy to find an account that is still open in your bankruptcy credit report. Open accounts, that should really have been closed, can unnecessarily affect your credit negatively.

Secondly, take the services of an auto loan lender. It’s their job to search and find a loan for you. They have contacts in finance companies that provide all types of credit solutions. Since they are professionals, they will be able to find a better deal for you than you will be on your own.

And finally the most important thing, while filling your auto loan application form you will find a column asking you whether you have ever filed for bankruptcy and if yes, why. Take this opportunity to explain the unfortunate circumstances in which you had to file for bankruptcy. Tell them how your credit was before you fell on difficult times and what are your plans now to get it back. Honest and sincere information about your past history can often go a long way to secure the auto loan you desire.

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