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But once you get out of it the risk factor reduces. Also coming out of bankruptcy is a major success. Lenders think that if you can successfully handle a bankruptcy car loans would be very easy for you. Keeping this in mind its best to apply after discharging your bankruptcy. How Long To Wait Before Getting A Post Bankruptcy Auto Loan? Every lender has separate lending criteria. There are many lenders who offer auto loans to borrowers with open bankruptcy. But the interest rates will be very high if you apply for an automobile loan with open bankruptcy. So its best to wait until you discharge bankruptcy. You can submit the car loan application the very next day of discharging your bankruptcy. However if you are not in urgent need of a car its advisable to wait for two to three months.
You know if your current auto loan rate and payments are excessive now you can find relief. Comparison is the key here. Your local bank or credit union if you are a member are great places to start. Most have a presence on line where you will find them and other reputable lenders willing to refinance your loan at their current lower rates and terms. Compare at least three lenders quotes online to find the lowest APR for refinancing auto loans and the best terms especially for people with bad credit. Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources.
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A non-fixed APR means that the interest rate on the loan from the bank or in some cases the dealership itself would fluctuate at the end of a year. At the beginning of the New Year the bank can either decrease or increase your APR and although they are rare a decreased APR could be obtained under the precedent that your financial institution is working with you to help you repay your loan. This could stem from a financial hardship or simply not having enough money at the time to repay your loan. To counteract bad credit a bad credit auto loan can be applied for. These loaning situations are for those that have a credit score of 600 or lower. When applying for loans if your score is below 600 its very likely that a loan corporation or business will simply pass you over.