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Most people think it is impossible to get auto financing options after filing for bankruptcy. But the reality is different. One can easily get a post bankruptcy auto loan and can buy the car of his choice. This article will solve all your queries regarding auto financing after bankruptcy and provide you a better understanding of the subject. What Is The Need For Post Bankruptcy Car Loans? When you have just come out of bankruptcy you have a very bad credit score. It becomes extremely difficult for you to get a car loan. So you need a very specific auto loan option which can help in getting a car and improving your credit score as well. A post bankruptcy car loan can help you in fulfilling both. Can I Get An Auto Loan After Filing Bankruptcy? Although you can get an auto finance after filing bankruptcy it is better to wait till your bankruptcy is over. Once you have a discharged bankruptcy you can expect reduction in interest rates. This is so because lenders associate high risk with bankruptcy.
The down payment can be a smaller token amount like $250 or $500. This will let the dealership or lender know that you mean business and that you are more likely to make your payments in a timely manner as you now both have a stake in the vehicle. Still and all it makes great sense for you to make as large of a down payment as you can afford. Doing so will give the dealership or lender confidence in you and it will give you the ability to negotiate a better interest rate. • Is there someone that you know with a good credit history that would be willing to cosign on your online auto finance application? A cosigner with good credit usually a family member or close friend would immediately put you into a better loan with better terms and a lower interest rate.
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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.