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What is your income? Obviously the higher your income the better that the dealership or lender will feel about approving your auto loan. Note see also our recent article "How to Get Approved for an Auto Loan with Bad Credit if you have Low Income"; for more information. • What is the ratio of your rent or mortgage payment as compared to your gross income? A scarcely known fact is that automotive lenders and dealers pay close attention to this figure. For example if you make $1500 per month income and your monthly rent or mortgage payment is $500 then your housing cost takes 30% of your monthly income. Anything beyond 40% or so will send a warning to the lender or dealer and they might need to be convinced that you will be able to make your monthly car loan payments on time.
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.
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Every American dreams of the amazing invention called car. The car dream is passed over from one generation to another. Everyone wants to get behind the wheels of a brand new car. Truly buying a new car is the perfect dream. When you set out to own a new automobile auto loans become a necessity. This is because most new cars cost a pretty penny. Also most of us dont have ready cash to incur such an expense. If you are looking for a new auto loan this comprehensive article can solve your problem. Best Time to buy a Car Most experts will suggest that its best to buy a car in the last quarter of the year. But when you need a car you need a car. You cannot wait till the year-end shopping season to buy what you need. The best time to buy a car is when you want it.