Yes, it's true you really can get car loans after a bankruptcy discharge. This may be more difficult with the bankruptcy reported on your credit report; however, it can be done if you know what to do.
People from all walks of life are filing bankruptcy for a variety of reasons. Maybe it is a divorce, an unexpected illness or a temporary job loss. Whatever the reasons for filing bankruptcy some people find themselves without a vehicle and don't know how to get a car loan after a bankruptcy discharge.
There are subprime lenders who are willing to grant a loan for a new car. Here are some tips on how to locate someone that can help you into a new ride.
There are auto sales consultants who are experts at finding subprime financing. It begins with a simple, local search on the internet. Make a short list of a few that you discover and begin calling them.
Tell the person you speak with a little about your situation and ask if they provide car loans after a bankruptcy discharge. Some dealerships will answer yes and some will tell you they do not.
After you discover a couple dealerships that do offer this special financing, here are a few questions to ask:
*Do they have a department that works mainly with those that have poor credit and bankruptcies?
If they say they have a specific department, this may be a good indicator as to the quality of help you will get during your specified purchase.
*What paperwork do you need to bring with you for them to determine if you can get a car loan?
Some dealerships will pre-qualify you before you begin the process of choosing a car. This can help you determine what type of car and price range you can comfortably afford.
*Do they have an inventory of vehicles from which to choose?
If the dealership has a specific inventory for those who need a subprime loan you have another good sign that special financing is something this dealership takes seriously and works with often.
*Do they have their own auto technicians who work on the premises?
This is yet another factor to help you determine the condition of the vehicles they have to offer. If they have certified technicians on the lot, chances are better that the car will be inspected for mechanical stability and possible safety inspections.
Asking these questions ahead of your visit can help you determine if this dealership is a good match for you as you look for car loans after a bankruptcy discharge.
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