Get a Car Loan After Bankruptcy
Effective Ways to Prepare for a Car Loan After A Bankruptcy
No matter how much you've loved your vehicle and how well it has served your needs over the years, the time will probably come when you'll need to part ways with it. When you're ready for an upgrade or change, there are some simple steps you can take to help ensure you can get a loan for your next vehicle after a bankruptcy.
Pay off Debt
It's difficult to avoid debt, even after a bankruptcy with homes, children's education and cars. When you want car loans, though, it's important to get rid of obligations such as credit card debt or any post bankruptcy debt. If you can't totally eliminate these debts, do your best to pay down the balances. This will free up cash and will show the finance team at Credit Now and potential lenders that you have enough money to make your monthly payments.
Come With Cash
You may not have enough money in your pocket to pay for a car with cash, but if you can make a down payment, you'll have a much better shot at qualifying for the loan you want. If possible, put a few thousand down. This will reduce your purchase price and monthly payments. It may also offset some of your debts or even poor credit.
Improve Your Score
One of our finance managers will review your credit history and credit score to determine whether you are a good candidate for a car loan. If you have a poor score, you may not qualify, or you may get an unfavorable interest rate. We also have the advantage to offfer In-House financing when traditional lenders will not approve.
Trade it In
Your current car may still have some value left in it. If it does, consider trading it and putting it toward your next purchase. This could augment your down payment.
You should take these steps seriously if you want to qualify for a loan. These tips will increase your buying power and our team at Credit Now will work with you to ensure you get approved for a car loan, lease or In-House financing even after bankruptcy.
