If you have recently been in a dreadful situation where you had no choice but to file for bankruptcy in order to keep your head above water, you must have gone through some mixed emotions. On one hand you no longer had the stress of all that debt on your hands, but on the other hand you’re worried because you have tarnished your credit and you won’t be able to get something as simple as auto financing for up to 10 years!
Yes it can sometimes be extremely difficult to get the thing you may need or want after filing for bankruptcy, however there are still a lot of options for individuals such as yourselves to find car financing for bad credit. Let’s take a look at 3 simple steps you should take when seeking auto financing after bankruptcy.
1. Lenders That Report Payments:
When you have recently gone through a bankruptcy, one of the first things you should start with is finding ways you can slowly rebuild your poor credit. There are a lot of options out there for people who are looking for car financing for bad credit. When looking for a viable option for auto financing it is important to find a lender that reports your payments to the credit bureau. Not only does this give you a car that you are paying off on a monthly basis, but also you are slowly rebuilding your credit at the same time.
2. Finding The Best Deal:
Just because you have recently filed for bankruptcy doesn’t mean you have little to no choices. Now more than ever there are plenty of lenders that specialize in car financing for bad credit, so shop around! Find the place that fits your needs, and don’t settle for ridiculously long terms with super high interest rates that you can’t afford.
3. Be Realistic:
If it is your first time experiencing bad credit and you are looking for auto financing, don’t be alarmed. One thing you have to get use to at first is paying higher interest than that of someone with perfect credit. Be realistic and know that you are seeking car financing for bad credit. The primary reason you are paying a higher interest is due to the fact that you are perceived as a higher risk to lenders as a result of your bankruptcy status. Just remember to make payments on time and some lenders have to the option of refinancing your car with a much lower interest rate after 12 months.
If you are going through a bankruptcy, or just don’t have the best credit out there, just remember that there are endless amount of options for people just like you that are seeking auto financing! Finding car financing for bad credit is easier than you think and is usually just a phone call or online applications away.