After filing bankruptcy many people thinks their lives are put on hold . You think you will not be able to establish any lines of credit . The fear of not being able to get an auto loan. You are able to get an auto loan after bankruptcy it just takes a few extra steps and a bit of time
Getting an auto loan after bankruptcy is one of the best steps in rebuilding your credit. Once you are able to prove that you can pay your loan on time, your credit slowly improves. Some auto finance companies will hesitate to loan money to those who have recently filed for bankruptcy. They do consider it a risk But Subprime lenders , or lenders who specialize in loaning money to those who have credit issues, are often ones to approve loans for those who have filed bankruptcy.
You can expect a higher percentage rate on subprime loans. This is the downside but it is the temporary way to rebuild and re establish your credit lines. Many chose to shop on line for subprime rates. This is discouraged. The best way is to find an auto dealer that specializes in sub prime financing in auto loans. These dealers have relationships built with the lenders to get you back on track with your credit.
If you have a credit score below 500, you may need to take extra steps to secure a subprime loan. You may need to bring in extra paperwork for the finance department to send to the lenders. This may include your proof of income, proof of residence, bankruptcy paperwork and a down payment will be needed.
John Amato Hyundai Superstore in Milwaukee has specialized in establishing and reestablishing credit for its customers. They have been in business for over 50 years. Not only do they have 30 different lenders but also have in house financing available. Call them today 414-357-8500