Car Loans For People With Bankruptcy
July 26, 2011
Whether it is a Chapter 7 or Chapter 13 bankruptcy, life can be somewhat tumultuous in the period immediately following the bankruptcy filing. Bankruptcies will stay on a credit report for a number of years, and can make it extremely difficult to obtain a car loan, or any other major purchase requiring financing. Banks and other lending institutions are often reluctant to offer car loans for people with bankruptcy, preferring to offer services only to those with higher FICO scores. Great credit also means that you can have a great loan rate, but having the mark of a bankruptcy on your credit report does not necessarily mean a car loan is unobtainable.
There are a couple different ways to go about obtaining a car loan with bankruptcy. Some will approach the task by getting out a phone book and calling dozens of lenders to find a few that might be willing to offer a car loan with a bankruptcy. This process could be fruitful, but only after visiting many different institutions. Because there is a high rate of rejection, those who choose to undergo this process should have a strong stomach and be prepared to hear the word "no" several times.
For those with little time, or for those who lack the fortitude to visit several different lenders, there is an easier way to find a car loan with a bankruptcy. Carloans.com works with customers of varying credit types, including those who are going through or past a bankruptcy. With our help, the process of obtaining a car loan is easy. You'll enjoy shopping for a new or used car, while our loan advisor handles the details of your loan. In a matter of only days you can be on the road in your new vehicle. Fill out an application now to see how we can help you!