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Auto Loans After Bankruptcy

posted August 30, 2009 - 2:17am
Auto Loans After Bankruptcy

If you've filed for Chapter 7 or Chapter 13 bankruptcy, chances are you're convinced you will never be able to get an auto loan after bankruptcy. The truth is, however, that getting a car loan after bankruptcy is very much possible.

Unsurprisingly, it can be quite hard to know how to get auto loans with bad credit. Most of the time, banks and lenders are very much unwilling to lend to people who they see as a bad risk. If you've filed for bankruptcy and your credit is poor (under 600 or so), you're going to have a pretty tough time finding a good auto loan after bankruptcy.

It is possible, though. Generally, the key is just to take the time -- however long it may be -- to shop around, looking for the best rate. You need to be careful though -- there are a lot of dishonest lenders out there wanting to take advantage of you through predatory lending. You should always make sure you understand in full the loan terms you are agreeing to, and you should also verify that they are a reputable lender. You can get auto loans after bankruptcy, it just takes some time.



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