Bouncing back after bankruptcy is easier than most people think. The
key to rebuilding credit involves re-establishing a good payment history
with new creditors. To do this, you must apply for new accounts.
Getting approved for new lines of credit following a bankruptcy is
challenging. Fortunately, many lenders offer programs that allow a fresh
beginning after bankruptcy. If you are hoping to boost your credit rating,
consider getting approved for an auto loan.
Benefits of Getting an Auto Loan after Bankruptcy
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If you do not begin establishing a good credit history after
bankruptcy, your credit score will not improve. If filing bankruptcy, it is wise
to educate yourself on ways to quickly boost credit rating. One such
tactic includes financing an automobile.
Most auto loan lenders offer loans to people with bad credit. Cars and
other types of vehicles are collateral-based loans. Hence, if you do
not repay the money, the lender may reclaim their property.
Disadvantage of Getting an Auto Loan after Bankruptcy
Auto loans after bankruptcy are very popular because it's one of the
easiest methods for quickly re-establishing credit. The downside is that
these loans carry a very high interest rate.
Interest rates depend largely on credit scores. Having bad credit may
qualify you for an interest rate around 9 or 10 percent. However, if you
have very bad credit, the interest rate may climb to around 18 percent.
Nonetheless, it is possible to refinance for a better rate once your
credit improves.
Using High Risk Auto Lenders
If getting a new car after bankruptcy, accepting dealership financing
without shopping around is a big no-no. Dealerships want to make a
profit. With this said, many dealerships charge higher interest and finance
fees. Before signing a loan agreement, shop around and explore other
lending options.
High risk or sub prime auto lenders offer a wide selection of loans.
These loans cater to all credit types. Furthermore, the rates are
extremely reasonable. To obtain quotes from sub prime lenders, complete an
online application with an auto loan broker. Most brokers offer instant
quotes and multiple offers from many lenders.
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