Filing bankruptcy can be a tough time in a person's life but even so, the needs for transportation still exists and even folks who have filed Chapter 7 or Chapter 11 need a set of wheels. Transportation to and from work, making sure your kids get to school, and of course weekly trips to the grocery store make having a car a necessity for just about every person in the US.
Many people assume that because of their bankruptcy, their hopes of establishing any kind of credit are pretty much over and done with for a long period of time. For the most part, unfortunately, they are correct. The fact is, a bankruptcy will show on your credit for 10 years and in some cases even longer. The best thing one can do is begin the long journey to establishing positive credit once again. One way in which to do this is through securing a bankruptcy car loan.
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Now, while most companies don't refer to a product specifically as a "bankruptcy car loan", many lending institutions do offer products designed for those with less than perfect credit or who have had a bankruptcy in their past. These loans are usually offered with a much higher percentage rate than regular loans for people with more favorable credit. This higher rate, while resulting in a more expensive monthly payment, can certainly be worth it in the long run. The best way to help lessen the negative of a bankruptcy is by establishing some form of credit as soon as possible and do your best to remain in good standing with the lender. This can help you by showing future creditors that your intent is to be in good standing credit wise.
The best way to shop for such a loan is to simply be upfront. Hiding your bankruptcy will not help your process as the lender will have to check your credit at some point during the transaction and the bankruptcy will certainly show. There is no sense in wasting either your or the lender's time if they are trying to get you approved for a low interest rate loan when in fact you will never qualify. Many lenders will not even offer a loan to someone who has had a bankruptcy so being upfront will definitely make getting a car loan a much easier process.
There are many lenders and brokers online who can help you. The process of filling out an application is quick and easy and you can often get an approval within minutes and have a check in your hand and be at the dealership picking up your car within a day or two.
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