Finding Auto Loans After Bankruptcy

Finding auto loans after bankruptcy does not have to be a very difficult process, but there are some things you'll need to accept up front. For instance, your interest rates will be very high, most lenders will not accept your application immediately after discharging your debts, and you'll need to do a bit more work than most applicants. On the positive side, however, you can work this entire experience in as a part of your efforts to improve your credit score to make things easier for yourself in the future.

Immediately after your debts have been discharged you will have an extremely difficult time finding much of anything so you'll want to wait between 6 months to a year before looking for auto loans after bankruptcy.

About a month after you've had your debts discharged get a copy of your credit report and look it over for any mistakes, making sure that everything which should have been discharged is marked appropriately, and not open or overdue. All of those balances should be marked as zero. If you have discharges on your report and it looks like you still owe some people money on top of that lenders will not work with you, so this is very important.

After you've gotten this taken care of you'll want to look more at your options. You can start rebuilding some credit with a secured credit card from your bank, and above all else, make all of your payments on time every month. A consistent payment history, over time, will greatly lift up your score.

Once it is time to go ahead and find auto loans after bankruptcy make sure to read over the terms carefully, keeping your eyes open for hidden fees, and compare your options carefully, looking at about five different companies so you get a good idea of ​​what is available.



Source by Jennifer Quilter

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