Loans Information

Car Loans After Bankruptcy - Tips to Getting Approved


A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.

Review Your Credit Report

Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.

While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.

Plan Your Car Purchase

Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.

Use A Car Loan Lender

Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.

Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.

Explain Your Situation

Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.

Consider Refinancing

Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year's time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.

To view our list of recommended auto loan companies online, visit this page: Recommended Auto Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.


MORE RESOURCES:

PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans
Bloomberg - 4 hours ago
Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ...
FDIC Makes A Deal Forbes
BlackRock, Highfields-backed firm to share gains and losses with FDIC MarketWatch
PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... Associated Content
The Associated Press - PR Newswire (press release)
all 70 news articles


GM, Chrysler, credit unions expand loan programs
Forbes, NY - 5 hours ago
AP , 01.07.09, 03:29 PM EST General Motors and Chrysler say they're both expanding deals that offer low-cost loans and special pricing incentives to credit ...
GM, Chrysler, credit unions expand loan programs The Associated Press
GM, Chrysler, credit unions expand low rate plan nationwide DetNews.com
GM To Expand Credit Union Discounts Nationwide CNNMoney.com
Automotive News - PR Newswire (press release)
all 120 news articles


TopNews

General Motors May Not Require Further US Loans to Survive
Bloomberg - 20 hours ago
7 (Bloomberg) -- General Motors Corp. has enough government loans to cover the worst-case scenario it described last month and says it won’t need more if ...
GM says govt loans cover worst scenario - report Reuters
GM May Not Need Further Loans: Report TheStreet.com
GM may not need extra loans to survive The Age
Detroit Free Press - RTT News
all 106 news articles


Javno.hr

Late loan payments hit record high in 3Q
USA Today - 9 hours ago
BOSTON (AP) — Late payments on consumer loans in last year's third quarter hit the highest level since record-keeping began in 1980, the American Bankers ...
US consumer loan late payments at 28-year high Reuters
HELOC, Car Loan Delinquencies At Record Highs U.S. News & World Report
US Lenders Pay As Idled Borrowers Don't Forbes
Marketplace
all 39 news articles


Wilmington sees 7-fold rise in Q4 loan-loss provision
Reuters - 9 hours ago
N: Quote, Profile, Research) expects fourth-quarter provision for bad loans to increase more than seven fold, as it sets aside more money to meet rising ...
Wilmington Trust Projects Provision Increase WELT ONLINE
all 11 news articles


New conforming loan limits and other sources of borrower confusion
Los Angeles Times, CA - 3 hours ago
Just what the conforming loan limit is on single-family homes and condos in Southern California -- it was raised last year to $729750 in designated ...
Lofgren sees higher jumbo mortgage limits returning Bizjournals.com
all 4 news articles


Seattle Post Intelligencer

Car dealerships slash prices to drive traffic
The Associated Press - 2 hours ago
Auto loan delinquencies reached record levels in the third quarter of 2008 as unemployment continued to climb. Delinquencies for indirect auto loans — those ...
Good deals for car buyers, but getting a loan harder Fox 28
all 69 news articles


Audit says Fifth Third violated possible student loan ban
Bizjournals.com, NC - 3 hours ago
A US Education Department audit shows that Fifth Third Bank has violated a rule prohibiting lenders from making payments to student loan originators. ...
Fifth Third Bank Offered Inducements for Loan Volume, Audit Finds Chronicle of Higher Education (subscription)
all 6 news articles


Report: Petrobras seeking $15B in loans
BusinessWeek - 9 hours ago
... Estado de S. Paulo newspaper, Petrobras Brasileiro SA is asking a series of Brazilian banks for short-term loans of between $1 billion and $3 billion. ...
Petrobras May Seek as Much as $15 Billion in Loans, Estado Says Bloomberg
Brazil’s Stocks Fall on Concern Growth Is Slowing; Ipsa Drops Bloomberg
all 23 news articles


Bank Stocks Tumble As Analysts Warn Of Surging Loan Losses
CNNMoney.com - 4 hours ago
NEW YORK -(Dow Jones)- Shares of regional and large banks were in the red Wednesday as several analysts warned of ballooning loan losses in the fourth ...

loans - Google News

Good Credit Loans | home | site map | School Bus Clothing | Florida Pool Heating
© 2006