Have you
just gone bankrupt with a dream of buying a new car for your family? Wondering
how to turn your dream into a reality? You need not worry as there are numerous
options available for your dream to come true. Obtaining a car loan just after
a bankruptcy definitely seems to be a job which is full of hassles and stress.
You may also
avoid asking the lenders for loan as you are scared that you will be turned
down! Fortunately, there is excellent news for people wanting to but cars after
bankruptcy. Believe it or not but a report of your bankruptcy stays in records
for more than 10 years and thus you may be wondering how to approach the
lenders for a loan to buy a new or an old car. In order to get the loan
approved you have to be tactical and calculative.
A lender is
ready to lend money provided that a borrower gives assurance that the money
will be returned to him with interest. If you can convince the lender and
assure him of the same, half of your job is done! Here are a few tactics of how
to get a loan even after bankruptcy.
- Search for people who offer loan even after you are bankrupt.
People who
have been in this loan business from a long time usually are diffident of
lending loans to people who are bankrupt because it involves risk. So you can
take help of lenders who are new into this field. Online lenders are also a
great help in this kind of a situation. They lend loans to people with bad
credit as well with an assurance that the money will be paid back.
- Be patient
It is
obvious that people who have been bankrupt will be considered as a risk factor
while lending loans. So the best option is to wait for a few months and then go
ahead. People who lend loans knowing that you are bankrupt will usually charge
a high amount of interest, knowing your weaker side. So wait and watch is the
best option for you at the moment and you will definitely get someone to your
rescue. Meanwhile, try escalating your credit rating.
- Buy a small car
A small car
will require less amount of loan and less maintenance after you buy it. So a
lender will not refuse the limited amount of money to you if you plan to buy a
small car. So go for that at the moment.
- Show lenders that you have a stable job
If lenders
see that you have a stable job where you would be able to maintain the loan
even after bankruptcy, they would gladly lend you loan. So try and grab a good
job and show them that you have a strong financial background. The lender will
definitely offer you loans even after bankruptcy.
- Show lenders that you have a good reference
If you can
show the lender that you have a good reference who would act as your co signer,
getting a loan is definitely not impossible. He can be anyone from the family
or friends. Be sure that he has a good credit rating.
- Make some down payment
You can gain
the lender’s trust by making initial down payment before buying the car and
taking loan. 10 % of the loan is just enough! See you get the loan in a jiffy if you need to
finance a car promptly after emerging from bankruptcy.
Author: Angelina Jennifer
2 comments:
I was just thinking to get car finance for used car. I was some doubts in my mind but after reading this informative article my all doubts are clear.
Choose Car Loans
It is best for you to visit a dealership to get them to assist you to compare the car finance which best suits your means even after bankruptcy. Some dealers have in-store finance schemes which might be suitable for you or other plans with financial institutions that have different approval processes.
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