Surviving Bankruptcy And Getting A Good Deal On An Auto Loan
A car loan after a bankruptcy is one of the easiest types of secure loans to get
. Getting a great deal could be easy if you know how to handle your finances. With so many lending options available, you can choose your lender. Start by tidying up your credit report. Then, look for car financing before you start shopping. You would then increase your chances of getting a good rate and a low price for your new car.Check The Options For Yourself
Don't fall for dealership financing targeted for those with poor credit. They often sucker you in and give you a high rate and an expensive car. Take the initiative to look for the best financing options instead of going this route.
You would have a lot of options anyway if you do the searching on your own. Because you will be paying cash, you could get a lower price. They won't suspect you once had filed for bankruptcy some time ago in the past.
Straighten Up Your Credit Report
Make sure your bankruptcy has been completely settled before getting a car loan. You can get a free copy of your report online to check that all qualifying accounts have been closed. Check your credit report to make sure you have an accurate payment history.
Another thing worth investigating would be your credit score, popularly known as the FICO score. 500 to 550 would be the usual range of your score if you had filed for bankruptcy quite recently. A good payment history could get your credit score back up to 650-plus in just about two years, qualifying you for market rates.
Improve Your Chances Of Qualification
Still, it is possible to get low rates despite having filed for bankruptcy. You could also minimize your debts and cash reserves, and go for a down payment of 20 percent or so.
You can get lower rates or reduce them by being particular regarding the loan's terms and conditions. Adjustable rates are usually lower than fixed rates loan. A three year loan will also have lower rates than a five year loan.
Search For The Right Lender
The last way and possibly one of the best ways to save on your loan would be by researching. Analyze the fees and rates on multiple loan quotes. If you're at a loss, go online and visit any one of several auto loan broker sites.
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