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Car Loans for People with Bad Credit - Getting an Auto Loan after Bankruptcy
Getting credit after a bankruptcy is not easy. This includes credit for mortgages, vehicle loans, consumer loans, etc. In this circumstance, individuals who have recently filed bankruptcy may opt to pay for everything in cash. While this may appear to be a good solution to credit problems, if you need to purchase a new car, paying for the vehicle in cash may be impossible. In this case, you will need to obtain an auto loan.
Can You Get an Auto Loan after a Bankruptcy
A bankruptcy on your credit report justifies a credit application denial. As a rule, lenders do not want to offer money to bad credit candidates. The probability that you will default on the loan is high. Nonetheless, some creditors are willing to make an exception with auto loans. The vehicle secures the auto loan. If you do not pay back the auto loan, the lender can easily take back your vehicle.
Criteria for Obtaining an Auto Loan after Bankruptcy
If you are interested in receiving an auto loan after bankruptcy, be ready to pay a higher percentage rate. Moreover, lenders have specific qualification criteria's. For example, some lenders require that individuals with a recent bankruptcy have a minimum monthly income. This amount varies lender to lender.
In addition, a lender may require you to have the same residence and employment for at least six months. To obtain a car loan, you must also be at least 18-years-old, or have a co-signer. Additional criteria's include not having a previous repossession within the last year, and the bankruptcy must be discharged.
How to Improve Your Chances of Getting an Auto Loan
Auto loans are great for individuals hoping to rebuild their credit. After a bankruptcy, it is vital to open new accounts. In addition to obtaining a car loan, you may consider getting a secured or unsecured credit card. The interest rate you receive on your auto loan may be a few percentage points higher. However, if you work towards improving your credit rating, you may have the opportunity to refinance the auto loan. Refinancing for a lower rate may decrease your monthly payments.
Here are our Recommended Bad Credit Auto Finance Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
More Useful Resource and Updates on california home loan refinancing refinancing debt
- McCain's mortgage buyout proposal draws fire (McClatchy Newspapers via Yahoo! News)
BETHLEHEM, Pa. ? Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate.
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Re-evaluate your mortgage payments. Call your loan company to inquire about the terms of refinancing, which can cut your monthly bill by hundreds of dollars. Reducing the length of your loan, such as from 30 to 15 years, can also reduce your monthly payments because the interest accumulated over the life of the loan drops substantially.
- IndyMac's Fast-Track Mortgage Modification Program (BusinessWeek Online via Yahoo! News)
When Mark Akers got an offer from his mortgage lender in September to slash his monthly payments down to $2,500, from $4,200, he jumped at the chance. The Norco (Calif.) resident ran into trouble earlier this year after his wife got sick and he lost his job managing a factory that made doors for houses. The 53-year-old Akers could have become another foreclosure statistic if his bank, IndyMac, ...
- TODAY?S MONEY-SAVING TIP: RE-EVALUATING YOUR MORTGAGE CAN SAVE YOU MONEY (The Citizens' Voice)
? FROM STAFF REPORT Re-evaluate your mortgage payments. Call your loan company to inquire about the terms of refinancing which can cut your monthly bill by hundreds of dollars. Reducing the length of your loan, such as from 30 to 15 years, can also reduce your monthly payments because the interest accumulated over the life of the loan drops substantially.
- Bankrate: Mortgage Rates Remain Volatile (PR Newswire via Yahoo! Finance)
Mortgage rates fell this week, with the average 30-year fixed mortgage rate dropping to 6.2 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.
- Lower Mortgage Rates May Be Silver Lining in Turmoil (Update2) (Bloomberg)
Oct. 8 (Bloomberg) -- There are few silver linings for consumers who have seen the Standard & Poor's 500 Index drop more than 30 percent this year. Lower mortgage rates may be one of them.
- Credit's Tight, but Time's Right for Refinancing (WGHP Greensboro)
HIGH POINT, N.C. (WGHP) -- Turmoil in the financial industry and the tightening of credit has made qualifying for a loan more difficult than it was just a couple of months ago. But for those with good credit and plenty of cash, the Federal Reserve's decision Wednesday to cut a key interest rate is good news for people with home equity loans or homeowners interested in refinancing.
- U.S. MBA's Mortgage Applications Index Rose 2.2% Last Week (Bloomberg)
Oct. 8 (Bloomberg) -- Mortgage applications in the U.S. rose last week as lower interest rates lifted purchases from a six-year low. The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan increased 2.2 percent to 465.5 from 455.4 the prior week.
- McCain mortgage plan shifts costs to taxpayers (CNN Money)
Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers.
- McCain pushes mortgage bailout plan (Lexington Herald-Leader)
BETHLEHEM, Pa. . Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate. "We must go to the heart of the problem, and right now that problem is the housing crisis," McCain told a rally in a packed basketball arena at ...
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