Roseville Bankruptcy: Getting a Car Loan After Bankruptcy

Getting approval for financing for a car is generally a fairly simple process after bankruptcy.  Car lenders are aware that the law forbids you from filing Chapter 7 bankruptcy again for eight years.  Most cars are financed for a maximum of six years; so, lenders feel confident that the default risk immediately after bankruptcy is low.  This dynamic means that more than likely you will get many offers to buy a car even immediately after bankruptcy because the lender’s risk is limited by bankruptcy law.
Still, some consumers will have a hard time getting a car financed after bankruptcy.  Their approach is familiar to you if you have read our other suggestions for getting a loan.  First, repair your credit.  This means making a concise, accurate, and reasonable budget which accounts for all your income and expenses.  This is the crucial first step which allows you to know how much disposable income you have.  Next, contact the credit agencies and request a credit report and check it for accuracies.  Another way to correct credit report inaccuracies is to use a “Post Discharge Dispute of Consumer Liability Report,” which is available from several companies. 

After you have repaired your credit and checked your credit report for inaccuracies, the next step is to determine how much you can afford.  Each dealer is different; so, research the various dealerships and find out their requirements.  Be upfront and find out how they respond to post-bankruptcy borrowers.  Many dealers will have programs specifically developed for you, and most who don’t work with post-bankruptcy borrowers will at least give you a recommendation for a company who does.  After you find out how big a loan you will be approved for, you can determine what car you can afford.

Sagaria Law suggests you wait until your credit score has improved before you begin trying to win loan approval.  You can always buy a used car for a year while you rebuild your credit, and then reapply for your car loan.  To find out more, schedule your initial consultation with a Sagaria Law attorney in Roseville.

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