Roseville Bankruptcy: Getting Other Loans After Bankruptcy

Sagaria Law has advised Roseville clients on how to get approval for loans after bankruptcy, and we would like to share some of that advise with you.  Firstly, restore your credit.  Budget your income and expenses reasonably and accurately.  This is the first step to financial stability because you will know exactly how much you have to spend.  Next, check your credit report to make sure it contains no inaccuracies.  A “Post Discharge Dispute of Consumer Liability Report” is available from many companies and it can help you to analyze your credit report and determine and correct mistaken entries.

After you have made a budget and corrected your credit report, the next step is picking the right lender for your needs.  Different institutions make loans for different purposes.  If you are in the market for a mortgage loan, it will do little good to call an auto finance company.  If you want an auto loan, you don’t call a company who specializes in student loans.  After you determine which institution is appropriate, find out what their requirements are for the type of loan you need.  Also, find out how they respond to borrowers who have had a bankruptcy filing.  You may be surprised to learn that many lenders have programs specifically designed for post-bankruptcy borrowers.  If they don’t, in all likelihood they will recommend to you a lender who can.  Is your loan for something sensible such as transportation or housing, or is it for something frivolous like a hot rod or a vacation.  Loans that are for sensible purchases are more likely to get approved, and frivolous loans should be avoided since this type of spending using debt can get you back into financial trouble. 

As with home loans, loan brokers can also help.  Loan brokers charge a small fee to help you find lenders, and if you are unable to find a loan on your own, they may be the best option.  Loan brokers tend to work with lenders who they have relationships with and working with a loan broker is a good way to avoid getting scammed.  Since, unfortunately, many schemes target people just out of bankruptcy, you must take care to avoid being lured in.  In addition to working with a loan broker, you can always check out your lender’s reputation with the Better Business Bureau or the Attorney General’s Office.

Again, waiting until your credit is improved is the best way to make sure you get approved for a loan at a reasonable interest rate.  If you need the loan for a house, you can rent.  If you need it for a car, just buy a used one and re-apply next year for a reasonable car loan.  You have options; if you want to learn more about your options, call Sagaria Law in Roseville today.

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