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Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval


If you have poor credit or a recent bankruptcy, you can still get approved for an auto loan through sub prime lenders. Sub prime lenders specialize in financing auto loans to people with adverse credit. And a car loan can help you rebuild your credit history, enabling you to qualify for lower rates on all your loans within two years.

Poor Credit Factor

Traditional financing companies are willing to work with people with less than stellar credit scores. An estimated 80% of individuals have at least one late payment on their credit report. So it is better to request quotes from traditional lenders before crossing them off your list. You may be surprised to find that you do qualify for low rates.

With a recent bankruptcy or foreclosure, you may need to use the services of a sub prime lender. With these types of financers, you can expect to pay a couple of percentage points higher than your average car loan.

Savvy Car Loan Shopper

You can still be a savvy car loan shopper with bad credit by shopping around for the lowest rates. Online auto loan lenders are finding that to compete, they have to offer lower rates than neighborhood banks. They are also able to reduce fees by using technology to eliminate overhead costs.

To compare real costs, request quotes from several auto loan lenders. A difference of $8.50 a month can save you $500 on a five year loan.

There are many variables to compare such as rates, term, and fees. While low rates are ideal, you may find a low monthly payment is in your best financial interests.

Quick Application

Once you have done your research, you can quickly apply for your car loan online. By using the online application, most lenders will reduce or eliminate loan fees. Within an hour you can expect a reply.

When you are approved, you will be sent a blank check to sign over to the vehicle seller. The nice thing about an online auto loan lender is that only they know you have poor credit. When you bring in a blank check to a dealership, they just see you as a cash buyer and are ready to deal.

To view our list of recommended auto finance companies online, please visit this page: Recommended Auto Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.


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