In the United States, almost every family needs a car, even if they have declared bankruptcy. Once a person has filed for Chapter 7, Chapter 11, or Chapter 13 bankruptcy and has managed to buy some time from his creditors, it$%:s time for this person to start rebuilding his credit.
For people who would like to get a car loan after declaring bankruptcy, there are a number of options they can consider. However, it may take some time for a person to rebuild his credit to the point where he can get post-bankruptcy auto financing. According to the law, bankruptcy stays on the individual$%:s record for 10 years, while any bad credit that he may have accumulated stays on his credit report for 7 years.
It is important to remember that this law does not have to prevent you from buying a car. Maintaining a responsible credit practice is considered the best and the quickest means of securing the credit needed to get a car loan after bankruptcy.
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Responsible credit practices basically means that all of your current bills are paid off on time, while you are paying off as much as possible of your credit cards, refraining from applying for more credit and simply being patient. Living within your means is the key to getting your first auto loan after bankruptcy.
There are many finance companies, both captive as well as non-captive ones, that offer bankrupt individuals the chance to apply for a car loan. Loans for people with bad credit normally have a higher interest rate than for people with a good credit history.
Various auto dealers offer loans for bankrupt individuals. Before accepting a loan from an auto dealer, it would be advisable to shop around a bit to get the best possible deal. Auto dealers obviously offer loans that provide the maximum profit to the dealership, and this is especially true when it comes to providing loans for bankrupt individuals.
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Banks are the most common source of financing for car loans. They, too, tend to charge higher interest rates for people with bad credit history but they can be negotiated with. The payment plans and interest rates can be chosen to suit the bankrupt individual$%:s needs.
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