What do you want of Home Loans After Bankruptcy ?.
If you have recently filed bankruptcy, you may wonder if its potential to get auto financing again. There are more and more loan fellowships all the time that have new programs to help finance people with bad credit. An auto loan is easier to get financing for than a personal loan or an unsecured loan because the lender can use the car as collateral against the loan, in case the borrower ever defaults or doesn't make the loan payments.
Here are some tips to help you when getting financing to buy or refinance a vehicle after a recent bankruptcy.
Home Loans After Bankruptcy
1. Get Financed To Re-establish Your prestige - Getting a new car loan can help you re-establish your prestige when you make your payments on time. Once you have made payments on time for about 6 months or longer, you should be able to refinance your car at a much lower rate. As you make your payments on time, your prestige score will increase.
2. Buy The bottom Priced Car You Can - When financing a car after a recent bankruptcy, you can expect to see interest rates as high as 14-19% or more. It is not wise to buy a car that is more costly than you need because, initially, you will be paying such a high interest rate on the whole you are borrowing on. If you do want a more costly car, wait until you have made payments on time for a year or two, after your prestige rating has increased. Then, you should be able to get an interest rate of around 9-10% or less.
3. Get complicated Offers - There are many lenders online that will offer you up to 4 offers from one application. Most of these loan fellowships will not even pull your prestige with the preliminary application, they will just ask you to recite your credit. This way, your prestige score will not drop from being pulled too often.
To view our list of recommended auto financing fellowships online, visit this
page: Recommended Car Loan
Companies Online For people With Bad Credit.
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