Special Finance - Green Ford
Get approved for a used car loan after a bankruptcy with Peoria Bloomington Used Cars.
Filing for a bankruptcy (Chapter 7 or Chapter 13) can make it difficult to buy a car at a time you need it most. Let Peoria Bloomington Used Cars help you buy your next car, truck or SUV. Our experience, combined with working relationships with many of the leading lenders is what you need to get financed fast! Complete our easy online loan application and get started today!
Getting a used car loan after a bankruptcy is a great way to help restore your credit rating. In fact, once your bankruptcy has closed or has been discharged you can apply for a car loan the very next day.
Here are a few things to keep in mind if you have filed for bankruptcy.
1) Review Your Credit Report - Before you apply for your car loan, review your credit report and make sure all your accounts are in order. It is not unusual after a bankruptcy to see several open accounts that should have been closed, which will hurt your credit score. Consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, a lender may approve you for a better rate than under normal conditions.
2) Plan your used car purchase - Before purchasing your vehicle; decide what you can comfortably afford in a monthly car loan payment. You should start small and slowly graduate to your dream car. We all have a car we would love to buy. However, that's not realistic immediately following a bankruptcy. You can make it your goal to eventually get that dream car. In the meantime, you're going to have to settle for a more practical vehicle. This will help you decide which financing package will work best for you. Both the loan amount and length of payments will determine your monthly payments, so there is some flexibility in determining which vehicle you can afford to purchase.
3) Explain Your Situation - Car loan applications will ask if you have declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too. So if you've had a car repossessed, know that you may need to reestablish your auto credit with a finance company first.