Before I share with you how almost anyone can get used car auto financing after a bankruptcy…I want you to know that bankruptcy isn’t as severe and devastating as it used to be in the past.
You are not branded for life with a big “BK” on your forehead for the rest of your life! It’s important to understand that you can rebuild your credit after a bankruptcy and it is not the end of the world for you. Don’t allow your emotions and ego (that little voice in your head) try to convince you that you are a loser and will never get financed again for a car or anything else.
Let any fear fade away now.
The more you read, the more you’ll forget all about your bankruptcy and not being able to get financed. I am here to share some great news with you! You can get financed for a used vehicle; the key is knowing where to look and what to do and not do! People just like you are getting financed everyday for a car and rebuilding their credit rating.
It is true that the word “bankruptcy” and all its negative connotations can leave a god-awful taste in your mouth and in your heart, but it doesn’t have to stay there! And it is a well-known fact that bankruptcy sticks like glue for years to come, leaving your record attached to you as successfully as that super-glue will hold together your grandmother’s teacup!
Don’t let that discourage you!
Where it is true that your bankruptcy will legally be on your credit score for 10 years, you can begin rebuilding your credit immediately after you have been discharged! Rebuilding your credit will increase the FICA score quicker by responsibly using credit with your used car auto financing.
You are about to discover how to begin rebuilding your credit. In order to increase your FICA score, you will need to use credit to rebuild credit! Kinda crazy, I know!
Here are a few tips to help you get a loan on your car even if your bankruptcy hasn’t been closed!
Always, and I mean always, be up-front with your credit situation after a bankruptcy! Tell the auto dealer before any of the negotiations begin. Heck, they are going to find out anyway and you might as well save everyone, especially yourself the time and embarrassment!
When financing your used auto loan there are three choices. I have listed them in the best to last order.
Bank (not a finance company).
Sub-Prime Finance Company
Often your local bank can offer you the best finance rates.
It is important to know that with Credit Unions, you want to ask them if they report to all 3 credit bureaus to assure that the progress you make with your car payments are recorded to your benefit! This will aid in your FICA score climbing in the upward direction you are looking for!
Did you know that many car dealers use the word “bank” to refer to any of the lenders they use, so use caution as to who will really be financing your used vehicle. Sub-Prime finance companies should only be used as a last-ditch effort in finding your next used car auto financing. These typically carry the highest APR rates. In some cases this may be the only way for you to begin rebuilding your credit. Just be aware of what you are getting into before signing on the dotted line.
But the important thing in getting a loan for your used car is knowing that it can be done after bankruptcy, and sometimes even before it is discharged. Yes, it takes some homework and effort on your part, but your effort and paying on time can reap huge benefits in rebuilding your credit quicker than you ever imagined!
If you would like to bedazzle your friends and family, and lead the way into a little known world that is revolutionizing the car industry, check out this free report that can help you win at the car buying game.
Not only is it possible to get financed after a bankruptcy you can save yourself the one item in life you cannot get back – TIME! In addition to that, save yourself some pretty green ($) in financial savings!
Would you like to have a pleasant, surprising experience getting your next car? Then get your free report now…
Obviously, like everyone else, you would always like to get the best deal and financing on your next vehicle. Especially with no stress and no hassle! Mike Reitz, the Colorado Auto Specialist, invites you to get your FREE report, “The New Era Of A Car Salesman” and discover how to win at the car buying game every time!