Steps To Take to Find an Automobile Loan After Bankruptcy

Posted on January 5, 2011

1. Check your credit

You should pull your credit and check to make sure that it shows that your accounts have been settled. You can pull a free credit report for each of the three credit agencies once a year online.
If you wait two years after completing your bankruptcy, your credit score could be in the 650 range!

2. Plan ahead to boost your qualification for the loan

If you have a large down payment of about 20% and have a reserve of cash in your personal accounts your loan amount will decrease and you will also have a better chance at getting approved.

3. Decide what type of financing you would like to obtain

Think about the number of years you want to pay.
Think about the amount you want to pay each month.
Look at the differences between adjustable rates and preset loan rates.

4. Hunt for the right loan company

If you search ahead of time and get your loan before walking into a car dealership, it’s like having cash in hand. Not only will this give you more bargaining power over price but it also keeps them out of the loop that you have filed for bankruptcy before.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact MATTHEW T. DESROCHERS, ESQ. at
(857) 244-1940 or fill out the form on the right.

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