Car Loan after Bankruptcy
When the going gets tough, the tough gets going. Living in a fast pace environment where cost of living is increasing day by day, it is an undeniable possibility for one to file for bankruptcy. If unfortunately, you happen to be in that situation and need to start over, you might wonder what possibilities or options are available to you. In the Greater Toronto Area, having a vehicle is important to efficiently keep up with society.
Can I get approved for a car loan if I have claimed bankruptcy? Yes you can! While bankruptcy used to mean that you’re financially finished, banks and lender also understand that sometimes it the best solution for certain individuals. When applying for a car loan after filing for bankruptcy, there are a few things you should be aware of: finding the right lenders and also focus on affordability.
A bankruptcy on your credit bureau will automatically put you in a high-risk category. Choosing a lender that is willing to work with you is very important. Lenders that work with high-risk clients often require more down payment but will give you the opportunity to rebuild your credit while putting you behind the wheel again.
With your current situation, it is important to lower your expectations and prioritize your focus when it comes to a car loan structure. Lower your expectations on interest rates, as it will be inevitable for you to receive higher interest. Also, choose a vehicle that is affordable and efficient. Focus on affordability rather than the interest rate. Since the rate is out of your hands, just ensure that the payments are manageable.
For clients that have a bankruptcy in their credit bureau Autorama can guarantee results with the widespread network of banks and lenders that are willing to assist clients no matter the credit. If you have experienced a bankruptcy and need a vehicle, give us a call at 1(866) 979-2947 or fill out an online finance application and we’ll have one of our finance specials walk you through the process. We are confident in putting you on the right path to rebuilding your credit.