Bankruptcy car loans can be necessary to get if you've just filed for bankruptcy recently since virtually no regular loan companies will take the risk of lending you finances in your present condition. Here is some important info to help you cut through the clutter and find the best car loan after bankruptcy on the market as soon as possible.
You should keep in mind, when you have to file for bankruptcy; you obviously dramatically affect your credit score which will have an impact on getting online auto loans. Even though filing for bankruptcy provides you with some temporary relief as far as having to pay your bills, it can have an effect on your ability to to get easy auto finance.
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Typically, filing for bankruptcy:
- Ends up staying on your credit report for around 7 years or so.
- Is going to mean that it will be available for review by online auto finance companies for this period of time.
- As long as it stays on your credit report, you are going to be viewed as a high risk customer for best auto loan rates companies, and will have to pay higher interest rates.
This is where bankruptcy car loans come in.
Here is another piece of important info you need: you generally have to wait up to 2 years after filing for bankruptcy in order to obtain a bankruptcy car loan. Most companies, even those that specialize in these high risk loans, won't give somebody fresh out of bankruptcy a car loan after bankruptcy, as they are virtually assured of never received payments.
Generally speaking, most easy and fast car loan companies will allow for you to elaborate on your reasons for filing for bankruptcy. This is very important to them, because if you are capable of showing that there were good reasons for this, you are more likely to get a better interest rate on your bankruptcy car loan.