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Car Loans After Bankruptcy
Are you a victim of your own credit misfortunes and had to file for bankruptcy to resolve your financial issues? Is the bankruptcy holding you back from getting on with your life mentally and financially? Yes, it is true that the bankruptcy is going to prevent you from getting approved for some types of loans and credit, but not all!
Did you know that it is possible to get approved for an auto loan after bankruptcy? Companies like United Car Loans specialize in helping people with bankruptcy get approved for bad credit auto loans.
How do I get an auto loan after bankruptcy? The process for obtaining auto financing after bankruptcy is slightly different than if you were an individual with good credit looking to apply for a car loan. You are going to need to get approval from the trustee handling your finances before you take on any new debt. In order to get the trustees approval, you are going to need to establish what your expenses are and what kind of costs you are going to incur with the purchase of a new car (i.e. gas, insurance, etc.). You will also need to provide proof of what your current income is. Finally, you are going to have to justify that you really need a car. Needing means that you necessitate an automobile for transportation for work, getting your kids to school, etc.. Based on the information you provide, the trustee will decide if you need a car and if you are financially capable of handling your new debt.
What kind of car can I buy if I have recently experienced bankruptcy? Another job of the trustee handling your finances is to determine how much you are allowed to pay for your bad credit auto loan. Dont expect much. Most likely you are only going to be allowed to spend between $100 - $300/month. This is not a lot of money to spend on a car, but you need to be thankful that you are being given the opportunity to purchase a car after bankruptcy. With such a limit on available funds, you are going to have purchase a used car.
Make a smart car purchase! Since you are buying a used vehicle, it is probably a good idea to buy from a dealership. Dealerships are able to offer warranties to you, protecting you if the car turns out to be a lemon. Although these warranties are limited, usually only lasting about one year, having some coverage is better than no coverage. When you buy a used car from a seller, you are not going to be able to get any sort of coverage or warranty. So, if you are going to use your auto loan for a person-to-person purchase, make sure that you have the car examined by a mechanic before the transaction is finalized.
Tony Benanza is the website marketer for United Car Loans. United Car Loans specializes in providing auto loans after bankruptcy.
More Useful Resource and Updates on us car loan calculator
- Local lenders see jump in car loan defaults (Baltimore Examiner)
Pay the mortgage, buy food, keep the lights on. For Americans hit hardest by the economic crisis and facing an impossible choice of which bills to pay, these come before car payments, ratcheting up rates of defaults on auto loans.
- Dealers prefer easier approvals to cheaper loans (Business Times (Malaysia))
PROTON car dealers say they prefer easier loan approvals rather than cheaper loans to help drive sales. "The cheaper loan should not be at the expense of an easier loan approval.
- Car sector hits the skids as economy struggles (AFP via Yahoo! News)
Car sales plunged by their fastest rate for nearly 30 years in November, data showed Thursday, as the industry became the latest sector hit by the global slowdown.
- Kia of La Quinta Closure Puts New Car Owners in Corner (KESQ Palm Springs)
La Quinta resident Christine O'Kelly loves her brand new Kia Sorento but now wishes she'd gone elsewhere to get it. She bought the vehicle in October at Kia of La Quinta for around $16,000 after a rebate. She owed $8,000 on her old car, which was worth about $4,000.
- Expert: Automakers' bailout would save jobs, not help car loans (KTAR 92.3 Phoenix)
A financial expert says a multi-billion dollar bailout for the big three auotomakers would not help the "average Joe" buy a car, but would trickle down to help taxpayers in other ways.
- Local dealership reacts to auto industry loan plan (WINK TV Southwest Florida)
Car dealerships don't expect to find a check in the mail if the government goes ahead with a loan to the U.S. automakers. Without it, however, they say their businesses, employees, and ultimately their customers would suffer.
- We'll work for $1 a year, say US car bosses (ABC via Yahoo!7 News)
The bosses of America's two biggest car companies are promising to work for just $1 a year if the US Congress gives them access to a $US25 billion ($38.84 billion) loan.
- LI car dealers react to Big 3 bailout (Newsday)
In a region where car dealerships are king, those in the business point to myriad reasons for the ailing domestic industry.
- Will lame ducks decide car industry's fate? (MSNBC)
A defeated and retiring group of Republican senators, one-tenth of the chamber's membership, may be the decisive voting bloc on the proposed automaker bailout loan.
- Car sector hits the skids as economy struggles (AFP via Yahoo! Canada News)
LONDON (AFP) - The car industry has become the latest sector hit by the global slowdown, as figures Thursday showed new vehicle sales plunging at the fastest rate for nearly 30 years.
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