After bankruptcy, it is really hard to get a loan. Without getting any loan, you cannot improve your credit status. People who are living in this situation these loans are just perfect for you.Auto loans after bankruptcy can improve you credit score once you repay these loans in time. The loan amount depends on the price of the car. If the borrower wants to buy a new car, the loan amount will be more than the borrower who want to buy the used car. These loans have high rate of interest than the other loans available in the market. Loan term of these loans depend on the loan amount and the repaying ability of the borrowers.
These loans are secured in nature. These loans are secured with the same car, the borrower wants to buy. The borrower uses the car but all the documents remain with the lender until the loan is repaid fully. Once the loan is repaid the documents are given to the borrowers. But if the borrower cannot repay the loan timely, the lender takes away the car. The lender sell the car to recover the loan amount given to the borrower with other charges involved in it.
Auto loans after bankruptcy are available to those who fulfil certain conditions. You must be an adult. Your address should be same for past 6 months. You must be employed in a full time job for 6 months. If the borrower is not an adult, then a co-signer will be needed. The borrower must be discharged from bankruptcy. The car will be repossessed fully by the borrower only after the lender gets the full loan repaid.
Auto loans after bankruptcy are available online and offline. But online lenders are fast in approving the loans and you can avail the loans sitting in front of your computer.
Frank Dervin completed his Masters in Finance from
Source: http://www.goarticles.com/cgi-bin/showa.cgi?C=1083929
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