Believe or not there auto loans available for you even if you have been through bankruptcy, it is a little harder and extra negotiation is required, but at the end of the day you can get the loan you need, with the benefit of improving your credit score by paying on time the loan you got approved. However, it is important to do your due diligence, it does not mean that because of bankruptcy you have to pay the highest interest rate.Lenders known as "Sub-Prime Lenders" are willing to finance you with an auto loan the interest rates are higher because you are considered a high risks investment, you are a sub-prime borrower if your credit score is below 620 and, as a matter of fact bankruptcy or foreclosure will put you in this category more probably than not.
Nonetheless, there are benefits associated with these kind of loans, the most important is that you can restart building your credit, and fixing your bad credit report if the payments are made on time. Nonetheless, you have to pay a larger down payment in order to get approved for those lender but, as mentioned before, by researching and comparing you will get several alternatives for making a wise decision.
An interesting strategy is try to get the finance for your car through direct auto loan lenders that approve your car loan regardless of your credit, besides of dealing with a trusted company they usually have a special dealer list, meaning that you can get an auto loan even before of visiting the dealership, plus the benefit of special offers arranged with the dealers listed by the direct auto loan lender.
Last, after a bankruptcy you are not in the best position for negotiating, but working on your credit rating with careful planning helps to get you back to a healthy financial state in a short span of time.
Summing up, by researching and comparing different lenders for your auto loan or auto refinance loan you will be able to determine, the cheaper interest rate offered, plus the one able to fund cash money as soon as reasonable possible and where you get approved regardless of your credit. However, it is advisable going with a trusted and reputable direct auto loan lender, this way you will save time through an online application and money by getting a lower interest rate. Hopefully you will have your new or used car by tomorrow.
Hector Milla runs the Direct Auto Loan Lenders website, where you can see his best rated auto loan direct lender recommendation - included auto refinance loans - and, the Bad Credit Car Loans resources center.
Find Direct Auto Refinance Loan Lenders reviews and Poor Credit Car Loan advise respectively, visit for further information.
Source:http://www.ezinearticles.com/?On-Getting-an-Auto-L%20oan-After-Bankruptcy&%20id=1622352
