Believe It Or Not – Car Loans And Bankruptcy Can Go Together

Car loans and bankruptcy can go together to create a win/win situation for you. If you have recently been through a bankruptcy and you lost your car in the bankruptcy, it is possible to get a loan even with your bad credit.

The most important thing to remember is that not all dealerships will be able to help those with bad credit. It will be necessary to seek a dealership or an auto consultant that offers special loans for those that have recently been through a bankruptcy.

I know that may sound slightly discouraging, but the positive side to this is that you can find someone who has expertise in special financing. This person will know exactly how to help you and work for you to get you the very best deal possible under your circumstances.

I want to let you in on another secret that many are not aware of. There are auto dealerships that have auto consultants versus car salesman. The name consultant describes very well what they can do for you.

An auto consultant works for you and finding one that will give you the best possible service can be a reality and a bonus. Bankruptcy is an ordeal in itself and to find that you are in need of a vehicle shortly after your bankruptcy is added stress that most people don’t need.

Imagine having a friend walk you through the process and leading you to the best situation to getting the auto loan you so desperately need and want. Imagine receiving guidance rather than being sold something that you don’t really need or will serve you in the future.

Research a few dealerships and auto consultants that offer special financing. Tell them the brief version of your story and ask if they have someone that specializes in sub-prime loans. Speak with that person and determine if they are helpful and eager. Can you hear the person’s passion for helping those who are trying to rebuild their credit score after hard times? If you can feel this compassion and understanding, chances are you have spoken with a consultant who cares about you and getting you a car that suits your situation. Trust you intuition or your “gut” feeling.

I would then take things to the next step and ask what you can do for the consultant before finding the best car loan for you. Ask if there is anything you can do before your first visit to help make the process easier.

Chances are the consultant will ask you to bring in some documents to provide proof of income, residency and insurance. In addition, they may ask you to bring a list of your income to monthly debt ratio. This will allow them to help you find a car that works and that helps you stay within your monthly budget. The consultant knows this gives you the greatest chance to begin rebuilding your credit history.