Car Loans After Bankruptcy – How Poor Credit Or A Recent Bankruptcy Can Affect Your Loan Approval
If you have poor credit or a recent bankruptcy, you can still get approved for an auto loan through sub prime lenders. Sub prime lenders specialize in financing auto loans to people with adverse credit. And a car loan can help you rebuild your credit history, enabling you to qualify for lower rates on all your loans within two years.
Poor Credit Factor
Traditional financing companies are willing to work with people with less than stellar credit scores. An estimated 80% of individuals have at least one late payment on their credit report. So it is better to request quotes from traditional lenders before crossing them off your list. You may be surprised to find that you do qualify for low rates.
With a recent bankruptcy or foreclosure, you may need to use the services of a sub prime lender. With these types of financers, you can expect to pay a couple of percentage points higher than your average car loan.
Savvy Car Loan Shopper
You can still be a savvy car loan shopper with bad credit by shopping around for the lowest rates. Online...
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