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Getting A Used Car Loan After Bankruptcy Can Be A Wise Choice To Rebuilding Your Credit
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A used car loan after bankruptcy can be a real asset to begin rebuilding your credit score. Securing a loan and making the payments on time can work like a charm by allowing you to build a positive credit history and get back on track financially.
If you have recently filed bankruptcy and had to give up your vehicle as part of the discharge, you may not be stuck out on the highway with no wheels. Today there are lenders who work closely with those that have poor credit to obtain a used car loan after bankruptcy.
You can begin by doing a search for subprime lenders in your area to find such a loan. Not all car dealerships offer this service and to prevent even higher interest rates you may want to avoid those that do not work with bankruptcy car loans.
Finding an auto consultant who will work closely with you to get a used car loan could end up being your best ally. Auto consultants are usually more concerned with your situation and getting you the right terms and car, instead of just selling you a car today. Tell them your complete situation so they can be sure to get you a loan that you can afford each month.
Another key to getting a car you can afford each month is to be careful of dealerships that want to put you into a brand new car. Where it is true, there are some salesman who will offer you a loan on a new, never been driven vehicle, this may not be the best choice.
The first reason is that more than likely you will be paying top interest rates and this will cost you more money in the long run. In addition, a car loan on a new car will most likely be stretched out over 5, maybe even 6 years. This scenario will total more interest over a much longer term, which means the car will end up costing you much more money. Plus you will have more depreciation on a new car than you would a used car.
This is a common reason for people finding themselves upside down on their auto loan. Being upside down means that you owe more than the car is worth. If you were to consider selling it or trading it in before the term of the loan is fulfilled, you could be left owed more than you get for the trade or the sale.
Consider a quality used car loan after bankruptcy to help you save money and keep you on a budget you can manage. This could be your best choice to put your finances back on track and begin looking forward to a brighter financial future. Remember, bankruptcy is not the end of your life.
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Source by Mike Reitz
