It may seem an impossibility, but it is relatively easy to find a lender willing to finance your car even if you have recently declared bankruptcy. Considering that you have declared bankruptcy, most traditional, brick and mortar financial institution will not be too happy to extend you funds to finance a car, except under very special circumstances. More and more customers have come to hold less than stellar credit scores. In light of this, many non-traditional lenders have stepped in to address the burgeoning need for car loan lenders after bankruptcy.
An Online Lender Ocean after Bankruptcy
With little hope of landing a loan with the more traditional banks and credit unions, bankrupt people should cast their nets onto the ocean of car loan lenders available on the internet. There are many folks with bad credit who are in need of transportation financing.
Many private lenders have stepped in to fill the breech. Unlike traditional lenders, these can effect their own qualifications and usually do not require a credit check. They will instead focus on your income and ability to repay. That is, your debt to income ratio is what is important to car loan lenders for bankruptcy clients.
What You Need To Do
Rather than approaching regular lenders, go online and punch bad credit car loan into your favorite browser. You will be rewarded, almost instantly,with a plethora of lenders willing to finance cars for people with bankruptcy or poor credit histories. Some of the websites will even exist just for comparison sake. They will ask you for a few bona fides and once you have entered those you will be rewarded with bids from a variety of lenders.
Shop Til You Drop
Once you have these lists of online lenders, it is incumbent upon you to shop diligently. Do not take the first offer that comes along. Find the best interest rates, repayment terms, and other fees to best suit you and your financial situation and lifestyle. Shopping well can save you hundreds or thousands in fees and interest rates. Never settle for the first offer that comes along. And never work with a lender who says that they are doing you a special favor by even considering a loan for you. They are wrong. You are doing them a favor by giving them your business. Find another lender should you bump into this attitude.
General Requirements and Expectations
A credit score is usually not required, but when you go online to find financing, have your ducks all lined up. Online lenders often require this documentation: Valid Photo ID. Bank Statements. Pay Stubs. Length of employment. Residency. This documentation can usually be faxed or scanned to your prospective lender which will negate you having to drive all over town.
Surprising Bankruptcy Car Loan Lenders
Consumers in America are more and more falling into financial problems. Even when they have those cleared up, the prospects of finding funding for a car are becoming difficult – especially in view of having had a bankruptcy. The thing is, as the population of those with credit problems grow, more and more lenders are stepping in to meet demand. A poor credit or bankruptcy person seeking a car loan will probably find creditors willing to offer some pretty good terms in spite of credit status. Many private lenders are out there willing to finance bankruptcy car loan borrowers.