You filled for bankruptcy, How do you or can you get a car after you have been discharged from it? Is it even possible at all? Find out

1. How to Get a Low-Interest Car Loan after Bankruptcy
By http:/www.LendingAndCredit.net
Figure 1: Yes You Can Get Your Car Loan Approved Even If You've Been Bankrupt Before
Bankruptcy does not mean a death sentence on your ability to get credit or any
type of loan. Within the first 7 years after you filed for bankruptcy, you cannot go
bankrupt again. This makes you a good risk for financial institutions to lend you
money. Find below 6 steps you can take today to help you get a low-interest rate
car loan after you have filed for bankruptcy.
1. Know what's on your credit report after bankruptcy.
Go to the credit reference agencies and request a copy of your report. You are
entitled for a free report from each of the credit reference bureaus each year. The
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2. three bureaus where you can obtain your free report are Experian, Equifax and
TransUnion.
2. Read your report carefully.
The only negative item on your report should be the bankruptcy. If there are
other negative entries or mistakes, make sure you correct them. How do you do
that? Dispute them in writing to the particular reference bureau. Add any
supporting documentation with to your letter.
The credit reference bureau will investigate the complaint you made. If they
cannot verify that the entry is legitimate, they will remove it from the report
within 60 days. This will improve your credit rating significantly.
3. Establish how much loan you want to borrow for your car.
You may have a rough idea of this figure based on the type of car you want. Also,
establish how much can you pay every month for the loan with interest? And for
how long. After you have decided on these, look online for auto dealerships that
offer these terms for the car you want.
4. Your next step is to use auto loan lender services like E-Loan.
Be completely honest with them when you contact them. Fully disclose your
bankruptcy situation to them. Let them know how you got yourself into
bankruptcy and how you have been able to overcome it. Pick a car with terms you
are totally comfortable with. And that you know that you can fully enjoy for the
loan.
5. It is important to inform the dealership about positive actions you are taking
to rebuild your credit.
6. When you compare the car loan offers available, take the offer with the
lowest interest rate.
That is pretty obvious. Make your payments on time. After 6 months of making
consistent payments, look at the current interest rates. If they are lower, consider
asking your lender or a third party lender for refinancing of the car loan, at the
prevailing, lower interest rate.
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3. If you follow these 6 steps, you should be able to get a low-interest car loan after
bankruptcy. Getting the loan approved is an excellent opportunity for you to
rebuild your credit rating. The best three ways of rebuilding a strong credit score
are:
(1) Make monthly payments of the loan, and other bills, on time,
(2) Always pay more than the minimum payment each month, and
(3) Clear as much of your other debts as you can and refrain from making
frequent credit enquiries. Every time you make a credit enquiry, it reduces your
credit score.
If you do these consistently for 6-12 months, your credit score will improve
significantly.
We now want you to visit our website to find auto loan lenders who would
consider your case no matter your financial situations. Please go to:
http://www.LendingAndCredit.net
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