Had a Bankruptcy? Here’s How to Still Get an Auto Loan

Bankruptcy is a terrible thing to have to go through and one of the biggest challenges once everything is done is figuring out what to do next.  If you’ve declared bankruptcy and still in a need of a car, an important fact is that despite what just happened, you can still buy a car.  The added burden you’re taking on is more of a mental stigma, something that will make you believe that you should take the first deal that jumps out at you, that since you’ve got this black mark on your credit report that you are untouchable by dealerships and loans.  This is not the right mindset.

Know that you’re not alone in bankruptcy.  According the American Bankruptcy Institute, since the start of the recession at the end of 2007, more than 7 million people, both single individuals and couples, have filed for bankruptcy.  You’re not going to be the first person with a bankruptcy mark looking for an auto loan to get a car.

When you apply for an auto loan, the lenders will be looking at your track record as much as your bankruptcy.  They’ll see how your payment history was on things such as previous car payments and mortgage payments.  They’ll check to see if you’ve gotten back on track after missing payments.  This can lead to different reactions from different lenders, but as long as you’re willing to persevere, you should be able to find an auto loan for the vehicle you need.

Dealing with a bankruptcy is difficult, but getting a car is still possible.  If you need help navigating the process, be sure to contact us at Bayside Chrysler Jeep Dodge. If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

Getting an Auto Loan After Bankruptcy

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Bankruptcy is a terrible thing to have to go through and one of the biggest challenges once everything is done is figuring out what to do next.  If you’ve declared bankruptcy and still in a need of a car, an important fact is that despite what just happened, you can still buy a car.  The added burden you’re taking on is more of a mental stigma, something that will make you believe that you should take the first deal that jumps out at you, that since you’ve got this black mark on your credit report that you are untouchable by dealerships and loans.  This is not the right mindset.

Know that you’re not alone in bankruptcy.  According the American Bankruptcy Institute, since the start of the recession at the end of 2007, more than 7 million people, both single individuals and couples, have filed for bankruptcy.  You’re not going to be the first person with a bankruptcy mark looking for an auto loan to get a car.

When you apply for an auto loan, the lenders will be looking at your track record as much as your bankruptcy.  They’ll see how your payment history was on things such as previous car payments and mortgage payments.  They’ll check to see if you’ve gotten back on track after missing payments.  This can lead to different reactions from different lenders, but as long as you’re willing to persevere, you should be able to find an auto loan for the vehicle you need.

Dealing with a bankruptcy is difficult, but getting a car is still possible.  If you need help navigating the process, be sure to contact us at Bayside Chrysler Jeep Dodge. If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

How an Auto Loan Can Help After a Bankruptcy

ID-100142021Bankruptcy is an ugly thing.  Just the word alone makes people shutter.  Even in this economy, as that word gets flung around left and right, people still have a lot of misunderstandings concerning it.  One of those places where people have confusion about it is when it comes to acquiring an auto loan even after having a bankruptcy occur.

Auto Credit Express shows how bankruptcy can affect an application for an auto loan. When the two common types of bankruptcy, a Chapter 7 or a Chapter 13, are completed, it ends with either a discharge or dismissed.

Having the bankruptcy dismissed is what leads to problems.  This is common during a Chapter 13.  Dismissal means that the court-ordered payment schedule wasn’t met.  You missed a payment and this will lead to a lender or any kind of loan, auto-loan included, being denied.

On the other hand, a discharge on the bankruptcy means that it was completed successfully.  This is what allows a person to properly start reestablishing credit afterwards.

Now that you’ve entered the healing portion of the process, a good question is what to do afterwards.  The most obvious answer is to start mending your credit.  A great way of doing is by looking for different types of credit, such as an auto loan.  This is a form of installment credit that can go a long way in aiding you get back on the right track.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net