Can I Get a Car Loan After Bankruptcy?

Learn How to Bounce Back from Bankruptcy & Get Approved for a Car Loan

You think it would be impossible but getting approved for an auto loan after going through bankruptcy is even more possible than you think.  Financial hardships come and go, but it's learning how to rebound and rebuild your credit after going bankrupt that proves your worth to lenders.  Here at Autoloan Credit Express, we're happy to share that we know many lenders who are willing to work with customers facing bankruptcy near Fall River, MA.

Increase Your Chances of Getting Approved for a Loan

Though you may face higher-than-normal interest rates, it's very possible to rebuild your credit score and increase your chances of getting approved for a loan after bankruptcy.  It requires persistent effort and a laser focus on rebuilding your financial portfolio by making timely payments, diversifying your credit, and saving for a down payment.

If you're having trouble getting approved for an auto loan because of bankruptcy, the experts at Autoloan Credit Express are here to help you.  Whether you've filed for Chapter 7 or Chapter 13 bankruptcy, we can help you rebuild your credit score and get you approved for an auto loan by taking the following steps.

Get Approved for a Loan Post-Bankruptcy

  • Check Your Credit Score - Reviewing your financial history annually is a great way to keep a watchful eye on your credit score.  Before making a big purchase - or applying for an auto loan - check your credit score online and dispute anything that seems out of the ordinary.  Like Experian and Credit Karma, most lending institutions let you check your score free once a year.
  • Take Steps to Rebuild Your Credit - If you're not ready to invest in something as big as a new vehicle, we recommend taking some time to rebuild your credit properly.  The process can be long and daunting, but the stronger your credit score, the better your chances of securing an affordable auto loan with low-interest rates.
  • Start Saving for a Down Payment - Money upfront is always better than money in the future.  By starting to save for a down payment now, you'll have enough capital to persuade lenders to approve you for a low-interest financing rate, even with a history of bankruptcy on your record.
  • Diversify Your Shopping - Shopping around in search of the best offer is one of the best ways to weigh your options with all of the lenders that are willing to work with you.  Consider your local options here in Fall River, MA, to help diversify your portfolio based on what individual institutions will charge you for interest.

Things to Consider After Going Bankrupt

It's not surprising that bankruptcy negatively impacts your credit score, but there are things to consider that can help you strengthen your financial standing after going bankrupt.  These include finding the right lender and understanding high-interest rates.  Some lenders might turn their backs to you, but it's helpful to know that there are plenty of friendly institutions that are willing to work with you after going bankrupt.

Take your time and shop around for the best lending institution that's willing to help you escape the clutches of bankruptcy.  Expect to get hit with high-interest rates, but it's important that you understand why you're being charged for them.  You'll still be able to get approved and lease the car of your dreams, but you'll have to come to terms with paying for it until you rebuild and fortify your credit score after going bankrupt.

Contact Us to Learn More

For more information about getting approved for a car loan after going bankrupt, please call or contact us online at Autoloan Credit Express to speak with an associate today!  We look forward to meeting you!

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  1. Autoloan Credit Express

    428 Pleasant Street
    Fall River, MA 02721

    • Sales: (508) 673-7646
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  • Contact our Sales Department at: (508) 673-7646
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