Credit Clinic Auto Financing After Bankruptcy


Getting An Auto Loan After A Bankruptcy Is Hassle-Free At University Chrysler Dodge Jeep RAM-Fiat In Florence, AL



Filing for a bankruptcy can be a real hassle and destroy your credit score, as well. It is important to understand that getting an auto loan for a car is still possible after filling for one. University Chrysler Dodge Jeep RAM-Fiat Florence, we are thrilled to help motorists near Athens, Savannah, TN, Corinth, MS, Cullman and the Shoals Area that are searching for a car after filing for bankruptcy. Visit University Chrysler Dodge Jeep RAM-Fiat Finance Department to get assistance in getting a bad credit loan after a bankruptcy.

If you are interested in applying for a bad credit auto loan after filing for a bankruptcy, there are some things that you can do to make the application process and getting approved for a sub-prime auto loan much easer. These tips include:

  • While a bankruptcy is a hard process, there is a best case scenario where it wipes out your debt and increases your cash flow to the point where you're able to save money for a down payment on a future vehicle. Putting a larger down payment on cars means the chances of getting approved are higher, since the lender is taking less of a risk with your auto loan.
  • Get and look over your credit report. It may not be easy or pretty, but looking over your credit report will provide you with a view of what your lender will be looking over. Therefore, it's a good plan to know what they are going to find. Look for previous auto loans and if those auto loans were included in your bankruptcy.
  • Be prepared to refinance. After making your timely loan payments on time for the first six to 12 months, there's a chance your credit score will have changed. At that time, you might be able to refinance your automotive loan and get a lower rate, which will take over for the rest of your term. Your refinancing can be done through University Chrysler Dodge Jeep RAM-Fiat or one of our lenders.
  • Pay off your auto loan on time. Paying off a bad credit or sub-prime loan in a timely manner will help restore your credit score, as long as your monthly payments are mode on time.
  • Purchase a car that you can afford. That might sound easy, but focusing on the basics is very important. Find a vehicle that's relatively small, reliable and isn't packed with all of the latest technology. You might not be getting into your dream vehicle, but you will have a reliable mode of transportation and will be able to afford the monthly payments without putting down a huge down payment.

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