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March 28, 2008, Newsletter Issue #71: Auto Loans After Bankruptcy
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Tip of the Week
Getting approved for new credit after discharging a bankruptcy can seem like a difficult task, but with so many lenders specializing in providing auto loans after bankruptcy it should actually be a relatively simple task.
The reason why lenders provide auto loans to people with recently discharged bankruptcies is simple; the borrowers are unable to declare bankruptcy again for several years. This means that the auto loan debt cannot be dissolved and must be paid as agreed. Consumers looking for auto loans after bankruptcy can certainly expect to pay higher interest rates and have less attractive loan terms than consumers with no bankruptcy in their history, but this does not mean that consumers with discharged bankruptcies should simply accept any interest rate regardless of how high it is. Even with bad credit, borrowers should shop around for the best interest rate.
There is validity to the idea, however, that perhaps getting an auto loan directly after a discharged bankruptcy is not a good idea to begin with. It is all too easy to head right back down the same path to out-of-control debt. Perhaps the best tip for people seeking auto loans after bankruptcy is to simply save up some cash to buy an unattractive yet functional car until they can afford to get something nicer.
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