Advice About Car Financing After Bankruptcy

Getting a car loan after bankruptcy does not have to be an overly difficult process. Contrary to popular belief, there are actually many financing options for people who do not have good credit. Although these options may take a little more research, and cost more than a standard loan, they can still be a worthwhile option for those in desperate need of a car after bankruptcy. Below are a few of the steps that you should take to get the best car loan after bankruptcy:

One ? Take Care Of Mistakes On Your Credit History
Just because a certain item shows up on your credit history does not mean that it is true. The credit monitoring agencies are well known for making mistakes on records based on a misspelled name or a typo with the Social Security number of a borrower. Go over your credit history with a fine toothed comb and make sure to immediately contest any discrepancies that you may see.

It may take a while to get these mistakes fixed on your credit record. However, the waiting period is certainly worth it. You can save tens of thousands of dollars over the life of a car loan by simply fixing the mistakes in your credit history.

Two ? Expand Your Financing Options
Because of the resources available to you via the Internet, you no longer have to get car financing after bankruptcy from a local company. You now have financial companies competing for your business from across the world, and you should take full advantage of this new power.

Note the differences in currency if you do decide to do business with a financing company overseas. There are also some international laws that may apply to your situation depending on the country that you choose to obtain financing from. In most cases, it is not necessary to go outside of the United States in order to find a good financing option.

Three ? Learn The Different Types Of Financing Options Available
When you are trying to get car loans after bankruptcy, you have a number of different loan formats that you can try. The first major distinction between loan formats is the secured loan versus the unsecured loan.

Most borrowers prefer to have an unsecured loan for car financing after bankruptcy. However, secured loans usually bring lower interest rates and more flexible terms. The only difference between a secured loan and unsecured loan is that physical property of the borrower is used to securitize the amount borrowed in a secured loan. An unsecured loan is more like a credit card.

There are also many short-term loan companies that specialize in car loans after bankruptcy. These companies usually have terms that are very flexible in exchange for a slightly higher interest rate and a shorter term. In order to determine which one of these types of companies is best for you, you must take personal stock of your financial situation.

Four ? Use Online Comparison Websites
In your research for car financing after bankruptcy, you should come across websites whose sole purpose is to compare car financing companies side by side. This will shorten the amount of time you have to spend online. Many of these companies will also offer better deals from these websites than they will on their own websites, as they know that a great deal of traffic comes through the online comparison websites.

Below are a few reputable companies that are well known for offering good car loans after bankruptcy.

HSBC ? A lender specializing in helping those with less than perfect credit, HSBC has some of the best terms available for people looking for a new car.

Bank of America ? The recession did not make all large banks close their doors. Bank of America is a great friend to those with bad credit.

Westamerica Branch ? If you can get a loan from Westamerica Branch, you will have some of the best rates on the market when it comes to purchasing a car.

Source: http://smarterfinancetoday.com/car-loans-after-bankruptcy

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