New or Used Car Loan After Bankruptcy
Should you look for a bankruptcy car loan for a used or new car?
This is probably something that you’re conflicted with. Sure, most would rather buy a new car if possible and why not? However, you might want to think this through and not rush into it.
If you have the cash to buy a car, you might be tempted to go that route. However, remember that it is important to re-establish good credit and a car loan is a great way to start by making your payments in a timely manner. However, do weigh all the pros and cons as to whether you should be buying a car for cash or have it financed.
First thing you need to do is figure out how much of a car payment you can afford without difficulty. You want a car payment that you’re comfortable with and not have nightmares about losing your car. Here’s information on getting a auto loan after bankuptcy.
Remember that a new car loses 20-25% of its value the minute you drive it off the lot. Once you do that, it’s now considered a “used” car. On the other hand, buying a similar used car will cost you less.
Some people have the misperception that when you buy a used car, you’re inheriting the previous owner’s problems. That’s not necessarily true. There are a lot of good pre-owned cars for sale out there.
A good idea might be to take out your credit report to make sure your discharge shows on it, even though the prospective car loan lender will do the same. Don’t think that you can’t negotiate with the lender just because a bankruptcy is on your credit report. You can and should do so.
To get your free yearly credit reports instantly from the top 3 credit reporting agencies click here.
In desperate need and can’t wait to get your hands on a set of wheels? Might as well apply for a loan online in the privacy of your home by clicking here: GetYourCarLoanNow.
By the way, might you be interested in buying a car, truck or SUV at an unbelievable discount? If so, click this link for a great list of government seized car auctions.