Can i still get a bad credit car loan if i am in the process of going bankrupt
Can I still get a bad credit car loan if I am in the process of going bankrupt?
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Let’s start by saying that everyone goes through tough times and everyone is entitled to a break. Even if you are in the midst of bankruptcy, you most likely still need to get from A to B. So, how is this possible? The best thing to do is to communicate with your bankruptcy trustee. The trustee is the official from the court who deals with bankruptcies on a daily basis. They know your best options in terms of what kind of car and budget you are allowed to pursue.
If you are worried about financing, don’t think that there is no hope. Some lenders see this situation all the time and have experience in dealing with bankrupt customers. Try and find someone who has experience in a situation similar to yours and try and find what sort of financing you are eligible for. Often times if it is a moderate amount of money that you are seeking, you may be pleasantly surprised.
One thing to keep in mind too is if you have any additional collateral. For example, you may have a home or property that you have that is equity that you may be able to use in getting your car loan. If you own a property or home, the lender may be able to place a supplemental lien on your home to help you get into your vehicle.
If you are in a situation where you are renting an apartment or home and don’t have the equity in a house or property, don’t despair either. There are some lenders that will understand your situation and offer financing for you. This may be at a higher interest rate as your status is not seen as favourable with banks but there are definitely options for people from all walks of life and all situations.
One big thing about rebuilding your credit and your life is to have support in your journey back up that hill. There are always lenders and dealers that understand your plight and want to help you get out of your current rut. In getting a vehicle where you can make affordable payments, your credit rating has a great chance of going up and gives you the chance to get back on your feet again. At first your interest rates may be a bit higher but that is due to and coincides with your credit score. As your rating starts to get better, you often qualify for lower rates and the trend continues.
Bottom line is, do not despair. Many great people have been in situations of unfavourable credit and bankruptcy and it is not a life sentence.
Thank you for reading this article it is brought to you by Manor Contours Ltd Toronto, we are your credit experts when it comes to luxury and exotic cars. Let us approve your car loan regardless of your credit history, visit us online at http://www.manorcontours.ca