it's still possible to get a car loan after bankruptcy if you have the need and the desire, despite what some may think. At the end of the day, there's no real secret to getting a car loan after bankruptcy; however, keep in mind that you may end up getting a higher interest rate than what you'd like, and the overall process will be much more difficult.
From a purely business sense, nationwide major loan lenders typically only concern themselves with cold, hard data, and the biggest factor that will be jumping out at them will be that you declared bankruptcy. It's a giant, waving red flag that shows up on your credit report, and can tarnish the report even a decade after the end of the bankruptcy proceedings. In these instances, consult local banks and credit unions in your own area of residence, where there may be people who know you as more than a statistic.
Often, the people who are working for these banks and unions will look beyond the data. You can indeed get a car loan after filing bankruptcy, as your options are larger in number than you realize; keep in mind, however, that these are still businessmen and can't ignore the fact you declared bankruptcy in the past.
Some factors they will examine are the circumstances behind your filing for bankruptcy; it's possible that there is a plausible, normal reason that is independent of your ability to manage money that caused the need to file for bankruptcy. There are factors out of your hands, like medical expenses you didn't expect, or long term illnesses or disabilities that prevented you from conducting business. Life throws you these curve-balls, and if loan lenders know about this, you can make your chances of getting a car loan after bankruptcy better.
What some people don't know is that you can add a consumer statement to your major credit reports, in which you can declare the circumstances behind your financial troubles to anyone who looks at it. Put a consumer statement on all the credit reports on you, in order to show them why you filed. Be sure it is concise, don't write a novella in the text of your consumer statement, just write the facts.
With this done, as you apply for a new car loan, the lender will view this information and consider in terms of your filing for bankruptcy, having a much better idea of the reasonable circumstances behind your financial troubles, and will be more willing to give you a break. There are a myriad other things you must do to help yourself along in the process, but this initial step is a fantastic tactic for improving your credit and your life.
If you'd like to know more about what you can do about getting a car loan after bankruptcy, search online for more articles and sources of information.
