Auto Loans After Chapter 13 Bankruptcy
59Credit After Bankruptcy
So many people have gone through bankruptcy and it's a shame that people like you and me have to go through those types of things. After going through a CH 13 BK, it can seem like it's nearly impossible to get your credit re-established.
This is because so many lenders say that they want to see some kind of credit already re-established before they are willing to take on the risk.
That's really troubling because somone has to offer credit to us in the first place before we can get our ratings repaired!
So what do you do in this type of situation?
You've declared Chapter 13, been through it, made your payments and are done. Now you need a car loan, right?
Well, it's going to be really tough going to prime lenders for a loan. You probably already know that. You'll have to stick with lenders that will work with people in this particular situation.
Did you acquire any debt while your BK was still active?
If you did incur debt during that time, then you probably already have something that is showing on your credit report that will help you out.
If not, you're starting from ground zero.
Fortunately, for buying cars with bad credit, there are decent sources online that will help folks out that are in this predicament. Those types of companies work by hooking you up with a loan co. that will approve you, based on the individual circumstances that you're in.
They typically look for you to have a reasonable amount of monthly income, have decent time on the job and those basic types of things.
Look for your interest rate to be a little high when first starting over, although you're probably already prepared for that.
One note: Prepaid credit cards can make a difference in getting that first line of credit opened up and showing as a positive on your credit report. So keep that in mind. Those are available online just about everywhere.
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