Getting a car loan after a bankruptcy

If you’ve been through a bankruptcy, then you know that one of the major concerns for many people is how to re-establish their credit once they’ve done so. The truth is that bankruptcy will impact your credit, and how you are viewed by lenders, for many years after you’ve had your bankruptcy discharged. But even so, you can still qualify for an auto loan if you have had a bankruptcy. This section will give you some tips on what to do to get a loan after you’ve gone through a bankruptcy proceeding.

The first question to ask is “Where do debtors stand as far as being able to get an auto loan once a person has emerged from bankruptcy?” The answer is generally… “yes, they can get a loan.” While auto lenders and other financial institutions pulled back on their lending during the financial crisis that began in 2008, more recently, it appears that lenders and finance companies are being more aggressive in their lending as of late. This includes lending to poor and bad credit customers who are in the “sub prime” market. As a result, virtually all borrowers, including those with poor credit histories, are finding it much easier to get a car loan than it was a couple of years ago or so.

Along with being more aggressive with lending in general, lenders are also relaxing their standards for extending credit to people who are emerging from a bankruptcy situation. So if this is you, your chances are improving daily that you will qualify for an auto loan.

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