An auto loan for people with bad credit is a secured form of borrowing. This means that failing to keep-up with the repayment schedule will lead to the repossession and sale of the vehicle. Subject to affordability and the amount deposited, a car loan after bankruptcy is a genuine possibility. However, it's important to appreciate that the cost of bankruptcy auto finance will be higher due to the greater default risk the lender faces. It is important to appreciate that credit scores aren't static and could well improve within the next 2 to 3 years if other credit agreements are paid on-time.
Repair Credit to Get a Car Loan After Bankruptcy
Although filing for chapter 7 will show on a credit report for the next 10-years, there remains a series of steps that can be taken to improve credit scores after bankruptcy. Every U.S. citizen is legally entitled to a free copy of their credit report so this should be requested from Experian, Equifax and TransUnion so that it can be examined for errors.
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