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Buying a Car After Bankruptcy – What You Need to Know
Author: Jason P Hill
Life is never easy after bankruptcy, but it becomes more manageable once you have set down a financial plan that you follow to the letter. Buying a car, at this point of course, is no easy task, especially if you have a credit record indicating you filed for bankruptcy that could follow you around for up to 10 years.
But this does not mean that you cannot buy a car, it only means that the process you have to follow is a little longer and well…a little stressful. You will need to work at improving credit as well as finding a reliable lender for bankruptcy auto loans. Since most bankers and lenders won’t work with previously bankrupt individuals, you will have to look for lenders who specifically offer loans to people with bad credit. You will have to go through a process before buying that car you so need.
To make it easy, here are some of the steps you need to follow while buying a car after bankruptcy.
Step 1
Get a secured credit card. This will help you re-establish your credit history. And once you’ve made several on-time payments, it becomes easier to obtain other lines of credit.
Step 2
Use a co-signer. This is someone who acts as a guarantee that you will pay for the loan. Look for someone who has a high credit score who is in agreement with the contract you will be signing, because if you default on the auto loan, that person will be responsible for the debt.
Step 3
Be ready to pay a high interest rate. Some auto lenders may approve your application without a co-signer but you will have to pay a higher interest rate. People, who have filed for bankruptcy at any time in their lives, get to pay an interest rate that’s 3-4% higher than the person with a good credit history.
Step 4
Save money for a down payment. Having a down payment can persuade an auto lender to approve your application for a new car loan after bankruptcy, and it might even persuade them to lower the interest rate.
Step 5
Wait 2 years before applying for an auto loan. If you don’t have a co-signer or a down payment, and you don’t want to deal with a high interest rate, wait at least 2 years before buying a new car. Rebuild your credit history during this time and improve your score.
In the meantime, get onto the public transport and enjoy it – there’s something good in everything if you look for it.
Article Source: http://www.articlesbase.com/personal-finance-articles/buying-a-car-after-bankruptcy-what-you-need-to-know-2536223.html
About the Author
Bankruptcy is definitely not the end of the world, however if you’d like to avoid it at all cost then you should definitely check out our latest article on bankruptcy alternatives and discover the best ways to avoid it at all costs.
Why is it possible in america to abuse the judicial system and render a family homeless?
Sam keller here. I am the guy who is being scammed out of his house in the town of windham. Here is an update of our lives and how it is still being ruined.
Mr. Webster was finaly told by the court to post $22000.00 back rent. He did not . Court set eviction for sept.19 2008 9:30 am .
On thurs afternoon Sept.18,2008 Mr. Webster filed for bankruptcy granting him an automatic stay.Mr. Webster i have been told has fied for bankruptcy in the past,less than 5 yrs ago.He did not submit the required credit counseling form or the fee.
I also believe he appealed the case or tried to get an appeal to the state supreme court and was denied .
Our home has gone past the 20 day summons from the foreclosure.
My family and i have applied and are now recieving welfare .
I am going to file for bankruptcy this week to try and protect the home and vehicle.
It will also dismiss the fraudelent $500000.00 lawsuit mr. Webster has filed against me,my wife and a 3rd party.
I have had more people interested in purchasing the property but am still unable to access my own property.
This is outright fraud and I can’t get anyone to look at it.
I am unable to afford an attorney anymore ,so I wait around another year while I watch my home and work of 20 years slowly and continually being washed away by our great justice system ….. thankyou america.
and as I understand it ,he can take it to the surrogate court yet………..
Free rent in NY -Con artists in windham 8/15/2008
Did you know if you are a tenant in NY State you have more rights to the property you are renting than the landowner? You can have the landlord arrested for trespassing,legally deny him access to the property.You can stay your eviction by issuing a check than putting stop payments on it.After receiving your eviction you can appeal to county court for any reason you deem fit.Where it will then sit several more months .You can then sell of the properties and assets of the homeowner without consequences. This is what is happening to us in Windham ,NY . Ronald T. Webster and Barbara Webster of 332 state route 296 in Windham,NY originally home of Appletree B&B/Keller Landscaping are now in debt to me for Well over $20,000.00 rent or 10 months free to date.They have sold our hot tub along with many other personal assets.Not to mention denied access to realtors and prospective buyers causing the loss of a $465000.00 SALE of the home.Greene county Court judge Lalor supports these actions.He granted them a stay while they owed me 7 months rent.Judge Lalor would not even allow us access to the property to get clothes for our children 2,4,and 5.If it wasn’t for the generosity of the commmunities,food pantries and relatives we would have nothing.Not even a home .Since I am supporting these criminals and own a home ,our primary residence,We are inelgible for any kind of legal aide ,public assistance or any other state service.This is a clear violation of my and your constitutional rights .We are paying to support criminals . The system protects criminals.I must ad that Senator SEWARD,legislators and other gov’t officials,state agencies are of no assitance whatsoever leaving it in the hands of our great judicial system.I think it’s great that the state supports criminals so I can watch my work of 20 years go down the tubes because of their bureaucratic nonsense.No matter what you read here this is happening to you to. Our government is stealing all your rights ,and what will you do …………..nothing .I am still owner of this property and I am offering a $500.00 reward for the whereabouts of my personnal property leading to the arrest and conviction of the above named individuals. I will not hold the individuals responsible if you have purchased any of my property. Just please come forward .
Positive vibes to you and yours. I was fired from my job for contacting OHSA about major structural damage in the warehouse I was working in.
So my answer is;
Pay some bikers to run them out.
Hope my answer helps