Article by Charles
An auto loan is obviously the best way for people with bad credit to make a new start and re-create a good credit history. So many factors are responsible for low credit score. But, you have what it takes to bring about change to your present credit situation. The truth is that, to so many people improving credit might be simple or easy. By just paying past bill that is due and also settling collection accounts, that might be all that the situation requires. On the other way round, consider getting an auto mobile loan to improve your credit stand if the bad credit is as a result of bankruptcy.
(1) How to Get Pre-Approved for an Auto Loan
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Article by Mike Reitz
In our business we often have clients ask us, “Can I get a car loan after a bankruptcy?” It seems that we have more and more people asking this same question now days. The answer to that question is yes, you usually can get a car loan after a bankruptcy.
It all depends on your personal circumstances. Every person and their bankruptcy is different and needs to be approached that way.
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Article by Car loan after bankruptcy: Is there anybody that is prepared to lend me the money?
Rob Boykin
Have you recently filed for bankruptcy and now locate your self in need to have of your new car? If so you know the challenges connected with trying to find a lender that’s willing to offer you you credit ratings with reasonable terms for your car loan after bankruptcy. I fully grasp the difficulty of the condition and wish to share some suggestions that should help you be much more profitable as part of your search.1. The 1st issue that you just have to do is attempt to re-establish your credit score by getting a smaller loan or even a credit card and having to pay it off speedily. Every time for you to totally fork out off the balance of the credit rating card or even a smaller loan on time you will be boosting your credit ratings rating.2. Save as significantly cash as you possibly can. The a lot more income that you can bring on the table on your car deal the far more probably you are to have a loan that should have terms which will be acceptable. Practically all lenders won’t loan you anywhere near 100% on the worth of the car you might be getting as part of your credit history circumstance.3. Don’t fall victim on the invest in right here shell out below dealers. Although they will loan dollars to practically anybody, the beating you’ll take on the interest rate and value of the vehicle will never be worth it.4. Monitor your credit score rating. Most lenders have the cutoff for obtaining a great interest rate somewhere among 650 and 700. By minimizing your debt and paying out your bills on time you are able to have your rating back in this range significantly quicker than you consider. Watching the rating serves like a motivator for many folks.Should you follow these four ideas you may put oneself in a significantly much better position to be able to uncover the car loan after bankruptcy that you just really will need.
About the Author
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Article by Jon Arnold
Getting a loan after declaring bankruptcy is not impossible, but it is just more difficult. After all, bankruptcy is a large black mark on a person’s credit report. It is important to understand, though, that there is life after filing bankruptcy and part of that life involves being able to be approved for a loan after bankruptcy.
Before getting a loan after bankruptcy, ask yourself this: is a loan something that you really want to get? After all, your credit will be harder to repair if you take a loan out too soon after bankruptcy has been declared. You will also have to pay a much higher interest rate on this loan than you would have paid if you could have waited until your credit looked better to get the loan. The high interest rates mean that you won’t be able to borrow very much and even then your loan period won’t be very long.
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For a little background, I am 26 and filed chapter 7 about 6 years ago. It has long since been discharged. Ever since then, I have done much better with paying all of my bills and never miss a payment. I have a couple of credit cards, a car loan, and school loans. At this point, my credit score has gone up to about 620 which I know is still not the best but better than it was.
I have been with my credit union for about 5 years now, and I applied for a loan for $3500. I had requested an unsecured 36 month loan. Here is the response from them:
“We are unable to approve the loan on the terms you requested. We will be able to assist you on the terms stated below.
Counter Offer:
Principal Reason(s) for Counter Offer:
-Bankruptcy schedules needed to verify discharged debts
-Tiered rate will apply
-Requires proof of all income
-Will consider with adequate collateral”
So I am wondering what tiered terms are exactly? I don’t really have collateral unless they consider my car.
What options do I really have here?
Thank you!
And btw, I do owe on my car for 2 more years.
Update: We have been emailing back and forth. Basically the tiered rate would be 2% higher than their regular terms. But she says they can’t use my car as collateral because the trade in value is a little less than what I owe. They are asking if I have other collateral. What else could I even use? I don’t own a home, don’t have any savings, and this is my only car.
Thanks for all the answers. They won’t take my car as collateral because the trade in value is about $600 less than what I owe. I asked the loan officer if there are any other options and it sounds like no. I don’t know, this just sucks. Can’t a girl ever get a break?? lol
I am transferring to a university this fall and I’ll be housing on campus. To say the least, I am currently not being offered enough financial aid to cover all of my expenses and I do not have the money to pay out of pocket. My parents are currently in the process of filing credit card bankruptcy and the only other way I can receive aid is if they apply for a Federal PLUS loan. My question is, can they apply for a loan for me? Or are they not allowed to apply for any sort of debt? There court date is next Thursday. If they are granted bankruptcy and do not have to pay back their credit card debt, can they apply for the loan then?
Thanks in advance!
The last time I checked my credit (2 months ago) it showed that I had a credit score of 637. I did file bankruptcy 3 years ago and since then I have 2 credit cards. Even though the balances are at the limit I still have paid on time. I am trying to get a small auto loan- no more than $4,000. I applied at SunTrust and lendingtree and both places DENIED me. I willing to do in-house financing, but do I really have to take that route…again!! I don’t want to put any money down because I dont have it thats why I am trying to go through a bank. I have looked into prosper.com (person to person loans), but bbb.com shows lots of complaints. I don’t even want to buy a vehicle, but my ride keeps dying on me and I am tired of fixing it. What should I do, should I give up? Should I just wait for my tax return coming in March of 09? I don’t want to use ALL of my tax money though, I need it for emergencies during the year. 
Thanks for ALL your answers and also helping me to see that a 637 is not good. But when I pay cash for a car how is this going to improve my credit score?
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over $8,000 in credit card debt. My monthly payments from all my cards combined add up to about $180, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections ($100 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a $100, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over $8,000 in credit card debt. My monthly payments from all my cards combined add up to about $180, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections ($100 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a $100, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!
Got laid off and cannot afford to pay mortgages. I have 1st home refinanced and cashed out $40,000 3 years ago when all was still good. Total balance left is $90,000 First home is only under my name which was rented out.
Then we bought a bigger house 2 yrs ago at the peak of housing and Our 2nd home was under my name and my wife this time which became our primary residence which was also foreclosed recently. Balance owed on 2nd mortgage is $86,000 was not paid during the auction (purchase loan not refinanced). Both 2nd mortage lenders are now asking for payment on the deficit. I have around $26,000 credit card debt also. My questions are;
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