| In the United States, almost every family | | | | from applying for more credit and simply |
| needs a car, even if they have declared | | | | being patient. Living within your means is |
| bankruptcy. Once a person has filed for | | | | the key to getting your first auto loan after |
| Chapter 7, Chapter 11, or Chapter 13 | | | | bankruptcy. |
| bankruptcy and has managed to buy some time | | | | |
| from his creditors, it?s time for this person | | | | There are many finance companies, both |
| to start rebuilding his credit. | | | | captive as well as non-captive ones, that |
| | | | offer bankrupt individuals the chance to |
| For people who would like to get a car loan | | | | apply for a car loan. Loans for people with |
| after declaring bankruptcy, there are a | | | | bad credit normally have a higher interest |
| number of options they can consider. However, | | | | rate than for people with a good credit |
| it may take some time for a person to rebuild | | | | history. |
| his credit to the point where he can get | | | | |
| post-bankruptcy auto financing. According to | | | | Various auto dealers offer loans for bankrupt |
| the law, bankruptcy stays on the individual?s | | | | individuals. Before accepting a loan from an |
| record for 10 years, while any bad credit | | | | auto dealer, it would be advisable to shop |
| that he may have accumulated stays on his | | | | around a bit to get the best possible deal. |
| credit report for 7 years. | | | | Auto dealers obviously offer loans that |
| | | | provide the maximum profit to the dealership, |
| It is important to remember that this law | | | | and this is especially true when it comes to |
| does not have to prevent you from buying a | | | | providing loans for bankrupt individuals. |
| car. Maintaining a responsible credit | | | | |
| practice is considered the best and the | | | | Banks are the most common source of financing |
| quickest means of securing the credit needed | | | | for car loans. They, too, tend to charge |
| to get a car loan after bankruptcy. | | | | higher interest rates for people with bad |
| | | | credit history but they can be negotiated |
| Responsible credit practices basically means | | | | with. The payment plans and interest rates |
| that all of your current bills are paid off | | | | can be chosen to suit the bankrupt |
| on time, while you are paying off as much as | | | | individual?s needs. |
| possible of your credit cards, refraining | | | | |