Discover The Keys To Getting A Car Loan After Bankruptcy

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Posted on April 30, 2007
Filed Under Debt Consolidation, Avoid Bankruptcy, Business Bankruptcy, Chapert 11, Chapter 13, Blog Carnivals |

Many people think that if they have been forced to declare bankruptcy, their lives are basically over from a financial standpoint. This can be the case if you let it, but if you are willing to work at it, this does not need to be the case at all, and you can get get a car loan after bankruptcy if you are willing to put some research time into it.

First you need to consider the reason that you filed for bankruptcy. Yes, the fact that you filed is going to show up as a huge red flag in your credit report, but was there a logical reason? Was it due to medical expenses, serious illness, or something along those lines? You see, you are allowed to make a consumer statement that becomes part of your credit report with the credit bureaus, and you should file this consumer statement with each of the three credit bureaus Equifax, TransUnion, and Experian. In this consumer statement, you will briefly describe the valid reason that you needed to file for bankruptcy. Do not get flowery or wordy, just outline the facts because you are limited to the number of characters this statement can contain.

Now that consumer statement, hopefully combined with a superb payment history for your pre bankruptcy and post bankruptcy debts, are going to shed new light on your application, and chances are good that you can get approved for a car loan after bankruptcy.

While the major lending institutions can be machines and not consider anything except the bare bones data, some of them and especially the secondary lending institutions will take the time to read ALL the facts regarding your credit, including your consumer statement which will outline the valid reason that you filed bankruptcy. This can be a bit of the human touch into the equation and make for a much better outcome for you.

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