4 Tips for Bankruptcy Auto Loans in Everett
July 23, 2016
It is rare that an individual eagerly declares bankruptcy. One reason that filing for Chapter 11 or 13 is the “last resort” for financial problems is that this affects your credit rating for at least 7 years. When you apply for a credit card, attempt to finance a home or car or secure a loan, it is often difficult with a bankruptcy on your record. Many dealerships are leery of offering financing for an expensive vehicle purchase, although you may find a few. To make sure that you are as prepared as possible, follow these tips when seeking bankruptcy auto loans in Everett.
- Obtaining a free copy of your credit report will let you know how a creditor sees your financial portfolio. Correct any mistakes (these are common, unfortunately) as soon as you can to possibly raise your score and get a better interest rate.
- Determine an honest budget for a car payment, insurance, routine maintenance and fuel.
- Supply the largest down payment that you can. This will reduce the term of your loan and/or the monthly payment amount.
- Choose a dealer carefully. Look at those who are likely to offer car financing after default. Recommendations from family and friends can steer you in the right direction.
Be sure to consider Fresh Start Approval for a reliable used car, SUV, mini-van or truck and affordable bankruptcy auto loans in Everett. Contact a member of our team at (888)348-3290 to learn about our current inventory and financing options for your particular situation. You can count on us!