Posts tagged ‘new car financing’

Rebuilding Credit

There are circumstances that hit us in the face sometimes and the only solution is bankruptcy. But what happens if your car is ready for the car graveyard and there is now no credit for you to show a lender?

Some Lenders Are Willing to Take the Risk

Well this is where a car finance service provider can step in and help you in your dilemma. If you still have a reasonable amount of money coming in, have a look and see what you have left over to make on a car loan payment. If you have enough extra left over, then you are still able to get that car you so desperately need.

Times Have Changed

Under the old conditions there would be no hope whatsoever of achieving this monumental task, but legally you are still actually eligible to get a loan.
What you must do though is have very valid reasons as to why you have gone bankrupt. Most of the financing programs have a time limit of 6 to 12 consecutive months for you to pay off this loan. They expect that your conditions will be improved by than.

You just need to keep away from the auto credit options because that brings very high interest rates and possibly some charges that are not told about up front.

Draw Backs

Using auto finance is advantageous but does have some draw-backs. It

Car Financing With Bad Credit

Less than perfect credit? A new auto loan might still be available to you in the form of bad credit new car financing. Before you seek any kind of auto loan you need to look at your own financial situation and determine just what sort of payment schedule you can handle.

Your Credit Report

First, take a look at your own credit report. You can get a free credit report each year from each of the three major credit reporting agencies, Experian, TransUnion and Equifax. Analyze every detail of your credit report and carefully review any outstanding reports for mistakes. Be ready to provide documentation in writing to have errors corrected.

Decrease Your Debt

Decreasing your debts and paying your bills on time every month are the fastest way to steadily increase your credit score. Make regular monthly payments on all credit cards but do not close your accounts. Lenders want to see a long history of repayments in addition to a low debt load.


Lenders love to lend money so they make an assortment of options available to borrowers with varying degrees of credit. A signature loan, base solely on your current credit rating is the easiest and fastest way to get a loan. After that, some lenders will offer a second mortgage against your home, or a second lien against your new vehicle, if there is available equity. You might even find a lender willing to provide you with a debt consolidation loan to help you consolidate your existing debt into one manageable payment. This consolidated loan can then be offered to a third party lender, freeing up the new lender to loan you the money you need to buy your new vehicle.

There are an abundance of ways for you to finance that new vehicle purchase regardless of your credit rating. You need to be careful not to assume too much debt, or chose an option which will not help you in the long run, but your lender is ultimately the one who will decide how much you can have and at what rate.

Just do your homework before you sign anything.