Car Loans After Bankruptcy

In spite of what many people think, it is possible to get a loan for a car after filing for bankruptcy. The process of filing for bankruptcy can be difficult to swallow, but it does not turn you into a bad guy. We would like to be of help to those unfortunate persons who have had to run the gauntlet of a financial breakdown. Our Nevada Bankruptcy Attorneys will assist you in finding the right program to get you a car loan, despite your bankruptcy filing.

A Well-Planned Budget for a Car Loan after a Bankruptcy

Planning in advance is capital. Make a detailed budget that contains your income, your expenses and what monthly installments you can afford to pay. This will give you a clear idea of what the best payment program would be for you, when you start asking for quotes from lenders.

Las Vegas, Nevada has several "debtor-friendly" credit repair lenders, mortgage brokers and automobile dealerships that will work with people that have recently filed for bankruptcy protection. These credit repair lenders may be able to help you get back on your feet. Having a car loan and making on-time, regular payments is another great way to rebuild your credit following a bankruptcy. Your Bankruptcy Attorney can provide you with a list of these credit repair lenders in the Las Vegas, Nevada area.



Contingency Plan for your Car Loan

There is a great difference between what you would like and what you can afford. Be prepared to face reality. Do yourself a favor and opt for a smaller loan or a longer repay period if you notice that your budget will be a little too tight. Remember that you have just gone through a period of mistakes or maybe unforeseen happenings and you do not want to repeat them. As your Bankruptcy Attorney will undoubtedly remind you, the safety net of bankruptcy is not available for you for quite some time after you have first declared bankruptcy

Credit Report

Do not forget to check your credit report. Make sure that all the debts that were to be alleviated through bankruptcy have been initialized . Every citizen is entitled to one free credit report per year. Use your credit report to check out unforeseen errors. If you notice any errors, contact the Credit Bureau and they will give you instructions as to how to correct these errors.

Double the Benefit

After bankruptcy, your credit will need to be repaired fast. So, this car loan you are looking for can be secured with the car itself as collateral. The car will be “pinned” until you finish paying for it, but at least you get the loan. You must establish credit to build credit. Las Vegas, Nevada has several car lenders that work daily with people that have questionable credit or who have recently declared bankruptcy.

Besides, credit improvement after a bankruptcy, a car loan states how you pay and how much the loan is for, but they do not mention collaterals, so it would be just the same as paying back an unsecured loan. The benefit is truly a "Double Benefit" as you will be establishing credit through your car loan and you will have the benefit of the vehicle as a mode of transportation. Once you have made timely payment you will be able to refinance your car loan and obtain a lower interest and a shorter term of the loan.