Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Car Loan After Bankruptcy: Qualifying & Saving Money

Written by: R. Lawrence Anderson

If you are planning to apply for a car loan after bankruptcy, there are two key items you need to focus on:

1) Increasing your chances of qualifying for a car loan after bankruptcy

2) Reducing the interest rate on the car loan after bankruptcy

Let's look at each item in more detail:

1) Increasing your chances of qualifying for a car loan after bankruptcy

One way to increase your chances of qualifying for a car loan after bankruptcy is to increase your credit score.

How do you increase your credit score? One way is to update your credit reports. This means removing any inaccurate or obsolete negative information from your credit reports. This will take an investment of time on your part - but if it means the difference between qualifying (or not) for a car loan after bankruptcy it can be worth the effort.

Another way to increase your credit score is to add positive items to your credit report - but few people know about this technique. There's not enough room to go into it here, so I'll save that for another article.

In After Bankruptcy Credit Solutions I go into detail on a number of ways you can increase your credit score. While there isn't enough room to cover all of them here, or any of them in detail, hopefully this gives you an idea of some of the steps you can take.

Another way to increase your chance of qualifying for a car loan after bankruptcy is to increase the amount of your down payment, or look at a lower price car.

For example, let's assume you have $1,600 for a down payment on a car and you're looking at a $16,000 car - that's a 10% down payment. But what if the lender won't approve the loan because the down payment isn't large enough? See what they can do if you consider an $8,000 car. Now your $1,600 represents a 20% down payment. In addition, everyting else being equal, the payment on your car loan after bankruptcy would be lower if you finance it for the same period of time.

Next, let's discuss some ways you can reduce the interest rate on a car loan after bankruptcy...

2) Reduce the interest rate on the car loan after bankruptcy

Here's where increasing your credit score pays off again! Why? if you are able to increase your credit score enough to reduce the interest rate you pay on a car loan after bankruptcy, you could save $100s or even $1,000s of dollars.

For example, let's use a $15,000 car loan after bankruptcy as an example. Let's say you increase your credit score enough so that you receive an interest rate of 11% instead of 14%. Over the life of the loan you will end up saving about $1,067 in interest - that's money that stays in your pocket!

There are other ways to lower the interest rate on a car loan after bankruptcy - increasing your credit score is just one of them. For example, there's another technique you can use to reduce the interest rate you pay on a car loan after bankruptcy - and it can save you up to $100s of dollars (or more). There's not enough room to cover it here, but it's a powerful technique if you don't have time to increase your credit score, and need to finance a car immediately. I go into detail on it in After Bankruptcy Credit Solutions.

Now you know some specific techniques you can use to increase your chances of qualifying for a car loan after bankruptcy, as well as potentially reducing the interest rate you pay in the process!

Copyright (c) 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

About the author:

R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com


Other Related Articles:

Who is your Commercial Loan Broker
What can your commercial loan broker do for you? That all depends on which broker you choose to do business with. As is the case for most things in life, there is a variety of financial institutions to choose from. However, not all...read more

Get a Home-based Business Loan without a Business Plan
The phenomenal emergence of home-based business ownership has been astounding. The Small Business Administration (SBA) projects that by 2007, there will be over 2 million small business firms. Trends indicate that entrepreneurship is quickly...read more

Credit Scores and Loan Applications
Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report It can make a difference of up to 18% in loan repayment costs. For example, on a 30-year, $150,000 fixed rate mortgage, a borrower with the best credit score,...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map