Instant Loan Company

Lots of troubled consumers wonder whether they can get auto loans while in bankruptcy. The answer isn’t simple. In fact, the best answer is, “it depends.” First of all, there are two different types of personal bankruptcy: Chapter 13 and Chapter 7. These aren’t the only kinds of bankruptcy in the law books. There are also chapters 9, 11, and 12, but these are for municipalities, corporations and fishermen/farmers. Chances are pretty good that you and your family will be dealing with Chapter 13 or Chapter 7 if you’re looking for auto loans while in bankruptcy. With Chapter 7, any secured assets (such as a vehicle or house, where the item purchased is considered “collateral” for the loan) is usually repossessed by the creditor. Any other assets, such as bank accounts, property and so on, are sold and the proceeds are used to pay off any creditors holding your unsecured debt. If you’re paying on a car loan, you can ask that it be excluded from the bankruptcy, which means you get to ...

You might think getting a car loan with bad credit is a fool’s errand.* Poor credit can cause some bumps in the road but it may still be possible for people in this situation to get auto financing that won’t break the bank.† Credit history is one of several factors that may affect a lender’s decision on a loan application. Looking at where your credit stands could help you better understand your position when applying. The Federal Trade Commission (FTC) recommends consumers get a copy of their credit report before any major purchase, which can be obtained for free from each of the three national reporting agencies; Equifax, Experian and TransUnion. You may get your credit score from the lender after applying. “Usually, you will get your credit score as part of a credit disclosure notice after you apply for financing,” says the FTC. Getting a car loan with bad credit What might help you qualify? Some points to consider when looking to qualify for a car loan with poor credit ...

How do you make the best of a bad credit* situation when you need to buy a car? Poor credit may pose some challenges but there are many ways to maximize your chances of getting an auto loan that’s right for you. 1. Know what to expect It helps to know upfront that consumers with bad credit typically encounter higher interest rates and so, if approved, face paying more for their money than those with better credit. If buying a car now is a necessity, why not turn yourself into a savvy shopper to enhance your prospects of getting the best deal possible? 2. Check your credit reports to put your best foot forward This is a solid foundation for the car shopping process, and one that’s recommended by the Consumer Financial Protection Bureau (CFPB). Checking your credit reports with the major credit bureaus enables you to see any errors or inaccuracies that might prevent a lender giving you the best rates for your situation. The decision processes used by auto lenders are based...