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Bad credit car loans after bankruptcy

Bad credit car loans after bankruptcy

Banks and
lenders of all kinds have become much more tolerant of less than perfect credit
scores over the past seven years. It took long enough, but the credit crisis
showed them that it isn’t always our fault if we lose control of our finances. Bad credit car loans  are only one of many
results of the credit crisis and one of the more positive ones.

Even though
the economy is in recovery and things are returning to normal, natural
hesitance in applying for credit remains. That’s especially true for anyone
caught up in the recession or whose credit scores were negatively impacted. The
tightening of lending criteria may also have you worried, but there’s no need
to be.

Getting a bad credit car
loan after bankruptcy

Getting a
bad credit car loan after bankruptcy used to be impossible. Lessons learned and
a new financial landscape has made it possible to acquire credit even after a
bankruptcy. Lenders such as CarLoan4You specialize in providing affordable
credit to anyone who needs a car.

There are
four things you need to do to improve your chances of getting credit when your
scores are less than perfect.

Check your credit report – Knowing what your report looks
like and adding explanatory notes to potential issues will not only show you
where you are, but a lender too. Knowing what your record says and adding a
note to explain what happened can go a long way to helping you get a decent
rate on your bad credit car loan.

Plan your car purchase – Planning your car purchase is all
about figuring out how much you can comfortably afford to borrow, at what
interest rate and for how long. It’s also about going through pre-approval and
setting the scene for the bad credit car loan itself.

Find a car and apply for credit – Next it’s time to visit your
nearest Car Nation Canada dealership to see what’s on offer. We will work with
you to find a car perfect for your circumstances and what you need of it. We
can also help with the bad credit car loan application and handle everything
for you.

Maintaining payments and rebuilding credit – Having a plan in place to ensure
prompt payment of any lending is the final aspect of managing a bad credit car loan. Demonstrating that you can and will allocate payment promptly and
regularly will go a long way to being accepted. Servicing the loan in the long
term will also help rebuild your credit score.

Lets get in touch!

Categories: Finance

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