subject: Car Loans with Bankruptcy not expensive if you have poor or bad credit [print this page] Car Loans with Bankruptcy not expensive if you have poor or bad credit
Getting a car loan after bankruptcy is not as difficult as many people think. Especially since so many people have filed for bankruptcy in the last several years, there has been an entire industry of lenders who look for and offer bankruptcy auto loans. The stigma has largely been removed that bankruptcy is a bad thing. In fact, many now consider bankruptcy a very responsible way to address resolving large credit issues. If you have file bankruptcy, don't hesitate to try and get financing for a car. You will find a number of companies willing and ready to work with you.
Another concern at the other end of the financial spectrum is finding car loans for no credit history. This is virtually the opposite of getting a guaranteed car financing. However, do be alarmed, there are also quite a number of lenders and auto dealers who are set up to work with those who don't yet have enough of a credit history to have established a credit score.
One way to work through this issue is to have a credit worthy cosigner. If you want a no cosigner auto loan and you don't have a credit history, you can make a down payment on the car and that will go a long way to lowering your interest rate. If this is hard to do since you may be short on cash, then you should be prepared to pay a higher interest rate.
Car loans without cosigner for those with no credit, or for those with very poor credit, have traditionally been loans with higher interest rates. To help keep your monthly payment within what you can afford to pay, consider buying a less expensive car. The two big variables are the price of the car and the interest rate. If you can't do much about the interest rate, you can shop around for a car at an affordable price.
