Bankruptcy is being filed by individuals from all aspects of life for a variety of reasons. It could be a divorce, an unexpected illness, or a transient loss of employment. Regardless of the reason for filing for bankruptcy, some individuals find themselves without a vehicle and unable to obtain a car loan after the discharge.
There are subprime lenders willing to finance a new automobile. Here are some suggestions for locating someone who can assist you in acquiring a new vehicle.
There are automobile sales consultants who specialize in locating subprime financing. It begins with a straightforward local Internet search. Create a list of the few that you find and start calling them.
Explain your situation to the person you're speaking with and ask if they offer auto loans following a bankruptcy discharge. Some dealerships will respond affirmatively, while others will respond negatively.
After locating a few dealerships that offer this special financing, you should ask the following questions.
*Do they have a department that specializes in working with individuals with weak credit and bankruptcies?
If they specify a department, this may be an indication of the caliber of assistance you will receive during your purchase.
What documentation must you present in order for them to determine whether you qualify for a car loan?
Some dealerships will pre-qualify you before you start the car-buying process. This can help you determine the type and price range of the vehicle you can afford.
*Do they have a selection of vehicles to choose from?
If the dealership has a specific inventory for those who require subprime financing, this is another indication that it takes special financing seriously and works with it frequently.
*Do they employ their own auto mechanics on the premises?
This is a further indicator of the condition of the vehicles they offer. If there are certified technicians on the lot, there is a greater chance that the vehicle will be inspected for mechanical stability and, if necessary, safety.
Asking these questions prior to your visit can help you determine if this dealership is a good fit for you as you search for auto loans following a bankruptcy discharge.
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