A bankruptcy auto loan is both good and bad: good in that it gives the recipient of the loan a chance to begin restoring their credit score and to purchase a car, and bad because the interest rates and penalties are extremely high. These high risk auto loans aren’t easy to find, but if getting a car loan is a necessity, there are always a few companies willing to extend high risk auto loans if you’re willing to pay loads of interest in return. If you need to go about finding a bankruptcy auto loan or other sort of high risk loan, you might consider these sources.
Many bankruptcy auto loan companies operate only in certain states, which makes it difficult to speak of specific companies at a national level. You should be able to find a lender to suit your needs by looking for local credit unions. Try searching for places that give guaranteed auto loans or no credit check auto loans, not just bankruptcy loans. Broadening your search requirements will help turn up more results for you to choose from.
The advantage that local lenders have over online lenders is that they are there to serve the community and will be able to meet with you in person. Giving a good impression of yourself and explaining your circumstances in person may help you to get special considerations with your loan. You can also trust local lenders to not freely distribute your contact information, as some online lenders might.
Premier Auto Financing is an online company which claims to approve between 85 and 95 percent of the claims which other lenders would usually deny, since they offer bad credit and bankruptcy loans with quick approval. Although this company has not been officially accredited by the Better Business Bureau, it carries a BBB grade of B-, which suggests that it is at least a legitimate company. Only 2 complaints have been filed with Premier Auto Financing between 2006 and 2009, both of which were resolved. So, Premier Auto Financing is at least a reasonably reputable online source for a loan, and it certainly can’t hurt you to apply.
As could be guessed from its name, Bankruptcy Auto Financing focuses specifically on auto loans for those who have filed bankruptcy. In order to qualify from a loan from Bankruptcy Auto Financing, you must have only one bankruptcy which is open or discharged and make a minimum of $18,000 per year. Bankruptcy Auto Financing is not recognized by the BBB, so use caution when providing your information.
There are a lot of other online companies where you’re sure to be able to find a loan, even if you don’t like the terms. Local lenders may give you an in-person advantage, but with the vast Internet at your disposal, finding bankruptcy car loans has never been easier. Just make sure to use caution and check legitimate customer reviews before submitting your personal details.