Anyone who has ever had a bankruptcy knows getting approval for car finance with bad credit can be a nightmare. All of the conventional places like banks and credit unions will only loan you money if you can show you have great credit. There are however places that will extend your car loan with no credit or bad credit if you take a little time and really look for them. This article will give you a few tips and tricks to make the search a little easier.
Even if you know your credit is bad or your bankruptcy is brand new, you still need to check your credit report and score. As a matter of fact, checking your credit report is the most important thing you can do, and it may even surprise you. Many people think that their score is a lot worse than it actually is. Also, many find when they do check their report that there are mistakes and discrepancies, that if repaired, will quickly raise their scores to a much better level.
There are opportunities available for even those with the worst credit scores. There are companies which go for no credit check. This can be especially helpful for those who need car finance in case of bankruptcy. You need to be wary however, such loans often have a very high interest rate, can not be refinanced without penalties, and require a large down payment. That is where shopping around comes in. You will need to look for a loan that reports good payment history to the credit agencies, allows later refinancing and does not cost you more then you can realistically afford for the payments.