Auto Loans after Bankruptcy in O’Fallon / St. Charles County
November 20, 2015
Regardless of your financial circumstances and credit history, when you need a reliable vehicle, you need to acquire one. There are an increasing number of dealerships that are seeking individuals with bad credit to offer them auto loans after bankruptcy in O’Fallon / St. Charles County.
Prior to attempting to get financing for a used car, you should be aware of your credit score. A copy of your credit report may be obtained online from AnnualCreditReport.com. Knowing your score before going to the dealer will help you be prepared.
In addition, here are some other valuable tips:
- Do you have a reaffirmed loan (one where you keep paying on a debt even after the bankruptcy)?
- Collect as much of a down payment as you can. If you have the title for a car you already own, it can be applied to a down payment and lower the amount of cash you will need.
- The older your bankruptcy is, the lower your interest rate will be. The converse is also true – the more recent you bankruptcy, the higher the interest rate.
Check your loan contract carefully to be sure that there are no additional charges. Timely monthly loan payments on your vehicle will gradually increase your credit score. In about 6-12 months, you may be eligible to refinance your auto loan.
5 Star Auto Plaza has a large selection of dependable used cars and offers affordable auto loans after bankruptcy in O’Fallon / St. Charles County. Speak with a member of our sales team today at (636)940-7600.