Auto Loans after Bankruptcy in St. Charles / St. Charles County, MO
October 15, 2015
Regardless of the fact that you may have been forced to file bankruptcy to settle and alleviate accumulated debts, it remains that you still must have dependable transportation for travel to and from your place of employment and for other obligations that are some distance from your home. It is not only possible but feasible to apply for auto loans after bankruptcy in St. Charles / St. Charles County if you need to buy a pre-owned vehicle.
Although the circumstances are slightly different between Chapter 7 and Chapter 13 bankruptcy, options are available if you do your homework in advance.
- So that you know exactly where you stand, secure a copy of your credit report and score from AnnualCreditReport.com. When you have that “magic number,” you can research a range of applicable interest rates for which you qualify so that you can be prepared before visiting a dealership.
- Consider your down payment, as it will be a requirement for obtaining financing. The greater amount of your down payment, the smaller your monthly payment will be. More is always better. In addition, a higher down payment is viewed as a better risk for the dealer than someone who has a smaller one.
- Gather the necessary paperwork (credit report, proofs of income and residence, insurance, etc.) and complete the online credit application for the dealer. This will likely save you quite a bit of time when you reach the car lot.
For more in-depth information about car loans after bankruptcy in St. Charles / St. Charles County, call the experts at 5 Star Auto Plaza at (636)940-7600.