Auto Loans after Bankruptcy in St. Peters / St. Charles County
November 19, 2015
When you need a car, you need a car, whether you have excellent credit or have had some unfortunate marks against your credit history. More and more dealerships are willing to offer financing for individuals with poor credit scores and even have a selection of auto loans after bankruptcy in St. Peters / St. Charles County.
Before attempting to secure financing for a pre-0wned vehicle, you need to know where you stand with regard to your credit. You can get a copy of your credit report from AnnualCreditReport.com so that you will be prepared in advance of your visit to the dealer.
Other beneficial tips include:
- Know whether you have a reaffirmed loan or not. Continuing to pay on a debt qualifies as a reaffirmed loan.
- Gather a substantial down payment. If you have a vehicle for which you own the title, you can trade in the car as part of your down payment. This will reduce the amount of ready cash you must pay for purchase.
- The longer in the past that your bankruptcy is, the lower your interest rate. This also follows that the more recent it is, the more you will pay in interest.
When signing the loan contract, read it very closely to be certain that there are no hidden charges. Paying your monthly loan debt on schedule will increase your credit score over time. After about 6-12 months, you may be able to refinance.
5 Star Auto Plaza is ready to help you find a great used car and provide affordable auto loans after bankruptcy in St. Peters / St. Charles County. Call us today at (636)940-7600.