Do you need a Bankruptcy Loan in O’Fallon?
November 4, 2019
If you’ve had a bankruptcy in the last few years, you know what it is like to look for financing. It can be tough. If you’re looking for bankruptcy auto loans in O’Fallon, the professionals here at 5 Star Auto Plaza are here to help you. We know that it can be overwhelming to find a vehicle with a bankruptcy on your credit, but there are options for any situation.
Some of our lenders specialize in sub-prime credit and give loans to people with bankruptcies. You will most likely be looking at a higher interest rate, but having a loan is a good way to re-establish your credit. Lenders will take your personal situation into account before approve or deny your application. They will look at the type of bankruptcy. If you’ve had a Chapter 7, you can expect that the bankruptcy will stay on your credit report for up to ten years while Chapter 13 will stay for seven years and will show that you’ve paid off some of your debts.
Another option for a bankruptcy auto loan is to opt for the buy-here-pay-here option. Our dealership may be able to provide in house financing and you make payments right here with us.
No matter what, it’s a good idea to try to save up for a large down payment. This will definitely help you with any of the financing options. The larger the down payment you have the less of a risk you will be to the dealership.