Don’t Let Bankruptcy Keep Your From Getting an Auto Loan in O’Fallon
March 2, 2021
When an individual cannot pay debts owed to creditors, they may end up filing for bankruptcy. More people have found themselves in that situation since the start of the current worldwide pandemic. There are rules for who can declare bankruptcy and how the debt is taken care of, but it can leave you with less than stellar credit. The good news is that you can start fresh, which means qualifying for bankruptcy auto loans in O’Fallon.
Car Loans After Bankruptcy
You may believe you cannot get car financing after declaring bankruptcy. Many people are under that impression, but it isn’t true at all. You may end up with a higher interest level because you are considered a higher financial risk to the lender, but it is possible.
Things That Can Help with Your Auto Loan
If you have established any good credit record since the bankruptcy filing, that will definitely help. And the longer you have been out of bankruptcy, the better. Another thing that can help is having a sizeable down payment. All these things can help improve your chances of getting lower interest rates.
We Can Help You Get the Auto Loan You Need
Financing a vehicle is a great way to rebuild your credit when you make your payments on time. Our professional staff is experienced in bankruptcy auto loans in O’Fallon. Give 5 Star Auto Plaza a call today at (636) 940-7600 and make an appointment. We sit down with you and go over all your car financing options. We have a large inventory of pre-owned cars, trucks, and SUVs. Our sales team can get you in the car that is right for you with the financing you need.