Call Us When You’re Searching For Bankruptcy Auto Loans in St. Peters
February 25, 2020
If you’ve experienced bankruptcy, you already know that it can impact your ability to seek financing. For those who need to purchase a new car, accessing an auto loan with a bankruptcy on your credit report can be next to impossible. Still, there are bankruptcy auto loans in St. Peters if you know the right places to look. At 5 Star Auto Plaza, we can help!
If you’re planning on purchasing a vehicle, you might find it impossible to access a loan with many traditional lenders. Some banks and lending institutions may not be willing to offer you an auto loan if you still have a bankruptcy on your credit report. Still, there may be some traditional lenders that are willing to look at income instead (but this income would need to be substantial).
Alternatively, you may want to consider partnering with an in-house lending team at an auto dealership. Many leading auto dealers have finance teams that provide loans to individuals purchasing new and used cars from their car yards. In some cases, an in-house dealer will be willing to offer a bankruptcy loan to clients that can exhibit a solid income stream.
Regardless, it’s always important to compare the market before you accept a financing offer. If you have a bankruptcy on your record, you may be offered an extremely high-interest rate. While you can expect to be given a higher rate than borrowers with good credit, it’s essential to ensure it’s not extortionate.
So, if you’re in need of bankruptcy auto loans in St. Peters, get in touch with our team at 5 Star Auto Plaza. We have a wide range of vehicles for purchase, and we can work with you to find a suitable in-house loan if you already have a bankruptcy on your credit report. To speak to one of our team members about our bankruptcy financing options, get in touch on (636) 940-7600.