O’Fallon Drivers Look To Us When Seeking Bankruptcy Car Loans
June 14, 2022
If you’ve had a bankruptcy in the last few years, you know what it is like to look for financing. It can be challenging. 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 finding a vehicle with a bankruptcy on your credit can be overwhelming, 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 an excellent way to re-establish your credit. Lenders will take your personal situation into account before approving or denying 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 remain for seven years and 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 save up for a sizeable down payment. This will 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.
If you are having trouble finding bankruptcy auto loans in O’Fallon, be sure to contact us at (636) 940-7600 to set up a time to come in and discuss your loan options. In the meantime, you can check out our inventory online to start the vehicle selection process.