Poor Credit Rating? Try Bankruptcy Auto Loans in O’Fallon
August 24, 2016
Filing bankruptcy can have unwelcome ramifications, although it may be the only option available to you at the time. A bankruptcy on your credit report brings down your credit rating significantly, limiting the possibilities for car or home financing. However, there are lenders who are amenable to offering loans to these types of buyers. A surprising number of used car dealerships extend bankruptcy auto loans in O’Fallon. Here are some valuable tips to follow before visiting a dealer:
- Get your own copy of your credit report and score. Obtaining 1 credit report per year is a free service. The credit score requires a small fee. Check over the report for any inaccuracies. Mistakes should be addressed quickly as it takes some time to rectify them.
- Draft a budget for car spending. Take into consideration the monthly payment, fuel, insurance and maintenance.
- Dealers who offer auto financing after repossession prefer a larger down payment from you as it shows a more favorable ability to pay for the car.
- When choosing a dealership, accept advice from others as to reliability, honesty and willingness to work with you. There are likely many dealerships who meet these guidelines.
Affordable bankruptcy auto loans in O’Fallon are available to qualified buyers. Doing your homework in advance ensures that you get the best deal from the most reputable dealer. 5 Star Auto Plaza fits the bill. Call us at (636)940-7600 to find out what we can offer you in terms of a dependable vehicle and financing that will not break your budget.