How to Get a Low-Interest Car Loan after Bankruptcy

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    14-Jun-2015

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You filled for bankruptcy, How do you or can you get a car after you have been discharged from it? Is it even possible at all? Find out

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  • 1. How to Get a Low-Interest Car Loan after Bankruptcy By http:/www.LendingAndCredit.netFigure 1: Yes You Can Get Your Car Loan Approved Even If Youve Been Bankrupt BeforeBankruptcy does not mean a death sentence on your ability to get credit or anytype of loan. Within the first 7 years after you filed for bankruptcy, you cannot gobankrupt again. This makes you a good risk for financial institutions to lend youmoney. Find below 6 steps you can take today to help you get a low-interest ratecar loan after you have filed for bankruptcy. 1. Know whats on your credit report after bankruptcy.Go to the credit reference agencies and request a copy of your report. You areentitled for a free report from each of the credit reference bureaus each year. TheVisit us now at:http://www.LendingAndCredit.netPage 1

2. three bureaus where you can obtain your free report are Experian, Equifax andTransUnion. 2. Read your report carefully.The only negative item on your report should be the bankruptcy. If there areother negative entries or mistakes, make sure you correct them. How do you dothat? Dispute them in writing to the particular reference bureau. Add anysupporting documentation with to your letter.The credit reference bureau will investigate the complaint you made. If theycannot verify that the entry is legitimate, they will remove it from the reportwithin 60 days. This will improve your credit rating significantly. 3. Establish how much loan you want to borrow for your car.You may have a rough idea of this figure based on the type of car you want. Also,establish how much can you pay every month for the loan with interest? And forhow long. After you have decided on these, look online for auto dealerships thatoffer these terms for the car you want. 4. Your next step is to use auto loan lender services like E-Loan.Be completely honest with them when you contact them. Fully disclose yourbankruptcy situation to them. Let them know how you got yourself intobankruptcy and how you have been able to overcome it. Pick a car with terms youare totally comfortable with. And that you know that you can fully enjoy for theloan.5. It is important to inform the dealership about positive actions you are takingto rebuild your credit. 6. When you compare the car loan offers available, take the offer with the lowest interest rate.That is pretty obvious. Make your payments on time. After 6 months of makingconsistent payments, look at the current interest rates. If they are lower, considerasking your lender or a third party lender for refinancing of the car loan, at theprevailing, lower interest rate.Visit us now at: http://www.LendingAndCredit.netPage 2 3. If you follow these 6 steps, you should be able to get a low-interest car loan afterbankruptcy. Getting the loan approved is an excellent opportunity for you torebuild your credit rating. The best three ways of rebuilding a strong credit scoreare:(1) Make monthly payments of the loan, and other bills, on time,(2) Always pay more than the minimum payment each month, and(3) Clear as much of your other debts as you can and refrain from makingfrequent credit enquiries. Every time you make a credit enquiry, it reduces yourcredit score.If you do these consistently for 6-12 months, your credit score will improvesignificantly.We now want you to visit our website to find auto loan lenders who wouldconsider your case no matter your financial situations. Please go to: http://www.LendingAndCredit.netVisit us now at: http://www.LendingAndCredit.net Page 3