People are aware of the damage bankruptcy causes to a person’s credit score. When a credit rating is bad, it’s nearly impossible to obtain new credit, so auto refinance after bankruptcy may be difficult to obtain.
Pittsfield, MA -- (SBWIRE) -- 03/11/2013 -- Credit-yogi.com has looked into this subject and wants to share what it learned, including:
- Waiting Period
- Sub-Prime Lenders
- Internet Financers
- Direct Lenders
Time Interval before Refinancing
A bankruptcy can stay on a person’s credit score for up to 10 years, making it very hard to refinance an auto loan after bankruptcy. For this reason, waiting 3 years after the bankruptcy before applying for refinancing a car loan is strongly recommended. Build up a savings account and make every effort to rebuild credit. When it’s time to apply for a car refinance loan, lenders will see that there has been improvement in one’s ability to handle fiscal matters responsibly, which makes it more likely that they’ll want to take another chance on one.
Locating Sub-Prime Lenders
A sub-prime lender is one that works exclusively with people who have bad credit. These lenders make it possible for folks to refinance a car after bankruptcy. They have access to different sources of financing and varying interest rates, so looking into this type of lender could be the answer one has been searching for. Many sub-prime financers can be found on the Internet; be aware of possible scams, though, such as a lender that requires “up-front” processing fees. That “lender” is trying to get money out of a person under false pretenses.
Apply Here and Get Free Quote to Refinance Car Loan after Bankruptcy in 24 Hours
Lenders on the Web
There are many other financiers online that may be able to facilitate auto refinance after bankruptcy. Some of these provide online payment calculators so a person can figure out how much he can save by refinancing. Others have fast application times and rapid response time to applications. They are also very competitive; fill out applications for several lenders and let them know this is being done. At least one or two of them will drop the interest rate they’ve offered, giving one a better refinance overall.
One of the numerous drawbacks to filing bankruptcy is that lenders figure that because one has had serious financial trouble once, he will continue to do so. This is an unfair assessment, but one that many financers believe. Direct lenders are easier to approach than third party lenders. To accomplish auto refinance after bankruptcy, talk with this type of lender to better the chances of approval.
Credit-yogi.com is a well established no-cost consumer website located in Pittsfield, Massachusetts whose goal is to connect folks who have issues of finance or law with the specialists who can address and resolve them. For a complimentary conference, dial 866-964-9644.
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