Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval - Answering Service Resources

Home
>
Loan
>
Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval

Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval

If you have poor credit or a recent bankruptcy, you can still get approved for an auto loan through sub prime lenders. Sub prime lenders specialize in financing auto loans to people with adverse credit. And a car loan can help you rebuild your credit history, enabling you to qualify for lower rates on all your loans within two years.

Poor Credit Factor

Traditional financing companies are willing to work with people with less than stellar credit scores. An estimated 80% of individuals have at least one late payment on their credit report. So it is better to request quotes from traditional lenders before crossing them off your list. You may be surprised to find that you do qualify for low rates.

With a recent bankruptcy or foreclosure, you may need to use the services of a sub prime lender. With these types of financers, you can expect to pay a couple of percentage points higher than your average car loan.

Savvy Car Loan Shopper

You can still be a savvy car loan shopper with bad credit by shopping around for the lowest rates. Online auto loan lenders are finding that to compete, they have to offer lower rates than neighborhood banks. They are also able to reduce fees by using technology to eliminate overhead costs.

To compare real costs, request quotes from several auto loan lenders. A difference of $8.50 a month can save you $500 on a five year loan.

There are many variables to compare such as rates, term, and fees. While low rates are ideal, you may find a low monthly payment is in your best financial interests.

Quick Application

Once you have done your research, you can quickly apply for your car loan online. By using the online application, most lenders will reduce or eliminate loan fees. Within an hour you can expect a reply.

When you are approved, you will be sent a blank check to sign over to the vehicle seller. The nice thing about an online auto loan lender is that only they know you have poor credit. When you bring in a blank check to a dealership, they just see you as a cash buyer and are ready to deal.

To view our list of recommended auto finance companies online, please visit this page: Recommended Auto Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

In The News:

SBA Disaster Loans Available Following Secretary of Agriculture ...
MarketWatch - 17 hours ago
ATLANTA, Aug 29, 2008 /PRNewswire-USNewswire via COMTEX/ -- The US Small Business Administration announces today that federal economic injury disaster loans ...
SBA offers disaster loans The Central New York Business Journal
Disaster assistance available for private non-profits Winchester News Gazette
Mercantile Commercial Capital Eyes Best Year Ever in 2008 PR Web (press release)
Earthtimes (press release) - MarketWatchall 34 news articles

Earthtimes (press release)
GM's Lutz calls for $50 billion in government-backed loans
MarketWatch - 21 hours ago
Lutz told reporters in an event near Chicago that the American auto industry is deserving of government loan guarantees to retool plants. ...
GM says automakers deserve $50 billion in federal loans: report Reuters
Carmakers Deserve Loan Guarantees, GM Official Says New York Times
Lutz Goes Begging as Obama Sets Timetable To End Addiction to Oil Edmunds.com/Inside Line
Telegraph.co.uk - CNNMoney.comall 38 news articles

HispanicBusiness.com
Lehman Has Plan for Real-Estate Loans
Wall Street Journal - 3 hours ago
... trying to shore up its balance sheet, has settled on a structure that will allow it to offload billions of dollars in real-estate loans from its books. ...
Lehman nears plan for real estate assets: report Reuters
More firings at Lehman, but not enough BloggingStocks

Comment by Christopher Whalen Managing Director, Institutional Risk Analytics
Bloomberg - CNNall 72 news articles

Detroit 3 say potential US loans wouldn't be bailout
Detroit Free Press, United States - Aug 29, 2008
"All the government is doing is underwriting the loan." Detroit's three automakers and their suppliers have been lobbying Congress in recent weeks to fund ...
US loans to automakers key for union Chicago Tribune
US loans for car makers a top priority, UAW says Toledo Blade
Auto Makers to Make Public Push for Loans Wall Street Journal
St. Louis Post-Dispatch - Detroit Free Pressall 20 news articles

HispanicBusiness.com
Fees rise on government-backed loans
CNNMoney.com - Aug 28, 2008
Effective Oct. 1, the Federal Housing Administration will raise its mortgage insurance fee to 1.75 percent for a new mortgages and many refinanced loans. ...
FHA(In)Secure Forbes
FHA regaining market share Inman.com
Real Estate Report: Creative new financing options The Evening Sun
Statesman Journal - Wall Street Journalall 39 news articles

Fewer Loans, But Still More Fraud
Washington Post, United States - 13 hours ago
By Kenneth R. Harney You might assume that with home purchases and new mortgage volume off by 30 percent or more in many markets in the past year, loan ...

NEWS.com.au
ACCC to probe CBA's Aussie Home Loans purchase
ABC Online, Australia - Aug 29, 2008
The corporate watchdog says it is investigating the Commonwealth Bank's (CBA) purchase of a third of the mortgage company Aussie Home Loans. ...
CBA grabs stake in Aussie Home Loans NEWS.com.au
UPDATE 1-Australia's CBA to buy 33% stake in Aussie Home Loans Reuters
CBA confirms buying stake in Symond's Aussie Home Loans The Australian
ABC Online - Reutersall 65 news articles

AFP
Collateral on Loans
Wall Street Journal - 3 hours ago
Central banks are in a precarious position, because banks, now in the second year of a credit crunch, remain dependent on central-bank loans to finance ...
Spain's banks at risk from ECB rule changes on ABS guardian.co.uk
The European Central Bank Closing the dustbin lid Economist
Securities abuse by banks may force ECB to tighten its loan rules Irish Independent
Bloomberg - guardian.co.ukall 93 news articles

Fannie, Freddie Expand in a Bright Spot
Wall Street Journal - 3 hours ago
By APARAJITA SAHA-BUBNA and DAWN WOTAPKA NEW YORK -- Fannie Mae and Freddie Mac are demanding higher returns from lenders in exchange for buying loans that ...
Agency Mortgage-Bond Yield Spreads Reach Lowest in a Month Bloomberg
Critics blast Fannie, Freddie decision on NY mortgages Lower Hudson Journal news
Fannie, Freddie shun NY subprime loans Inman.com (subscription)
Asia Times Online - The Ageall 719 news articles

Best Syndication
Freddie Mac Overhauls Underwriting System
Computerworld, MA - 13 hours ago
To fund the mortgages, Freddie Mac buys loans from banks and then turns them into securities that are sold to investors. The custom-built application, ...
The Chicken and the Egg Town Hall
Housing fix backfires CNN
Need More Proof That FICO Credit Scores Matter? Best Syndication
all 6 news articles

loans - Google News

Answering Service ResourceAnswering Service Resource