How To Get Approved For A Car Loan After Bankruptcy
Years ago,Nike Free 3.0 V3 Charcoal Gray løbesko, people who had a bankruptcy on their credit report were unable to get a decent car loan, if they were able to get approved for a car loan at all. However, today,Herre Wholesale Online Nike Free Run 2 Gray RoyalBlue Hvide Sko, the rules have changed. More and more lenders are offering car loans to people whoe filed bankruptcy. If you have a bankruptcy on your credit report, and youe looking to get a car loan, read this article to find out three things you need to know about getting an auto loan after bankruptcy.
Waiting Two Years Earns You Better Interest Rates
If you need to apply for a car loan earlier than two years after the date that your bankruptcy went through,Nike Bionicle Unge Sko Grøn Sort, youl likely get approved; however,Mbt Schuhe Sawa Schwarze Frauen, your interest rates will be a lot higher than they would be if you wait two years. After two years, most lenders will see you as less of a risk,Nike Shox Agent Sort Mænds løbesko, and you will qualify for much better loan terms.
A Bigger Down Payment Makes You a More Qualified Borrower
When you apply for a car loan,Nike Free 7.0 V2 Black Grey Green Sko, your lender looks at something called your LTV ratio. LTV is the amount of money you are borrowing divided by the value of your car. For example, if your car is worth $10,000,Nner MBT Sini sheos Dark Blue, and you are borrowing $9,Hogan scarpe donna nuovo arrivo 2012 beige,000,Nike Lunarglide Mørke Grå Gul løbesko, then your LTV is 90%. 100% LTV are generally reserved for borrowers with near-perfect credit. However, the lower your LTV is,Nike Free 3.0 V3 Lysegrå sorte sko, the more likely you will get approved for your loan. Most lenders rarely decline loans with an LTV at or lower than 80%.
Some Lenders Specialize In After-Bankruptcy Mortgages
Some lenders specialize in loaning to people with either bad credit or past bankruptcies. These lenders will not view you as more of a risk than their other borrowers because all of their borrowers are in the same situation as you are. Your best bet is to shop online and compare interest rates and terms between different lenders. This way you can be sure that you are getting the best deal. 相关的主题文章：
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