| |
Newsroom /
Finance
/
Finance
/
Expert Advice on Bankruptcy Auto Loans
Expert Advice on Bankruptcy Auto Loans
Obtaining a regular online car loan is unlike, from obtaining a bankruptcy auto loan. Even though you have filed for chapter 7 or chapter 13 bankruptcy, there are possibilities of a bad credit risk to lenders.
NY,
Brentwood,
United States of America
(prbd.net)
13/01/2011
Bankruptcy shouldn't stop you from getting a car loan; however it is true, that you will have only some alternatives. The possibilities of you getting a car loan vary on your situation and the judiciary in your state. The bankruptcy court would allow you to keep a car, if you already own it. It all depends on the cost of your car during bankruptcy. If your car is pricey, then it may be taken away. In other words, the equity of the car is important. Guaranteed car loans are too offered by reputed lenders.
How to Estimate Equity
To calculate the equity of your car, you need to first take the cost of your car, subtract the amount you owe on it, and if this figure is lower compared to the amount that is exempted, there are higher probabilities, that you get to keep the auto. If you have an expensive car, that is free and clear, you would get to keep it. Car loan after bankruptcy is a good alternative, and it isn't as tough as it seems. Keeping the existing car is better alternative for most individuals, particularly when the equity is negative. It is in your best interest, not to purchase a car, which would turn to be a liability in the future.
Avoid buying cars that guzzle fuel and require expensive maintenance. The only area in which you have to compromise is the appearance of your automobile. But, keep in mind that you have filed for a bankruptcy, and unless you rebuild your credit, flashy cars are not meant for you. It is optional, that you obtain cheap cars over expensive ones, which would get you deeper in to debt. The subject of bankruptcy and car loans is strongly related, and hence, it is essential, that you are equipped through all the related information.
Contact Us:
Car Money Fast
2937 Wayback Lane
Brentwood, NY 11717
United States
631-349-8581
carmoneyfast@gmail.com
Website: http://www.carmoneyfast.com
###
About
You may have a bad credit history, but still wanting to go back and forth between your home and workplace. For people like you, a bad credit motorcycle loan is the ideal way to get a financing for motorcycle.
|