Securing a Car Loan After Bankruptcy

TWL_2015_apr_blog4Shopping for a car loan can be an intimidating process for any consumer. But, when your credit history includes a bankruptcy filing, the prospect of getting approved at a reasonable interest rate for the car you want can seem impossible. According to a recent CBS Money Watch article, however, you should not be discouraged. The article quotes Phil Reed, senior consumer advice editor for auto authority website who says, “The most important thing to know is that you do have options.” One of those options is to refinance your auto loan after a few years of on-time payments. Your initial auto loan approval may come with a higher interest rate because of your credit history, but as you make payments on time, that score will improve and put you in a better position to refinance at a lower interest rate.

To learn more, read the full article.

Image Source: Caitlin Regan