Bankruptcy? We Can Still Help You Get a Car Loan

Bankruptcy? We Can Still Help You Get a Car Loan

The three main reasons for bankruptcy are divorce, job loss and illness. These life events can alter your past good credit simply by missing a few payments or needing to use more credit than you may have had to in the past, potentially racking up a higher debt ratio. 

 

If you have suffered any of these traumatic life events and have had to file for bankruptcy for loan protection in the past, we may still be able to help you recover and repair your credit with a car loan.

 

A Car Loan is one of the strongest forms of credit that can help you to improve and rebuild your credit rating.

 

Establishing a new source of credit is important when you have suffered from bad credit. Ironically, the only way you can start building your credit, is by obtaining new forms of credit. An  automotive loan can help. One of the preferred methods of demonstrating good credit habits is with an approved car loan from a reputable lender like ours.

If you still have active credit cards or loans, continue paying them on time. The same thing goes for accounts that aren’t reported to the credit bureaus. Paying existing credit payments on time and consistently gradually increases your good credit back up.

 

High outstanding debt can affect a credit score, keeping them low can improve your score. This can be applied to a car loan as well, ensuring your car loan fits with your current income and budget can help you rebuild your credit faster.

By having a mix of different credit products, such as a credit card, car loan and line of credit (just remember to keep the amount being borrowed to 35% or less), you will improve and rebuild your credit faster than by just one source of credit alone.

 

Come see us to apply for your car loan after a bankruptcy today.

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