Bankruptcy Is Not Something New or Even Rare
People who file for bankruptcy still need cars. Despite the bankruptcy, you will find car dealers and lenders who can get you into the driving seat. Bankruptcy does indeed have a way of making one feel rather hopeless and defeated. These financially turbulent times have put a lot of folks in a bind.
The numbers of people who have had to rely on the financial relief that bankruptcy supplies has risen steadily since the economy faced tough times back in 2008. It is in your best interest to just start thinking of it as a new beginning. The financial slate has been wiped clean. Now you need some special help to get you back on the road with an auto loan for those with bankruptcy.
Finding a Reputable Dealership to Get the Car You Need
Finding a reputable dealer is important when you proceed to find an auto loan for those with bankruptcy. Following a few guidelines to help you find such a dealer is necessary. The first rule is to never deal with anybody who tells you that they are doing you a favor by offering you the wherewithal to have transportation. Move quickly to another dealer. That attitude is a veil for overcharging. Anyway, the exact opposite is true; you are doing the dealer a favor by bringing him or her your business.
Your best bet would be to ask around, especially if you know people who have faced the same situation requiring an auto loan for those with bankruptcy. Friends, family members or colleagues may be your best resource. You might also do an online search for auto dealers who specialize in bankruptcy. You should probably check reputations using online Better Business Bureau listings. There you will find dealers graded along with feedback from previous customers.
Approaching the Dealer
After you decided upon a couple of candidates, visit one. Immediately as to speak with a representative of the special financing department. Was the person who greeted you pleasant, even after you asked for the special financing department? As stated earlier, if you have a feeling of any of the personnel looking down on you, or that you are being ignored, walk away. You will eventually find a dealership that knows what it is doing regarding auto loans for those with bankruptcy.
Examining the Cars
Once you have found a dealer with whom you feel comfortable, ask to see the vehicles that would be available. You want to be sure you are going to get a quality car rather than an old jalopy. Look for current safety or inspection stickers. Request to see a history of each car that strikes your fancy. You want to be sure that the car will remain in good condition at least through the term of the auto loan for those with bankruptcy.
The Lending Process
Once you have decided on a car, confer with the financing people again. Hopefully you have brought along a few necessaries. You will need substantial, government-issued identification. They will want to see proof of income, which can be bank direct deposit statements or pay stubs. You can prove residency by offering utility bills with the same address as on your bank or salary papers. A driving license and access to insurance will be required as well. To complete the application for an auto loan for those with bankruptcy, they may request a couple of references.
Drive Away with Dignity
If all goes well, you should be driving off the car lot in a matter of a couple of hours. When you set about buying a car while recovering from bankruptcy, you will find that with the right dealership can go a long way to relieving your stress. You will see that an auto loan for those with bankruptcy is part of a new beginning.