Facing bankruptcy can be a stressful and overwhelming experience. Unfortunately, it’s not just the debt itself that can be a challenge for many – it’s also the idea of finding reliable transportation to get to work, school, or other important appointments. This article outlines various car financing options for those facing bankruptcy. With the help of this information, you can have the peace-of-mind of knowing that you have a reliable way to get around. 1. Peer-to-Peer (P2P) Lending: P2P lenders often specialize in working with customers with a bankruptcy on their credit report. Customers can typically get approved for car loans faster than through traditional lenders.
2. Credit Unions: Credit unions often allow customers with bankruptcies to apply for car loans. However, the rates may be higher than those offered to customers with a better credit score.
3. Bankruptcy Car Loan Companies: There are companies that specialize in providing car financing to people who have declared bankruptcy. These companies often offer more competitive rates and less stringent qualifications than traditional lenders.
4. Cosigner: Getting a cosigner who is not in bankruptcy can improve your chances of getting a car loan. The cosigner needs to have a good credit history and a steady income.
5. Car Dealership Financing: Some car dealerships are willing to work with customers in bankruptcy. These dealers often offer financing plans and other benefits to encourage customers to buy cars.