Car loan after bankruptcy

[Cargamerz]

My friend recently filed for bankruptcy and he pretty much lost everything including his car. Now after he organized his finances a little, he does need a car to get him back on track and start anew? Any advice for him?

[Dragbuster]

I believe there is one thing your friend can do to get approved for car loan despite the previous bankruptcy
Review the credit report: He should recheck his credit report and make sure that all the accounts are in order. While doing this, your friend should also add a page that explain the reason of his bankruptcy. If the reason is understandable such as economic recession or natural disaster, the lender may be more inclined to approve the loan

Your friend should be sure that he can afford the monthly payment and it allows him to decide the best package, Both the payment length and the loan amount determine the amount of monthly payment. So he should use this flexibility fully for his benefit.

Once the loan is approved, your friend should keep an eye on the future refinancing. By making regular payments, there could be a time when the lender will finally approve for a lower interest rate. In three years, if your friend can keep up a good financial habit, his credit score may finally return near the pre-bankruptcy level and the lender may further lower the interest rate.

[AcelynM]

Have you heard the news that talks about bankruptcy? Well, in the news they have mentioned that an individual's ability to get credit is determined by several factors. Most of those factors are decided by a person's financial behavior. What state an individual resides in, however, cannot be manipulated short of pulling up stakes. The creditworthiness of all fifty states has been ranked in a new analysis. A creditor's measure of an individual's or company's ability to meet debt obligations. I read this here: Study ranks states for creditworthiness

[danielderringer80]

Some car loan companies will still lend money to people with poor credit. Provided you can make the payments within the window, it can do a lot for restoring one's credit. I found this one useful: Car Title Loans Auto Title Loans Fast Cash Apply Online