Financing a car after bankruptcy is a little tricky when you're dealing with local banks and dealerships. Many lenders want to see that your credit has been re-established before they will give you any car credit. That makes it difficult because if no one will give you credit, how can you get your credit re-established?
Fortunately, there are some lenders that will provide you with a fresh start with car financing. The terms are reasonable and the payments are low. In fact, your monthly payments are based on your income, which guarantees that you won't get overloaded or overextended with a car payment that is too high to be affordable.
You may be surprised to find that getting financed for a new car with these types of lending services is very easy. The simple fact that a new car has a lower cost of upkeep due to the manufacturer's bumper to bumper warranty, makes lenders more apt to approve you for a new car than a used car after bankruptcy.
Your financial condition leading up to the bankruptcy is something that is frequently taken into account. Also, if there is a legitimate reason for your having to file, that makes a tremendous difference. It's a good idea to be upfront and honest and let it be known what the reason was for the filing. Sometimes sending a quick email to the lending service that you've applied with can be a big help in assuring your approval. There are really good sources for car loans online, you just have to find the legitimate ones. I certainly wouldn't recommend anything that wouldn't be good for you.
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