Turn Your Bankruptcy into Your Best Used Car Yet!

No! If you haven’t filed yet, then your credit score and debt-to-income ratio are both horrible and you’ll probably get rejected. Wait until after you file.

Declaring bankruptcy means you recognize things have gotten out of control and you need help. Filing for bankruptcy means you get to make a fresh start and do better. There are lenders who recognize and appreciate this and want to help you get the car you need. With your debts wiped away or scheduled forpayment, your debt-to-income ratio is suddenly a whole lot better than it was before you filed, making you a more attractive borrower.

The best way to rebuild your credit after bankruptcy is to incur reasonable new debt and make your payments on time. We’ve identified the best lenders who will work with you in spite of a bankruptcy, and this is what repairs your damaged credit.

You can start the process right after you filed for bankruptcy.

There are bankruptcy lenders who don’t require any down payment at all, but all lenders like to see a down payment, and making one will help you get better terms on your loan. Aim for $500 or $1,000 fora down payment.

The lender you work with will just want to verify that the balance due on the car is included in the bankruptcy and that you’re making arrangements to surrender the vehicle to the loan servicer or whoever is to take possession of the vehicle.