Car Loan After Bankruptcy

Bankruptcy is one of those things people hate to do, but sometimes is the only way out of a desperate situation. After Bankruptcy, it is possible to get a Car Loan!

After Bankruptcy, go to your local bank and see about taking out a small personal loan with some collateral. It does not have to be a large amount to start out. Try borrowing $300 and put your computer or TV up for collateral. This is just a start to building your credit up after bankruptcy.

Next, apply for a credit card. This is what got most in Bankruptcy trouble in the first place so be careful. A high risk card may have a large fee just for opening. You may have a $200 balance the day you open the card, but this is just to get a start on your credit. Do Not go out and charge a large amount on the card. After 3 or 4 payments, your limit will be raised so do not get carried away. You want to always keep your balance on a credit card below half of the available limit to get maximum points on your credit score.

After Bankruptcy, you do not have to pay extra for a car. Some loans do require you to pay an acquisition fee, but do not think you have to pay full sticker for the car. Go To Yahoo! Autosand get a FREE QUOTE on the vehicle of your choice. Make sure you fill the form out completely and they will fight for your business. This will give you a price before credit is ever discussed.

You may find these articles useful as well:
Credit Scores; What They Mean And How To Improve Them.
Used Car Buying Tips
Bad Credit Car Loans!