How to get a car loan after bankruptcy discharge?
Video answer: Auto loans after bankruptcy? finance a car during open…
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Can I refinance my car loan after bankruptcy?
- To refinance a car after bankruptcy can be more difficult, but you still may be able to benefit from an auto loan refinance. If you have a discharged bankruptcy, tax lien, or just plain bad credit, you can still get approved. You may be able to get refinanced through what is called a "high risk" underwriter.
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Scoring a car loan after bankruptcy is possible. You simply must work smarter before you can slide behind the wheel. Before visiting a dealership or a car-buying website, perform some do-it-yourself ego repair work. With your obligations liquidated, discharged, or satisfied, as a post-bankrupt consumer you have a shot at financial renewal.
But here's the thing: Getting a car loan the day your discharge clears will cost you a lot more than it would if you obtained a secured credit card instead, made regular payments on it for six months or so, and then applied for a car loan. You'll also be locked into the loan on that clunker, possibly for longer than the car itself lasts.