If you've just finished a bankruptcy case, you may find yourself needing a new set of wheels. However, you may find yourself reluctant to shop around because you're worried about the possible interest rates on your new vehicle. When you look for your first car after bankruptcy at a dealership, we understand that you've just been through a rough time and are willing to help you find the car loan you need.
At Pioneer Motors Langley, we help our customers find loans for all circumstances, including bankruptcy. With our assistance, we typically can find you a lender willing to help finance your car without inflating the interest rate. There are a few factors that we take into consideration. If your bankruptcy arose from events beyond your control or if you have a good history paying back car loans, it's more likely you'll get a loan with a good interest rate. We also look at how long it's been since your case was settled and how ordered your financial affairs are now.
Additionally, we take your credit score into account. A higher credit score means you often may get lower interest rates, while low credit tends to bring higher interest. Don't despair if you don't have brilliant credit, though. Because you'll be paying on your car loan every month, your credit score will go up with your timely payments, allowing you to refinance for a lower interest rate if you'd like. We also look at your current financial situation, aside from bankruptcy. We consider whether your income and expenses can support the proposed monthly payment and run the numbers to see if perhaps a larger down payment would be a better option.
Your mobility is always important but especially after you've filed for bankruptcy. When you work with us to find after bankruptcy car loans, you're sure to find the financial help you need so that you can get the perfect "new to you" vehicle.
