Getting Auto Finance After Bankruptcy Part II

A few years back, having a less than average credit score would have meant that it was going to be very difficult to get approved for the loan. However, in the case where the applicant had a bankruptcy filed, chances were that 99 percent of the lenders wouldn’t even consider checking the applicant’s form. But things have changed nowadays and the lenders are more than willing to hear the applicant’s bankruptcy story and check whether the loan should be approved or not. Therefore, it is best to know the below mentioned tips which would ensure that the auto finance gets approved.

The applicant should always include a time-line and some facts as to how and when the bankruptcy occurred. These make the story much stronger as the lenders are always interested in hearing the details regarding the bankruptcy.

A bonus point can be acquired by providing details of any debt (it could be a small portion such as credit card payments etc.) which the applicant was able to pay back during the bankruptcy process. Many lenders look very kindly on this information as it shows them that the applicant is conscientious and responsible. They prefer these clients over those who were trying to deceive the system. Hence, getting approved for auto finance after filing for bankruptcy isn’t easy but it isn’t impossible also.

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