Filing for bankruptcy and wiping out your credit score, as well as your debts, can be stressful. On top of that, attempting to make a major purchase like buying a car can seem daunting.
But here’s some positive news. Getting a car loan after bankruptcy is possible in many cases. You’re not the only one to go through the bankruptcy process, and there are lenders ready to consider the financing needs of consumers in this situation.
New and Used Car Loans
Buying a car is one of life’s special moments. The celebration dance says it all. And, for many buyers, getting the green light on a new or used car loan is the spark that makes it possible.
When you’re looking for that financing, there are two main avenues to pursue: indirect lenders, such as auto dealerships, and direct lenders, like RoadLoans, where qualified buyers can get preapproved before shopping for a vehicle.
Getting preapproved for new and used car loans comes with some big advantages, and it’s the approach recommended by the Consumer Financial Protection Bureau (CFPB), a federal agency protecting consumer interests. Shopping around for preapproval may save you time, money and effort, and ease stress at the dealership.
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