Financing with a Bankruptcy
Auto Financing with a Bankruptcy Can Happen!
The professionals at Oxmoor Auto Group can help explain ways to maximize your chances of obtaining auto financing with a bankruptcy. For many people, obtaining an auto loan with a bankruptcy seems almost impossible. Whenever you contact car dealerships or local banks, you’re told that the dealer cannot, or will not, help you obtain auto financing because of your bad credit.
To some, even using the word “bankruptcy” brings a sense of dread or embarrassment. There is no need to feel bad or intimidated about the auto finance process if you’ve experienced a Chapter 7 or Chapter 13 bankruptcy. Even if your credit scores are low, don’t lose hope. Financing with a repossession and low credit financing options are possible at our Louisville, KY auto dealership. We offer plenty of special financing options, including special financing for military personnel. Our stress-free financing center is ready to help you.
Car Loans with a Bankruptcy
Auto loan financing can often be a complex process that is difficult to navigate, especially if you’ve had a bankruptcy. Most people who have undergone this process understand that they must rebuild their credit but do not know how to accomplish it. That’s where we come in.
The Oxmoor Auto Group Special Finance Center has helped thousands of drivers from Elizabethtown, Kentucky to Jeffersonville, Indiana improve their credit and obtain auto financing by giving them the information they need to accomplish their goals.
There are numerous ways Kentucky and Indiana drivers can increase their credit scores after a bankruptcy:
- Correct Credit Report Mistakes – Many people have mistakes on their credit report. If you included a bad credit account in your bankruptcy and it is not reporting correctly, your credit could be suffering unnecessarily and harming your chances of achieving the best auto loan financing terms.
- Start Re-establishing Your Credit ASAP – The best way to prove your creditworthiness after a bankruptcy is to secure new credit. Many people avoid establishing new credit after a Chapter 7 or Chapter 13, but that is unwise if you want to eventually purchase a car or home in the future. Using new credit regularly and responsibly significantly increases your attractiveness to potential lenders.
- Documents are Your Best Weapon – Nothing slows down the loan approval process like a lack of documents. Companies specializing in bad credit auto loans often make decisions based on the evidence they have available. Pay stubs, bank statements, bankruptcy discharge papers, and repossession letters help auto finance companies understand your current financial situation. If you can readily provide these items, your chances of being approved for auto financing will greatly improve.
How to Shop for a Vehicle After a Bankruptcy
When purchasing a new vehicle or pre-owned car after a bankruptcy, it is important to remember that there are a limited number of institutions willing to finance bad credit auto loans. Small Louisville area dealerships often do not have the ability or financial relationships to help post-bankruptcy car buyers.
Likewise, bad credit dealerships in Jeffersonville, Indiana and Louisville, KY often specialize in “on the lot” financing (otherwise known as a “Buy Here Pay Here” dealership). While Buy Here Pay Here dealerships are sometimes necessary, they are not always the best choice.
Our wide network of subprime auto finance lenders has made the Oxmoor Auto Group Louisville, Kentucky’s #1 Buy Here Pay Here Alternative. Traditional financing with a bankruptcy is possible and we have the experience necessary to make it a reality. Not only will we try when other dealers won’t – we’ll get you approved when others can’t.
Oxmoor Auto offers a stress-free financing process, for first time car buyers that don’t know what to expect, to customers applying for auto loans with no credit. You can sit back, relax, and let the finance experts at one of our Louisville, KY dealerships take care of your needs. Looking for a financing plan with no down payment on your next car? Need help financing your next automobile with negative equity? Don’t worry, you’ve come to the right place.
For a fast, simple evaluation of your options, click on the link below to get started.