When it comes down to getting a new automobile many people just can’t get one. They have to deal with classified ads and hope that they find something that is going to be reliable, and isn’t going to cost them an arm and a leg to procure. If you’re tired of that, and are not keen on going with the public transportation route than you need to look into the greatness that comes with bankruptcy car loans. That can help you get the moving forward with relative ease. Without this, your options are going to be few and far between. |
First and foremost, those that aren’t familiar with this option will be glad to know that when you apply you don’t need to have a stellar credit history. In fact, you can have a bad one that is riddled with problems. There are some lenders that don’t care about this because they know that many people go through a variety of rough patches in life that cause financial friction to manifest and that can’t be controlled. Whether it’s a bad divorce, car accident, or just about any calamity that could happen today, financial problems could occur at the drop of a hat and ruin credit histories in the process.
The second thing that you need to know is that there are certain qualifications that need to be met before you can get approved. They are simple, but they are poignant nonetheless. Consider the following quick things to remember when you are going to apply for bankruptcy car loans.
Employment – You have to have a job that you’ve been at no less than one month. That means that if you just started a job and haven’t reached the one-month mark you are not going to get approved. You need to have a steady job and be there for at least 30 to 31 days. You also need to make no less than $1700 gross income.
Restrictive Terms – The next thing that is of note is the fact that you can’t use the money to purchase certain types of vehicles. That means no motorhomes, no motorcycles, no boats, or any private party item (classifieds). You have to use the money with these guidelines or else you will not get funding.
Citizenship – If you’re a citizen than you can apply for this type of loan. That is a requirement that is the norm and you have to have proof of this. Without this, you will not be able to procure the funding that you’re looking for.
If you’re serious about getting help with transportation, and you’re not going to be able to get financed in the traditional way, than look at bankruptcy car loans as a way to get the money that you need regardless of what your past looks like. Lenders are in fact helping millions of families get behind the wheel with affordable payment plans that will not cripple the budget and help get moving forward, even if there are issues in the past.
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