Auto Loans and Auto Refinance Loans After Chapter 7 or Chapter 13 Bankruptcy

It's no secret that bankruptcy takes a toll on your credit score. Your credit score also known as your FICO score is a number between 300 to 850. A 300 FICO score is the lowest FICO score that you can have. The higher your FICO credit score, the better.

A person with a credit score above 670, is considered to have a good credit score and can therefore apply for car loans, mortgage loans, personal loans, debt consolidation loans, etc, with no problems. In addition, people with good credit scores get better interest rates on loans than people with problem credit.

Loans

If you recently filed for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you may be worried about your ability to obtain financing for a new/used car or refinance an existing auto loan.

The fact is owning a vehicle is essential for most Americans. Whether you live in New York city or the suburbs of Houston, Texas, having your own car, means getting to places on time - especially work. You can rely on buses and trains to get you to your destination but everyone knows that you are the whim of public transportation, which can be unpredictable.

If you have a low credit score below 600 or slightly above, the best way to find a new/used auto loan or auto refinance loan, is to do your research. Simply put, take advantage of internet resources. Why waste time calling multiple auto lenders that are listed in your local phone book, when you can apply for an online auto loan and get a response in a few days or 24 hours.

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