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How to get a car loan if you are bankrupt?

Bankruptcy is a situation which no one wants to get into at any cost. Unfortunately, there are situations in life where things do not fall in place and we face hard times. Bankruptcy although is a very unpleasant situation but it does not mean that you cannot enjoy life. Even after bankruptcy, you can wish and plan to buy a car by taking a loan. There are various procedures through which this thing can be made possible.

When you have been declared bankrupt it is obvious that you have failed to pay your debts. The credit score at this point of time is very poor and applying for a loan will not be wise. You need to be patient till the time your credit score improves for applying for the loan. The credit score remains same for a period of 10 years and after that it again is reconciled. After been declared bankrupt you can wait for 3 to 4 months and try to improve your credit scoring.

There are many lenders in the market who might be interested in giving you the loan for buying a car. This kind of lender does not really bother about your bankruptcy or poor credit scoring they rather charge a high rate of interest. The reason for charging a high rate of interest is the risk that he is taking. If you have a regular source of income the rate of interest can be lowered because the lender can be sure of the monthly payments. There is a wide range of lenders and dealers in the market who provide loan post bankruptcy. It will not be wise to apply for a loan from any bank or financial institution because most of them will reject the application. Many lenders are available online who can be found easily who provide a loan to the people who has become bankrupt.

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