So, you’ve just filed for bankruptcy. Your credit score is taking a nose-dive, your financial background is a mess, and worst of all, your car is nearing the end of its life, and the need for a new vehicle is on the horizon. While it all might seem a little bleak, the good news is that it is far from impossible to get a financing deal on a pre-owned vehicle despite your bankruptcy filing! Grace Auto Group is ready to help bankrupt customers get back on the road by offering bankruptcy loans for qualified buyers. When looking to file for a bankruptcy loan with us, there are a few things to keep in mind.

Don’t put it off for too long.

When you’ve just filed for bankruptcy, your first instinct might be to assume that your financial situation will improve sometime in the future, putting you in a better position to buy a vehicle further down the road. If you’re looking for a new car out of necessity, this mindset is risky, even dangerous. Your vehicle’s problem could worsen and leave you grounded, or your credit could continue to plummet, which could turn any loan you take out upside-down. The best approach is to try to find a car right away, so you can get out ahead of the bleeding that comes with bankruptcy and don’t get stuck relying on an unreliable vehicle.

Know your credit score in advance.

When coming into our financing center, the process will be much smoother if you aren’t blindsided by your credit score being lower than you had initially thought. No matter how much you might be trying to avoid the number, having it in the back of your mind when you go in will help you come out with a better car and a more manageable loan and payment plan.

Make your payments on time.

If you show that you’re going to be able to be responsible with your loan and are willing to use it as a means of rebuilding your credit, you have a better chance of getting the loan you want, even with a bankruptcy claim on your record. Not making your monthly payments will only hurt you in the end, and will keep your bankruptcy status and credit score stagnant if it doesn’t torpedo it any further down. 

Knowing how easy it is to come away from a dealership with a new car, even if you have declared bankruptcy, should make the decision to search for a quality pre-owned vehicle at Grace Auto Group an obvious one. For more information on how you can get approved post-bankruptcy, get in touch with our financing department today.