Monday, March 31, 2008
Bankruptcy Recovery - Financing An Auto Loan After Bankruptcy
These days, searching for an auto loan after bankruptcy is not nearly as discouraging as it once was just a few years ago. There are now multiple lending agencies who specialize in bankruptcy clients. Securing an approved car loan is much simpler than finding financing for a personal loan. This is due to the fact that the financial lending company has your automobile to use as collateral should you not make your payments. In fact, getting a car loan after bankruptcy is a valuable tool to get you back on the correct financial path of life. Utilizing an auto loan to rebuild credit is excellent as long as you find an approved auto loan that is manageable for your financial situation and are able to make payments on time. This would be your first *best step* towards bankruptcy recovery and Ottawa Car Loan’s can start you with an approved car loan.When using a car loan to rebuild credit the most important thing is to find a bankruptcy auto loan that is manageable for your specific situation. You must ensure that your payments are made on time. Your loan interest rate will be higher at first but after six months you will have an improved credit rating and should qualify to refinance at a lower rate.When applying for your car loan after bankruptcy, it is wise to use an online auto finance service. You are simply asked to describe your financial situation on the initial application. The service will than submit your information to a network of dealers and lenders. In many cases you will receive multiple offers from which to select a suitable car loan. You will have an approved auto loan before even visiting a dealership.
Remember to choose a vehicle that is reasonably prices as opposed to a more expensive model you may be in love with. Your initial interest rates will be between 14% - 19% or higher until your credit rating improves. After 12 months of making your payments you will have the option to refinance or to upgrade to another vehicle as your interest rates will be back down to the sub 10% rate. Please do not put yourself into a situation where you are unable to mange these monthly payments.Education is best as it is the smart consumer who comes out ahead. For example, educating yourself on the interest rate and terms of your bankruptcy auto loan and do not accept an offer that is not suitable to your specific financial situation. The last thing you want is to find yourself in a situation where you are unable to manage those monthly payments.With an approved auto loan you are well on your way to financial recovery.
Sean Patrick is a special finance officer at Car Loans Canada. For more information visit www.carloanscanada.com to find out all of your options.
Source: http://www.articlealley.com/article_144147_19.html
Friday, March 7, 2008
Easy Auto Loan
Auto loan is the ultimate way to get the car. There are so countless causes that may impact the means of acquiring a auto loan. For those that may be looking to get a vehicle loan there are several key things that you need to be looking at in order to get the best trade. Today it's possible to apply for a loan online at any hour of the day and choose from a wide array of respected financial institutions. You'll have lenders fighting for the privilege of loaning you money. However, although the Internet introduces new loan possibilities that are flashier and more interesting than a banker's office, the information you'll need to provide and the requirements you'll have to meet are pretty much what they have always been. Online option is the best and the fastest method of acquiring the auto loan. Online auto loan takes less time and gives you the instant result for your auto loan.
Subscribe to Posts [Atom]