How To Get A Car Loan After A Bankruptcy
By Jason Lancaster..
If you're reading this, then there's a good chance you've recently filed for bankruptcy. Naysayer's may have tried to convince you that filing for means you're going to have bad credit for the next seven years. Your attorney, friends, or family may all be telling you how bad your life is going to be because of your bankruptcy.

This is NOT true.

If your is now complete, you can re-establish your credit in one year. By using the credit system you can fix your credit and restore your credit score quickly and easily.

1. Get it together.

You want to create a budget and make a savings plan. It's very important you come up with a savings plan that you're going to follow. You also need to make sure that any creditors who send you collection notices are taken care of right away. You can't ignore these notices just because they're for debt that was included in your bankruptcy. Contact the creditor and make sure they know so they don't file a new collection and stop the re-establishment process. Last, make sure you know why you filed for and how you're going to make sure it doesn't happen again.

2. Start hoarding.

This is the hardest part -- you need to save up a few thousand dollars. Mostly, this money will be your emergency fund that you can use to make payments if you have a problem. But some of this money will be used to get a secured credit card and for a vehicle down payment. You also need to keep all of your important financial documents like pay stubs, bank statements, bills, etc., because a creditor may ask for copies in the future.

3. Time for a secured credit card.

Once you're able to save up a little bit of cash it's time to get a secured credit card. Secured credit cards are credit cards secured by a cash deposit, with the amount of your deposit being the amount of available credit. The key to these cards is to use them only once and then destroy them. When your first bill comes, pay the card in full. By doing this you'll trick the credit reporting agencies into giving you credit for making payments in full every month, even though you've only used the card once. By destroying the card, you make sure your balance stays at zero.

4. Purchase a cheap used car.

I know that the idea of buying a cheap used car (2-4 years old, less than $10k) may not get your motor running, but remember the goal here is to re-establish quickly. You want to make a few payments on this car (6 to 12) and then trade it in for something nicer. Just make sure you have a down payment before

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you go shopping.

5. Apply for more credit.

Now that you have a secured credit card and a car loan that you've been making payments on, you have enough credit to get some low limit national credit cards (like Discover, Visa, MasterCard). Make certain that the cards you apply for do not have an annual fee, and you should also look into getting a credit card from your local credit union. Whatever you do, remember that if your application is denied you need to call and ask WHY. Often times you can convince a credit card company to approve a declined application with a little persistence.

6. Buy the car you want.

The goal — you can now get the car you want after your bankruptcy. If you’ve followed all of the previous steps, you will have a good credit history AND a good credit score. Buying the car, truck, or SUV you want is now firmly in your grasp.

Some things to consider as you re-establish. First, saving money is an important life skill. As long as you have savings you don't have any financial problems. Follow a budget, think before you buy anything, and don't put yourself in a position where you can financially fail if something goes wrong. Finally, remember what caused you to file and make sure you don't repeat it.

About the author: Jason Lancaster has nearly 10 years of knowledge & experience in auto finance. He's helped hundreds of people get a car loan after bankruptcy and knows how the credit system works for bankruptcy car loans.
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