Can buying a car after filing for bankruptcy actually help you to rebuild your credit rating?
Filing for bankruptcy can be a very difficult time in your life, but it is what it is. Our Ford dealership in North Georgia understands that things like this can happen and that's why we will work with you to do our best to get you a sub-prime auto loan even though you may have bad credit. Although taking out a loan for a car with bad credit may seem impossible to you, it is actually one of the first steps you can take toward rebuilding a good credit rating.
Check Your Credit Report: After the dust has settled, you should check your credit reports just to make sure there are no out-of-the-ordinary posts or charges on them. In fact, everyone should check his or her credit report on a routine basis just to make sure there is nothing weird going on.
When you apply for a loan, the lender may see outstanding charges or accounts that you are unaware of and they most likely will not disclose this information to you. Bottom line: check your credit reports and dispute bogus charges that can prevent you from moving forward.
Prepare For A Large Down Payment And Make Payments On Time: Angela Krause Ford in Alpharetta, Georgia has a finance department that will work with you on new car loans or used car loans and will get you the best price possible, at the lowest interest rate possible. Even better, making timely payments for a year, maybe less, could make you eligible to refinance your loan for a lower interest rate.
It is also helpful to come to the table with a good down payment. This serves to lower your monthly payment and it also looks good to lenders. Purchase a car with a clear head, buy what you can afford, and steadily work your way back up. All of this will go toward getting you back on the road to recovery for rebuilding a good post-bankruptcy credit rating.
Head On Over To Angela Krause Ford In Alpharetta: Come in today to talk our loan officer about a new or new-to-you used car. We are easy to get to off GA 400 for the following counties: Fulton, Forsyth, Dawson, and Lumpkin, and we are just down the road from Johns Creek, Duluth, Sandy Springs, Roswell, Norcross, and Atlanta. But no matter where you're from, and even if you have bad credit, you can apply for a loan with us at our Mansell Road Ford dealership or apply online on our website. Let us help to put you back in the driver's seat again.