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Car Loan After Bankruptcy
A car loan after bankruptcy can be one of two things. It can be a great experience as part of a plan to help you rebuild your credit and get you back to a better financial standing, or it can be a giant problem and a way into more high interest debt. Even if you’re in a situation where you’re desperate for a vehicle, you can still try and make your experience become the first one.
Bankruptcy is supposed to be a new start. Sadly for many people after things are finalized they are left not knowing what to do next, and still in a nasty financial situation.
Before you start looking to get a car loan after bankruptcy I recommend building up your credit a bit if possible. There are two types of credit you’re going to want to have, installment and revolving. Installment payments are for things like loans, where as revolving is for things like credit cards.
Obviously in your situation getting a traditional unsecured credit card can be difficult. You do have the option, however, to get a secured credit card. You can usually find these at your current bank or credit union. You deposit a few hundred dollars into a savings account which will be used as security to secure your credit limit on your new card. After approximately a year you will be able to apply for an unsecured card. Make sure that the company you work with reports to the three major credit bureaus about your on time monthly payments so that you build positive credit history.
It is recommended that you wait six months to get a car loan after bankruptcy, not just to build up your credit a bit, but because most lenders won’t work with you before then, and the ones who will, will offer you an even higher interest rate than you’d be offered if you wait a while.
Even after six months to a year you will still be offered very high rates. This is because you are seen as a risky customer. You can try to offset this risk by offering your home, another vehicle, or high priced collectibles as collateral and you will have an easier time both finding a lender and getting a better interest rate. You can also make things easier by finding a cosigner if collateral isn’t an option for you, but you should be aware that if you fail to make your payments this person will be held responsible.
These high rates are generally considered worth the cost, not just because you need a vehicle, but because by paying these rates now and making your payments on time every month you build up a positive credit history and will be offered better rates in the future and generally have an easier time of things financially.
By being responsible and in control of your finances a car loan after bankruptcy can be part of a plan to get yourself back on track.
What Happened To Online Computer Financing? (Page 1 of 2)
You may have noticed that there are fewer online companies that offer guaranteed or bad credit computer financing programs.
About 3 years ago there were a number of lenders that were trying to make money by offering individuals with less than good credit, computer loans.
As time when on, the lenders started to see that most of there clients wasn’t paying off their loans.
A lot of online marketing companies believed that they could make a good income by finding the right lenders that would approve computer loans for people with poor credit.
This idea of offering computer loans to individuals that had poor credit worked for a few years.
Over time, more and more computer clients had stopped making payments on their computer systems.
Finally the computer financing companies decided to end all 100% financing programs for individuals that had no credit, poor credit or have filed for bankruptcy.
Over 90% of the companies that claim to offer bad credit computer financing are lying to the public. They cannot finance an individual with bad credit because there financing company will not approved that type of loan.
The reason why online computer financing websites are still taking applications is because they know that there is a chance that some of the individuals that are applying could have good credit.
They know that they can get the good credit individuals approved by there financing company.
YOU CAN STILL GET APPROVED TO FINANCE A COMPUTER WITH BAD CREDIT!
There are programs that still offer computer loans to individuals that have no credit, bad credit or have filed for bankruptcy.
These types of programs would normally require there client to have a checking or savings account and they may require the client to send in a down payment before they would deliver the computer system.
This type of program is one of the best methods for a person with bad credit to receive a new desktop or laptop computer system.
There are other programs that require the client to make a down payment and make a few weekly or monthly payments before they would deliver their computer system.
These programs are a little like the lay-a-way programs that were used by retail stores years ago. Many stores still use this type of financing options.
BAD CREDIT GUARANTEED COMPUTER FINANCING PROGRAMS
If you have any source of income, you can get approved to finance a new up-to-date desktop or laptop computer system.
You must have a checking or savings account and be willing to make a reasonable down payment.
This works for the lender because they are able to offset there lost a little if you decide to keep the computer without making your payments.
These types of computer financing programs will allow you to receive most of the new high speed desktop or laptop computer systems, even if you have no credit, bad credit, unemployed or have filed for bankruptcy.