How to Get a Car After Bankruptcy.
by Brian Douglas
Most people will agree that it’s not easy to get a decent car after bankruptcy. For most people, it will take getting high prices and high rate loans to get a car. That’s not something to look forward to.
But you don’t have to be like “most people”! In The Bankruptcy Survival System, I teach people how you can get a new car after Chapter 7 Bankruptcy or even Chapter 13 Bankruptcy!
Yes, it’s possible! Here are 4 things you’ll need to do:
1. Your first step is to go to a dealer and talk with the finance manager about financing options. For now, you don’t need a sales person–it’ss the finance manager that holds the key to your success in getting that new car with good terms.
Bring a copy of your credit report, including your credit scores. This will give him or her an easy way to see where you are credit-wise, and will eliminate the need for him (or her) to run your credit report. DO NOT let them run your credit report! That’s essential!
2. Ask if you can use the rebate to apply to the down payment. Very often auto lenders may give you a good interest rate, but they’ll require a huge down payment. The manufacturer’s rebate can help a lot!
3. Ask if you can get a great deal on the oldest new car on the lot. Let’s face it–dealers have cars that haven’t sold for any number of reasons. The longer it sits on the lot, the more their cost on that car increases, which means that they make less. They may actually end up losing money on that car just to get rid of it!
This strategy worked for me. I bought a “brand-new” one year old car-after bankruptcy-from a dealer. It had no miles on it and since it was still on the lot, it came with the full manufacturer’s warranty. The dealer couldn’t wait to get rid of it, and I got zero-down deal with a great interest rate. If it worked for me, it can work for you. Chapter 7 Bankruptcy? No Problem! Chapter 13 Bankruptcy? No problem! All you have to do is ask!
4. Find the most motivated dealer. Very often dealers will make amazing car deals for people after bankruptcy is at the end of a sales quarter or model year. They can work in conjunction with the manufacturer to do some pretty aggressive financing, too. These motivated dealers are your best bet for a great deal.
You may also find a lot more flexibility from dealers that are in economic trouble, and with manufacturers that have been having low sales. For instance, I would have approached a Toyota dealer during the recent Toyota quality scare and recalls.
One manufacturer who has been creative with financing for people in bankruptcy has been Ford. They’ve made deals with local dealers to offer “after bankruptcy financing” in specific markets. Sometimes it’s part of a specific promotion and for a limited time. One thing is for sure–you’ll never know unless you ask!
Can you get a new car after bankruptcy? Yes You Can! Check-out The Bankruptcy Survival System and learn more tools, tips and strategies about how to bounce back from bankruptcy!
Source by jason woods