Very Bad Credit Car Loans For People That Have Been to the Brink of Credit Disaster & Back Again
Have you suffered from a bankruptcy? Repossession? Maybe you’ve had a foreclosure? If so then you have been through some major setbacks that have wrecked your credit history beyond being repaired anytime soon. These types of negative Mark’s on your credit history will be there for years and years. Getting a car loan with these types of disasters on your credit report is a major challenge and something that is difficult to overcome in most cases.
Chapter 7 bankruptcies remain on your credit report for seven years. In some cases, the remnants that are left behind from a chapter 7 bankruptcy will linger on in the form of collection accounts that just never seem to go away. The same can be true with a chapter 13 bankruptcy, and if you have had a bankruptcy that is dismissed rather than being discharged, it can get even worse. Obtaining a credit card, a mortgage or other line of credit with these very bad credit references, is difficult.
So where can you go to get an auto loan or car finance when you have this type of credit report? How can you get approved for car loan with a credit score as low as 480?
There are specialized networks of lenders that make their entire business out of helping people better in just your situation. While you’re waiting for your credit to improve with time, the good news is that you can still obtain good auto finance with payments that you can live with and you don’t have to drive an old jalopy.
This seems as if it would be too good to be true, but getting good auto finance is dependent upon using the right source for your car loan. While there are many lenders that will turn you down, there are a few that will lend a helping hand.