It may be intimidating to start searching for Auto Loan Options after Bankruptcy Available in Everett, but hundreds of people have managed it thanks to second-chance loans. Before, when someone’s credit was considered subprime, it was the end. However, we here at Bayside Auto Sales can offer special loans for people whose credit might be in bad shape.
Auto Loan Options after Bankruptcy
Your credit score is counted from a range of up to 850, and a subprime borrower is anyone with a score of 580 or below. Since a bankruptcy—whether chapter 13 or chapter 7—drops your credit score by anywhere from 160 to 220 points, it can make all the difference between good and subprime. In addition, your bankruptcy stays on your credit report for up to seven years, which means that it will follow you around for a while.
While many people work to improve their credit score before applying for any new loans, not everyone has that luxury—hence the need for Auto Loan Options after Bankruptcy Available in Everett. These can not only help people who have undergone bankruptcy to get a car loan when they need it, but it also opens up the chance to improve credit through another loan.
Auto Loans after Bankruptcy in Everett
If you’re looking for Auto Loan Options after Bankruptcy Available in Everett, then you need to first take a look at your credit, as well as your options. When you’re applying for subprime loans, you need to keep your expectations reasonable; most people don’t use subprime loans to buy a sports car. Assess your needs, and then see what models fit into those needs. It’s also good to check your budget for what you can pay up front (a bigger down payment results in a smaller loan, which, when paired with the larger interest rate of subprime auto loans, can come in handy).
You can also pull a copy of your credit report from each of the three reporting agencies every year, which many people do to help keep an eye on their credit score and keep track of any potential inconsistencies. When your bankruptcy falls off your credit report and your score has improved, you can refinance your car, which means taking off a loan in order to pay off the initial loan, resulting in a smaller interest rate on the newer loan.
If you need to find auto loan options after bankruptcy in Everett or need any other financing help, Bayside Auto Sales can help you out.
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