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Buy Here Pay Here Dealers has tried to obtain the best information about cars and credit for you on the web. Car Loans after Bankruptcy - 5 Ways to Improve Your Chances By Carrie Reeder Getting approved for financing following a bankruptcy is not easy. Because a bankruptcy can reduce your credit score by 100 points, re-establishing credit is essential. On the contrary, lenders are not very eager to extend a new line of credit to persons with bad credit. Furthermore, getting a good rate on a home or car loan is nearly impossible. Since auto dealers have special programs for bad credit applicants, getting a car loan after bankruptcy is doable. Here are five ways to improve your chances of getting approved. Apply for Car Loan Six Months after Bankruptcy Applying for a car loan immediately following a discharge is unwise, especially if the auto loan was included in the bankruptcy. Besides, the majority of auto loan lenders will not approved the request so early. If your loan request is approved, the lender can charge an interest rate up to 22%. When possible, hold off on financing a new or used car. Instead, wait at least six months. During this time, apply for a secured credit card and make timely payment. This will improve your credit score, and qualify you for better rates. Save Enough Money for a Down Payment If you can't wait six months before financing a new or used car, make an effort to save money for a down payment. A down payment reduces the total amount financed. Even with an outrageous interest rate, a down payment will contribute to lower monthly payments. Using a Co-Borrower When Applying for Auto Loan Piggybacking is one way to get approved for a low rate auto loan after bankruptcy. To benefit, the co-borrower or co-signer must have an excellent credit rating. Some auto loan lenders use the highest credit score on an application to determine interest rates. If your co-borrower qualifies for a low prime rate, you benefit. Fix Your Credit, and then Apply for Car Loan If you can’t find a co-borrower, and don't want to pay a high interest rate, be determined to fix your credit. Immediately following the discharge, apply for new lines of credit. This could include a secured credit card, gas card, store charge account, etc. Make on-time payments and keep the balances low. Take Advantage of Sub Prime Auto Loan Lenders If your auto dealer or personal bank will not approve your auto loan request, apply with a sub prime lender. These loans are purposed for individuals with a low credit score. This includes applicants with a recent discharge, foreclosure, repossession, etc. Loan rates are higher on sub prime loans. Nonetheless, they can help you rebuild your credit. For a list of Recommended After Bankruptcy Car Loan Lenders, visit ABC Loan Guide, an informational website about various types of loans. Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

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Consumer bureau chief concerned about Buy Here Pay Here dealers

Richard Cordray, the new head of the Consumer Financial Protection Bureau, is looking into the practices of Buy Here Pay Here auto dealers and the rapid growth of the industry.

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Bill would regulate Buy Here Pay Here used-car lots as lenders

The legislation, by state Sen. Ted Lieu, is aimed at curbing what some critics say are abusive and predatory lending practices. It would cap interest rates and require dealers to display vehicle sales prices. Used-car dealers known as Buy Here Pay Here lots would be regulated by the state as lenders under new legislation aimed at curbing what some critics say are abusive and predatory lending ...

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Car Brands Offering the Deepest Discounts To Get You To Buy

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Eastman Chemical to Buy Solutia for $27.65 a Share

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Debts That Can't Be Wiped Out in Bankruptcy

Certain debts can be covered in bankruptcy, but here are some you'll always have to pay back.

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Americans spent an average of $368 per month on gas in 2011, almost double the monthly amount spent in 2009, according to the latest statistics. If you're cringing every time you fill up at the gas station, making a few changes to your driving habits could help you cut some of those costs.

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