thanks to the increasing competition in the loan industry today that getting a car loan or asking for refinancing with bad credit status or even after the bankruptcy had become easier than before.
Here are some key steps to go about getting an
auto loan refinance after filing your bankruptcy,
1 You might want to wait until at least 6 months after the filing of your bankruptcy or after bankruptcy is dismissed, clearing out all the necessary standing debts before applying for a refinance. Seek advice from relevant experts, such as
bankruptcy specialist or loan officer in this case.
2 In cases where you can not wait, but need to get a refinance done before, rather than waiting to be wiped off your debts first and your bankruptcy for mining, you have no choice but to continue with what you can during this time and seek the best of what you get with your bankruptcy status.
3 Meet the "retail value" your car to trade in the market today, and find out what is the remaining amount you still owe for the car. If the difference between these two values after the "little value" to minus off "out-standing debt "is more than zero, then good new! have positive equity in this business, and at least you're not upside-down position.
4 Next, spend some time looking for a good auto lender who is willing and specialize in providing loans for people with bankruptcy records. Do not just accept any offer which is approved for you as some lenders out there than can blow up interest rates to refinance just to make the most of your credit position. They can do as a doubt that you will be able to get any other offers elsewhere because they pose a greater risk for any of the lenders. But do not fall for it, even if you have bad credit position, not to default on a new loan that is offered to you without a good consideration.
5 On average, all lenders will offer to refinance up to 110% only. If you have a refinancing loan at 120% because of the negative equity that you currently are, then you need to top up the difference, which in this case, an additional 10% to get the whole job locked down.
6 But there is one key thing to keep in mind is that you must pay a higher late payment fees or offered a higher interest rate loan because of your bad credit score (which is under the influence of his bankruptcy) and the većinezajam lenders out there.
7 Some lenders from May to ask for some collateral to refinance the loan, such as houses or cars because of high uncertainty are putting yourself here. The purpose is to provide the lender with a secured loan even if given for an outstanding loan to pay for one day.