Doug's Credit Center Blog

Buy a Car During Bankruptcy with a Cosigner

If you have filed for bankruptcy within the past several years, then you have probably been under the assumption that you will be unable to get approved for any kind of auto financing loans for quite some time. And while this is true to an extent, the truth is that there are some ways that you can go about borrowing money to meet your needs regardless of how long it has been since you have filed for bankruptcy. Even though filing may have drastically reduced your credit score and made it impossible for you to get financing from your local bank, you still have some options.

Particularly, if you are in need of money to buy a car, then you can still get the financing that you need from a reputable lender. In order to do this, however, you may simply need to go beyond the traditional bank. By going with a private or dealership lender, you do not have to be subjected to the same stressful guidelines and requirements that major banks do. Instead, you can get some flexibility in getting approved for your auto loan with any credit.

Options for Approval

Perhaps the best option that you have to consider in terms of getting approved for an auto loan during bankruptcy on your record is simply to find a good cosigner. This is a person who will sign onto your loan with you, allowing you to get approved, even if you have a bankruptcy on your record. Before you find somebody to cosign for you, however, there are a few things that you should consider. For starters, you find a cosigner who…

  • is okay with the idea of being a part of your loan and taking on the legal responsibility that comes along with it
  • has a good credit rating with no bankruptcies on their record
  • is a close friend or family member

Then What?

Once you find a cosigner, you will want to fill out an application at our website to ensure that you can secure the best auto financing possible given your specific situation. You will also want to make sure that you can have your cosigner meet you to sign the necessary loan paperwork in order to be officially approved. However, by filling out the form on this website, you can get pre-approved today for a great vehicle loan for you.

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