Doug's Credit Center Blog

Going Through a Bankruptcy?

These days, many people are going through rough financial times. If you fall into this category and have no real hope of being able to recover financially in the future, then you may be considering the option to file for bankruptcy. This may be the best choice for you and may have a number of benefits to you, including:

  • Eliminating some of your existing debt
  • Allowing you to make affordable payments on remaining debt
  • Essentially giving you a “clean slate” in terms of your finances

Generally, it is recommended that you speak with a financial adviser before going through with a bankruptcy. However, there are some things to keep in mind if this is something that you decide to pursue. For starters, a bankruptcy has a serious and immediate impact on your credit.

Auto Loans for Open Bankruptcy

You should be aware that, even prior to officially filing for bankruptcy, you may go through what is called an open bankruptcy, where financial lenders and banks can still see that you are going through the process of filing. As a result, even if your credit is not immediately impacted, the bank may deny you for a loan due to the mere fact that you will soon have a bankruptcy on your record. Although, some dealers will be able to offer you auto loan financing after bankruptcy to get a car thanks to services such as the auto financing assistance here at Dougs Credit Center.

What Options Do You Have?

If you fall into this category of people in the middle of an open bankruptcy, then you may be wondering what you can do to get approved for the loan that you need. If you are in need of an auto loan for a new or used car or even a car lease, then you should turn to us for all of your car finance loan needs.

We are happy to look past your open bankruptcy to ensure that you can get approved for the money that you need to get into a reliable car that you will be able to drive for many years to come. We will also work with you to develop a reasonable payment plan with a fair interest rate, which is more than most other banks and lenders out there today can say.

So rather than letting your bankruptcy have a negative impact on your ability to apply for car loans in the future, why not apply for auto loans for open bankruptcy now and work with a lender that wants to help you?

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