As you work towards getting back on track with your finances, getting a bankruptcy car loan is probably on your list of things to do. Obtaining a loan based on your financial situation can be tricky, and pose lots of questions. There’s so much to think about during this stressful time. We want to help ease any confusion you may be having about getting a bankruptcy car loan. Many bankruptcy car dealers offer a variety of financing options all designed to get you back on track. Once you find the dealer right for you, it’s important to ask the right questions. Follow along as we go through a few things to ask bankruptcy car dealers before loaning a vehicle.
Have you worked with people in my position before?
It’s so important that your dealer has worked with customers in your financial situation previously. This way they can provide you with the most accurate information and best possible guidance during this time. As someone in such a vulnerable place, you will want to ensure your best interest is at heart. By going with a car dealer who specializes with clientele in your same situation you are increasing your odds of finding a loan right for you. You may also find it necessary to ask for a referral to ensure your safety and security – especially if you were not personally referred to the company. Be cautious of fraudulent dealers looking to scam you in your current position. Speak with your dealer about their past experience before deciding to loan a car to guarantee the best possible outcome.
What are my loan terms going to look like?
Now that you’ve filed for bankruptcy, your loan terms are going to look significantly different to how they would otherwise. This will likely look like a much higher interest rate than what is normally offered. However, every situation is different and there may be special options for you based on your current position. It is crucial that you ask your dealer about every option and weigh the pros and cons of each before deciding. Understanding the length, interest rate and monthly payments of your loan will help you plan your budget accordingly, and determine the affordability of each option.
What is the warranty – if any?
Determining if the car has warranty or if that is an option for you can be of great importance in your position. Understanding what this warranty may cover or if it’s even an option for you is a valuable piece of information to know. You may find yourself satisfied with the basics, but in some cases, the comfort of having a little extra coverage can be ideal. Discuss your options for warranty and gain a better understanding on how it may influence your decision.
How much will I be paying in total?
This is a great question to ask bankruptcy car dealers after discussing loan terms. Many clients want to know how much money they’ll be forking out in total. Theoretically if everything goes accordingly and each payment is made based on your loan terms, knowing the total cost can help you get a better picture of how much you’ll be spending over the course of whatever your timeframe may look like.
When can I get my car after I’ve been approved?
After you’ve been approved for a loan, you will likely need to know when you can drive your vehicle home. The turnover time can vary from dealership to dealership. For some it can take a few minutes or even hours, so be sure to ask about this in order to avoid confusion and ensure a smooth transition.
What are the limitations on the vehicle I can get?
Expect that there will be imitations on your choice of vehicle. The type of vehicle a dealer is willing to loan to you can change depending on your situation. Getting an idea of what type of car you are eligible for and what type of car you need in order to best suit your day-to-day life is important. It will make sure your vehicle reflects its purpose in your life and is contributing to your success as you look to improve your financial position.
There are many things to consider when you look to get a bankruptcy car loan. At TransCan Auto Leasing we hope to make your vehicle loan painless. Contact us today if you have any questions about getting a bankruptcy car loan. We look forward to hearing from you!
