After Bankruptcy Auto Loans: How to Get Approved

Filing for bankruptcy may have been the hardest thing you've ever done. But it's time to move on now and start re-arranging your life and focus on the things that would help you on your way to financial stability. You will probably soon find out that you REALLY need a car. But how do you purchase a vehicle after filing for bankruptcy? There are many after bankruptcy auto loans being offered by many lenders on and offline today. Having filed for a bankruptcy discharge may have put a guaranteed bad credit stamp on any loan application you wish to fill out, so know at least that you will not get prime rates for an car loan. But that's ok, you can still get a good loan deal IF you do your homework and shop around. These tips will also help you get that loan approved.

1.) Know that a discharged bankruptcy stays in your credit report for up to 10 years so do not even think of hiding this fact to any lender. You will only look more of a 'high risk' by not divulging this information.

2.) Did you get any other loan after being discharged? Inform the lender about this too .

3.) Work on your credit history. Get a copy of your credit report and find out what your credit score is now. You need to have score of AT LEAST 525.

4.) For your own advantage, ensure that when the car loan is calculated, the payments are NOT over 20% of your monthly income.