Sometimes when you are looking for a new vehicle, decisions need to be made and realities have to be faced. And when you are dealing with damaged credit, one of those realities is that you might not be able to get the car that you want.
If you’ve had trouble in the past with bills or unpaid debts, you are probably wondering how you will ever get a car. These financial woes of the past don’t just vanish, so you could be looking at this roadblock for years to come.
Getting approved for an auto loan is tough when you have damaged credit or no credit. For some lenders, your assurances to pay back the loan or even showing you have the financial means to easily make the monthly payments aren’t enough.
Bad credit can be a pain. But, with a little work and patience, you can restore your credit back to its former glory. And, surprisingly, a bad credit car loan can be what puts you back on the map of life.
Bankruptcies will remain on your credit report for up to 10 years. If you are aware of this fact, then you may be wondering what your chances are of getting approved for an auto loan. The good news is that you can still be approved, but you will need to be sure you work with a dealer that can help you.