- Car Loans
- Auto Refinance
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- Filing Bankruptcy
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Posted by laura as Auto Refinancing
Bankruptcies have been on the increase and while most people are aware of the consequences to an individual’s credit, many are not sure how to recover. If you purchased a vehicle after your bankruptcy was discharged then you are probably feeling stuck by the high interest rate that you may have been charged. Don’t be, there are ways out of the high interest dilemma, particularly if you have been paying on time and have not tried to take on more debt.
Though many banks are offering refinance auto loans on their websites, they are not looking for post bankruptcy refinances. Refinance car loans are available through lenders you can access right here and if you are approved a lower interest rate could save you thousands of dollars over the life of the loan and a significant amount on a monthly basis. At the LoanexFastCash.com we have some of those lenders, professionals who can help reduce the interest rates from those post bankruptcy auto loans with a refinance.
When to refinance a car is the next question you may well be asking. Legally, once your Chapter 7 bankruptcy is discharged you can make a new agreement but that is probably not advisable. In order to more readily access a lender who is willing to consider an after bankruptcy refinance it is probably wise to wait for at least 6 months, up to a year if you are able. A history of better management of your funds that is 6-12 months in length can incline a lender in your favor and potentially lower the interest rate he will offer you. The interest rate offered is of course the key to this whole transaction and by using a loan calculator you can see just how much you can save.
Remember that being current with all your obligations is the key. Seeking a refinance when you have been late with car payments or late on other obligations will have a chilling effect on any efforts to obtain a refinance. The basic parameters still apply; cars less than 5 years old, on which you owe less than it is currently worth. Don’t know its value there are websites than can give you that information. What you owe should be obtained from tour current lender, just ask for the pay-off figure!
See if we can help to get refinance car loan after bankruptcy!