If you are faced with paying off your car loan after bankruptcy, the first — and most important step — you need to take is doing some research so you understand exactly where you stand financially and what options are available to you.

A great place to start is LoanexFastCash, the online financial superstore that will help you educate yourself on paying off car loans after bankruptcy. It also can connect you with lenders who are experts in dealing with people who are interested in paying off car loans after bankruptcy.

Of course, as with all financial transactions, each situation is different and requires different tactics.

You Were Able to Keep Your Car

Many people are able to keep their cars after bankruptcy by ensuring  their payments are kept up to date even during that stressful time. If that describes you, you have an advantage over other people who are looking to pay off a car loan after bankruptcy.

Keep making your payments on time. This will not only ensure that you continue to have dependable transportation, but it will improve your credit score and prove that you have truly learned a lesson from the bankruptcy.

You Were Able to Keep the Car, But Need to Sell It
You were fortunate to emerge from the bankruptcy and still have a car, but now you find that you need a more reliable car or a different car to fit different circumstances. Again, you have several options to paying off your car loan after bankruptcy.

If you owe less on the car than it’s worth, it makes sense to sell it, pay off your loan, and use the difference as a down payment on your new car.

If you won’t get any money out of the deal, trading in the car may be in your best interests. Often lenders will roll what you owe on the trade-in into the new car loan, but make sure you understand exactly what is involved in the deal. You don’t want to find that paying off your car loan after bankruptcy in this way creates financial hardship down the road when you have a car payment that you can’t afford.
It pays to get an idea of how much you can sell the car for yourself and then compare that to what the dealer is offering for the trade-in. If there is a big difference, sell the car yourself, then use the money left over after paying off your car loan as a down payment for your new car.

You Lost Your Car in the Bankruptcy

If your car was repossessed, you no longer have to worry about paying off your car loan after bankruptcy. Instead you have a new worry: How to buy a new car.

If you have the ability to wait a few months or even a year, that can help tremendously in the quest for a new car because it will give you time to not only save for a down payment, but also start to repair your credit rating. If you can show potential lenders that you are paying your bills on time, it will pay off.

If you can’t wait, this is where LoanexFastCash comes to the rescue again. Helping people find auto loans is the LoanexFastCash specialty. Working with people who have bad credit, including those just emerging from bankruptcy, We can help you get the best financing available.