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Post Bankruptcy Car Loan

Post Bankruptcy Car Loan

Contrary to popular opinion, it is possible to obtain a car loan after you have been discharged from bankruptcy. In fact, a car loan would be the simplest loan to obtain because as opposed to a personal loan, line of credit, or credit card, a car loan is secured by the car itself. This makes lenders feel more secure about the car loan even though the individual has just been discharged from bankruptcy and considered to be high risk. Another major benefit in obtaining a car loan is that once you have been discharged from bankruptcy you will need to build up your credit rating, and the quickest way to accomplish this is through a car loan. Lenders and banks look at car loans a lot more favourably than credit cards and lines of credit because with a credit card or line of credit you may use the funds freely as long as you make your monthly minimum payment which is usually 5% of the balance. A car loan, on the other hand, is much more structured when it comes to the payments because you are lent the money to purchase your vehicle and you have a fixed monthly or bi-weekly payment which will be made until the loan is paid off. Although the payments are more structured all of our car loans are open which means that you may pay off the  car loan in full at any time and only pay interest up to that date, with absolutely no penalties. At CA Lending®, we understand that nobody wants to declare bankruptcy, it is done as a last resort and usually the circumstances that led to this are not your fault. Therefore our primary concern is to help re-establish your credit as quickly and efficiently as possible so that you and your family can start enjoying life to the fullest once again.

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