Top Options for Buying a Car after Bankruptcy

December 12th, 2014 by

couple-buying-a-car

Bad things can happen to good people. Despite your best efforts, you might fall prey to poor financial circumstances. You might lose your job, you might become ill or injured, or you might go through a costly divorce. Filing for bankruptcy gives you the second chance you need to restore your financial health.

Unfortunately, you may have trouble getting the credit you need for several years after a bankruptcy. If you need a new car, this can be a big problem. However, you do still have options.

Here are a few of the top options for buying a car after bankruptcy:

Used Car Dealerships

Many used car dealerships in RI offer buy here pay here financing to help those
with poor credit history get the cars they need. The criteria for buy here pay here financing is less stringent — typically available to those with credit scores several hundred points lower than what most banks accept.

Simply shopping at the right used car dealerships in RI can help you get the car you need at a price that will fit your budget. Meanwhile, you will also start rebuilding your credit by making timely payments on your loan.

Classified Listings

You don’t need credit approval to buy a car from a private owner. Shopping the classifieds can help you find a good deal on a previously owned vehicle. You’ll need to save up the money, which means that it will take a little longer for you to get the vehicle you want. However, you’ll own the car outright and you won’t have to worry about your poor credit.

Car Auctions

Car auctions are another option for finding a car at a low price. However, you’ll need a little luck to get into the auction and to have the winning bid on the car you want. Car auctions are very popular, and they typically aren’t open to the public. If you get in, you’ll have to hope no one else bids against you on the car you want. Just like with buying in the classifieds, you’ll need to save the money to buy the car outright.

Overall, your best option for buying a car after a bankruptcy is to shop at used car dealerships in RI that offer buy here pay here financing. You’ll get a quality vehicle at a good price, and you’ll be able to start rebuilding your credit. When you shop at used car dealerships in RI, you’ll also be able to buy with confidence since the car will come with a limited warranty and certification.