A car is not a luxury; it is simply a very basic necessity. Gone are the days when people used to first save and then buy a car. In fact, nowadays, many people change cars like mobile phones. This trend has resulted in an increased demand for car finance, all over the world. Even if you are facing a severe bad credit situation like bankruptcy you may get a loan to buy a vehicle. Auto loans after bankruptcy specialize to help you in a situation of bankruptcy.
A bit about these loans
These loans are provisioned to help you buy an automobile in a situation of bankruptcy. Auto loans after bankruptcy are generally available in secured form for which you have to place collateral. But if you need a small amount you may go for the unsecured loan scheme provided you have a regular source of income.
Under the auto loans after bankruptcy you may apply for an amount of 500 to 5000 depending upon your need and repayment ability. The interest rate varies from 15% to 20% APR. Once you prove to be regular in repayment of installments you may enjoy more facilities and flexibilities.
To ease your burden, companies are providing every thing online wherein you can manage the procurement of your loans with few clicks. Privacy is guaranteed as your personal information is encrypted to prevent it from being accessed. If you satisfy the eligibility criteria the company forwards the documents to the nearest branch from you where you can clinch the deal.
The approval procedures
Once you have selected the lender and applied to him online you have to submit some papers regarding your financial situation and the collateral you are offering. The lender now assesses your repayment ability and approves the amount accordingly. As soon as the loan is approved the amount is transferred to your bank account and you may rush to the showroom to grab the keys of your dream vehicle.