Bankruptcy Loans are Better

We have more bankruptcy programs than our competition. We have more bankruptcyprograms that offer $0 down payment. We have more bankruptcy programs that will help you buy a car before your bankruptcy discharges. We are able to shop those different loan programs against each other to help you get your best loan possible.

The $0 down programs are by far our most popular bankruptcy programs. It makes sense, right? If you just filed for bankruptcy, you probably dont have $3,000 or $4,000 lying around. Our bankruptcy loan programs were designed to help you buy a car and start rebuilding your credit without coming up with a lot of cash for a down payment. Most of the the $0 down programs like their customers to have some good credit in the past, preferably an auto loan that was paid as agreed for at least a year. If you had that auto loan for a long time, then put it in your bankruptcy, you will probably still qualify.

Additionally, you need to make enough money to afford your new payment. Most of the programs are requiring $2,000-$2,500/month gross income and your debt to income ratios must be acceptable. This is probably the most important section. Bankruptcy auto loanprograms are designed to get you to and from work so that you can make your car payment on time. Typically, the lender will require that the vehicle be no more than 4 or 5-years old and have less than 50,000 miles or so.It comes down to risk.

Bankruptcy Auto Loans are risky to the lender. They do not know how well you are going to pay an installment loan after your bankruptcy. $0 down loans are very high risk because you are not invested in the vehicle and the lender is not in an equity position so if you repossessed the car, the lender would lose a lot of money.

One way to lower the risk of the loan is to require a newer, low mile vehicle. Older vehicles have a higher chance of breaking down, which could cause you to miss work or spend money on costly repairsboth of which could result in your bankruptcy auto loan defaulting. Newer vehicles have a lower chance of breaking down, so to a lender, those vehicles set you up for success.

http://www.washingtonautocredit.com/

Washington Auto Credit
2400 Carriage Loop SW
Olympia, WA 98502

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