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Can I Get a Car Loan After Bankruptcy? Atlanta, GA

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Can I Get a Car Loan After Bankruptcy?

Shaking Hands Atlanta GA

Bankruptcy can be a big step toward a more positive financial future. However, it may not seem so at first. It is possible to qualify for a car loan after bankruptcy by taking a few steps before applying. These initial investments in your credit don’t need to take long and can drastically improve the loan terms you are offered.

Rebuild Your Credit

After bankruptcy, rebuilding your credit could seem daunting. It shouldn’t, though, because there are several easy ways to get started. A secured credit card may be the most popular. These accounts give you a credit limit equal to a cash deposit you’ve made. This limits the risk for the financial institution. You may also have a friend or family member add you as an authorized user on their account. Even if you don’t use it, the positive influence from their card activity will affect your credit.

Have a Down Payment

When applying for a car loan, having a down payment is always helpful in proving credit-worthiness. The financial institution sees the applicant’s ability to provide at least some amount of cash toward the loan as proof they are good with their money and intend on paying the loan in full. There’s no set rule when determining how much you should put down on a loan, but the average is 10-20%.

Find the Right Lender

Some lenders specialize in high-risk loans to those who have low credit scores or recent bankruptcies. Their requirements for qualifying for a loan could be lower than a traditional bank. You should be prepared for an interest rate that’s much higher than the average. Still, it’s important to shop around for the best loan terms with the most reputable lender.

If you’ve been putting off bankruptcy, it’s time to speak to the experienced attorneys at Gingold & Gingold. Call (404) 685-8800 today to schedule a free initial consultation at one of our four conveniently located offices.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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    Our Client Reviews

    Gingold & Gingold LLC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    All C.

    Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Sherard W.

    I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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