Getting A Car Loan After Foreclosure, All Credit OK, Fast Approval

Getting A Car Loan After Foreclosure Few Things That You Need To Know

AutoLoansForEveryDriver has been in the business of helping borrowers understand the bad credit car loan process and get quick auto loan approvals online regardless of their credit status for well over a decade now.

Qualify For Car Finance After foreclosure

Qualifying for a bad credit car finance loan post home foreclosure was challenging earlier since, majority of the lenders were not willing to work with such borrowers. To get approved for a car financing loan, one had to wait until some time elapsed. Don’t forget that the impact of a housing foreclosure is likely to stay on a borrower’s credit profile for at least next seven years. And most of the traditional loan dealers like big banks and credit unions perceived such borrowers to be highly risky propositions when it came to lending money.

Nevertheless, if you are thinking, “Can I get an auto loan after foreclosure?” there could be little need to worry as nowadays some specialized high risk lenders could be willing to approve your car loan request despite your house being foreclosed. The only thing is that you will have to be prepared to pay higher rates of interest and monthly car instalments.

Auto loans After Foreclosure

Probable applicants who may be wondering, “Can you get car loan after foreclosure? “need to know that for most of the subprime auto loan lenders:

Might not even check whether your house foreclosure process is over
It really doesn’t matter whether you currently reside in the foreclosed property or not
Use of current mortgage payments is crucial for determining Debt To Income ratio or DTI if you are still staying in your foreclosed house.
Use of current mortgage payment or rent is vital for calculating Debt To Income ratio or DTI if you have moved out of your foreclosed property.

Besides, your chances of getting approved a bad credit car loan approval with a housing foreclosure record will also depend on a few other factors. Normally, loan dealers approve applications made by borrowers despite their being jobless for a temporary time period but not those of habitual offenders.

As we see it

If you are a car buyer who is out for getting car loan after foreclosure then you also have the option to obtain one from a “Buy Here Pay Here” dealership lot if you have been turned down for an auto loan by conventional lenders. But by securing an auto loan car loan this way, it is likely that your credit score will not improve as these BHPH lots will not report your monthly car instalments to any of the credit bureaus. On the other hand, specialized lenders offer special programs as well as report payments to all the three credit bureaus in the country.

AutoLoansForEveryDriver specializes in helping borrowers to enhance their chances of obtaining quicker bad credit auto loan approvals online despite their having undergone or being in a house foreclosure process currently. Hence, take advantage of our services online if you truly intend to rebuild your credit rating quickly.