Youre not the only one who has gone through a bankruptcy. Image from Picasaweb.google.com.

You're not the only one who has gone through a bankruptcy. Image from Picasaweb.google.com.

If you have been in bankruptcy, you probably already know that it is going to be hard for you to get a loan for anything. Online auto loans are no different than regular auto loans, except they are more convenient because you can apply online, and Car Deal Expert contacts several different lenders for you.

Online auto loans through Car Deal Expert come from traditional, reputable banks and lending institutions. Thus, the factors that determine whether you qualify for an online auto loan through Car Deal Expert are no different than the factors a bank or car dealer would weigh.

But wait, there’s still hope

If you have gone through bankruptcy, it doesn’t mean you should just give up altogether on getting an online auto loan. First of all, if your bankruptcy was several years ago, it might no longer appear on your credit report.

Also, if you have made positive adjustments to your credit score since your bankruptcy, you might have gotten your score up to a level that will make lenders comfortable giving you a loan.

Get a helping hand

Also, if your credit is bad — because of a past bankruptcy or any other reason — getting a cosigner is always an option. If you have a friend or relative with good credit who is willing to back you on your loan, you will have a much better chance of qualifying for an online auto loan.

Be aware that if you do get a cosigner and you are late with payments, it will damage your cosigner’s credit. Don’t take on an auto loan unless you can really afford it.

Other factors

Lenders will take it into account if you have a bankruptcy on your credit report. However, the lenders who work with Car Deal Expert take other factors into consideration, too.

Lenders will want to know your monthly income. For someone with good credit, a monthly income of $1,500 is preferred. If you have bad credit but a higher income, this can affect your chances of qualifying. Lenders will also look at how long you’ve been at your current place of employment. The longer you’ve had your job, the better.

The bottom line

The truth of the matter is, you have nothing to lose by applying. Applying for a pre-approved online auto loan through Car Deal Expert is free. It will not hurt your credit, and it only takes a few minutes.

The worst that can happen is that you’ll spend a few minutes filling out an application and be denied. At least that way you’ll know whether you are eligible for an online auto loan or not. Sometimes it’s just good to know.

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