Bankruptcy auto loan companies have sprung up all over the place since the onset of the economic crisis. This is a good thing on the one hand, but it can also be a bad thing if people are exposed to shoddy companies who are just out to make a quick buck. This article will equip you with the knowledge needed to sort the wheat from the chaff, and after reading, you'll be able to choose a lender with confidence.
1. Upstart Companies
When choosing a lender it is always advisable that you look a bit into their history, particularly, how long they have been around. As I mentioned in the introduction, many companies are quickly setting up shop in the hope of making a quick buck, so a quick background check is very important.
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The guideline is not very rigid but typically you should only go with a lender that has been operating for at least 2 years. Incidentally, 2 years is the approximate time since the onset of the economic crisis so you'll have some peace of mind that whoever you choose based on this threshold has been doing business since the start of the hardship. And if they've managed to stick around without folding, they probably are delivering value for money.
2. Preapproval Fees
Another thing that you should avoid in bankruptcy auto loan companies is preapproval fees. Companies that charge you upfront before they have even given you a loan are bad news. Think about it; why should you pay some company to tell you "No" to a loan application. It just doesn't make any sense for your pocket or your circumstances.
By and large the industry standard is no upfront fees for applications and initial consultations, so only go with a lender who clearly specifies these terms.
3. Higher Than Average Interest Rate
As a bad credit borrower you'll appreciate that there is premium attached to any loan interest rate that you receive. This is a given and cannot be avoided. What can be avoided however, are excessively high rates that fall way beyond the average for someone with your type of credit rating. You can get a 'feel' for what your rate is by getting quotes from multiple lenders. Provided your input data is the same across all submissions, the rate returned will be more or less the same. Use this 'standard' rate as guideline for choosing a decent company and avoiding the ones that are only keen on exploiting your vulnerability.
Use the tips above to structure your search for bankruptcy auto loan companies. Many of the top ones can be found online and most only require your name and email to get started. Yes, it's really that easy to get started and considering you now have sound knowledge of what to avoid, I think you should get started today.
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