Post Bankruptcy Loan

By: Muallaki Nakala

Bankruptcy is considered the worst situation ever to be faced. In this situation you are declared incapable of paying away the loans you owe. It is an emotional, financial and social draining situation and you face more embarrassment in this situation then any other. But still you have to move on and try to stabilize. Your desire for car after bankruptcy is not something unfair, you have every right to desire for a car and lenders have start acknowledging your needs too. This is the very reason why auto loans have included the auto loans after bankruptcy so that you can get a loan and buy a car for yourself. But then this loan is considered risky by the lenders as you have been declared bankrupt once and your credit is an issue.

So lenders offer this loan as a secured loan where you need to pledge a security against the loan amount.

Normally the car you buy is placed as a security but in some rare cases you are allowed to pledge your house or other assets as security. For these loans a down payment is essential for you to get the loan amount. Normally you are asked to pay a higher down payment so that you can be relied upon to give a loan. With the down payment increasing the interest rate automatically goes down. So you will get the loan at an affordable interest rate.

You have many lenders in the market who give the auto loans after bankruptcy. You need to be a UK citizen above 18 years, having a bank account and having a regular income to get this loan. You need to apply for this loan online, for faster service. Your loan application is processed within minutes of applying and you get the amount transferred in say 4-5 days. But a thorough research regarding all the lenders in the market gets you a loan at an affordable price.

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