Pick the Payment can help get you a car loan after a bankruptcy

Now more than ever, it is possible to get a car loan after a bankruptcy and Pick the Payment can help. Lenders actually tend to give a post bankruptcy customer a bit of a break as compared to a client who currently has  bad credit. A car loan can be easily obtained once you have been discharged.  Trying to get other types of loans may be difficult. With a car loan, the bank at least has the option of repossessing the car if the loan is not paid. Unsecured loans are different and more challenging to get.

With that said, let’s take a look at some ideas for getting an auto loan after discharging a bankruptcy.

1. Getting a new or used auto loan will help re-establish your credit. After you have been discharged, nothing could be more important to your credit future. Once you have a car loan it’s critical that you make all of your monthly payment on time.  Nothing will get your credit score moving in the right direction like a car loan. Treat it with respect.
2. Review all of your credit cards, revolving  and installment credit accounts. Even though you have an attorney who will handle all of your affairs, it is important that you review all of your previous accounts to ensure that you either close them, redeem them or make other payment arrangements. Now we do not at Pick the Payment offer legal advice, but there is a good chance that you will want to close out anything that has an open balance and start with a fresh, clean slate.  Pay special close attention to your current open auto loan. Putting that into your bankruptcy may be the best decision you can make.
3. High interest rates can be avoided. Pick the Payment will work with you to find a vehicle and an interest rate that fits your budget and your lifestyle. While the car loan rates will be somewhat higher than what someone with good credit will pay, the critical point is that you get a loan that you can easily pay back in a timely fashion so that you get started on the right foot. Don’t get too caught up on the interest rate as the payments are the most important issues for you.
4. Select the best vehicle. Often times lenders will actually be too lenient when it comes to providing credit for post bankruptcy customers. You do not want to fall into the trap of overspending the minute you are discharged. You know your limits better than anyone, so exercise good judgment when making your final decision. Even though you may be debt free when this is all over, you should keep it that way for a while.
5. Have a strong down payment available. Even though it may not be necessary, it is suggested that you put some money down to show some good faith to the bank and it sure won’t hurt to keep the monthly payments in line either.

Pick the Payment is connected to a network of auto dealers who are familiar with these requirements and techniques and help get you into an auto loan quickly. Just call us or log on today. We are here for you 24 hours a day and will get back to you during normal business hours within 15 minutes.

Tips for buying a used car

Buying a used car can be a great experience

Buying a used car today is a much better experience than it was 15-20 years. The horror stories of odometer rollbacks and title fraud were heard often, even when buying from a franchised “reputable” dealership. Today there are many technological safeguards in place and cars are built much better than they were in the past. In fact, the quality of pre driven cars makes buying one an easy alternative to purchasing new.

At Pick the Payment we want everyone to be able to select a used car or SUV that is right for them. Below is a list of suggestions that we recommend you get familiar with that will make your car buying experience the best that it can be!

When you are at the dealership

• Arrive at your scheduled appoint a little early to give yourself some time to look around. If you would like to look alone for a few minutes,  just let your sales rep know. It is recommended that you don’t “fall in love” with a vehicle until you have had the chance to discuss the price and possible payments. Working with a good dealership will make for a better experience as they will guide you to a vehicle that works best for your situation.
• If possible, inspect the vehicle in daylight. Or have the vehicle pulled into a lighted area like the service department for closer inspection.
• Take your time when going through the features of the vehicle. Ask your sales rep for assistance with things you are unfamiliar with.
• Test drives should be performed on varying roads and at varying speeds. It’s important to see how your car responds in most conditions.
• IF you bring someone with for advice, make sure they understand they are not there to destroy your hopes of buying a car…often times a “helper” loses sight of their mission and finds everything wrong with every vehicle.

Exterior Inspection

• Are the seams of the doors and the fenders straight?
• Is the distance between seams the same at one end as it is at the other?
• Do the hood and trunk seams line up evenly?
• Is there any paint on the rubber moldings of the car?
• Does it appear that the car has different shades of the same color paint?
• Does the paint look rippled anywhere?
• Is there any paint on top of any door hinges or areas that would not have been painted at the factory?

Tires

• Are all four tires the same?
• Are all four tires the same size?
• Do you notice any cupping on the inside or outside of the tires?
• When test driving do you hear any choppiness?
• Does the car come with a spare and/or a jack?

Interior

• What condition is the cloth or leather in? Inspect all seat surfaces for tears or stains.
• Do the seats adjust as they should?
• Does the radio and CD player work and play properly?
• Are there any cracks or chips in the dash or console areas?
• Are all of the knobs present for making adjustments?
• Do the power features (door, locks, trunk, seat, gas cap, etc.) work properly?
• Is there any odor in the vehicle?
• Is the carpet secured to the floor properly-check for loose edges.
• Are the floor mats present?
• Inspect under the seats for past spills of hazardous or “smelly” fluids.
• Check the headliner some signs of smoke stains or tears.

Suspension

• Inspect the shocks.
• When test driving pay attention to ride feel and noise and drive over some potholes.
• Does the car pull to one side?
• Does the car ride straight when driving straight?

Trunk

• Look in the trunk for signs of water.
• Inspect also for tears.
• Inspect for smells indicating moisture retention from possible flooding.
• Look for mismatched paints schemes around the trim.
• Check that the trunk locks securely.

Transmission

• Does the car shift smoothly?
• Manually shift the car as you test drive.
• Test the 4 wheel drive feature if available.
• Watch for racing RPM readings in various gears.
• Check for response to driving on hills.

Brakes

• Apply the brakes at different speeds and road conditions.
• Ask the service manger how much of the brake pads are left.
• Ask if the rotors were replaced recently.
• Check the rims for excessive brake dust.

Engine

• Are there any visible leaks or stains on the engine body?
• Does the vehicle start easily?
• Does the vehicle sputter or stall?
• During a test drive, accelerate and decelerate often and at varying speeds to check for reaction.
• Is there any smell coming form the engine area after the vehicle has been running?
• Check all fluids for color and smell.
• Do all of the performance gauges work properly?
• Listen for metallic or banging  sounds while the engine is idling.

Other possible items to review

• Ask for the maintenance history of the vehicle.
• Don’t rely too much on reports like Carfax as they are not perfect.
• How long has the car been on the lot?
• Try to have the car put on a lift to inspect the undercarriage for bottoming out or loose parts and hidden damage.

MAKE SURE YOU LIKE THE VEHICLE!  ENJOY!!