Everyone knows that things can get tough sometimes. Debt ratios have been high on average and even though the economy has recovered very well in the last two years, many are still getting life back on track financially. It was no surprise that starting in 2008 we saw a dramatic increase in bankruptcy filings. A bankruptcy can take a long time to recover from but doesn’t have to be the end of your life as far as your finances go. You can still get a car loan after bankruptcy if you follow some simple steps.

1. Whatever you do, stay on track! now that you’ve discharged most of your debt, be responsible. Just because your bankruptcy is discharged and many debts are out from under you, it doesn’t mean you can go out and spend a bunch of money. The time to rethink your spending plan is now. The last thing a lender wants to see is bad credit after a bankruptcy, this shows a pattern that banks will avoid.

2. Re-establish credit. You can’t build back your credit with no open credit. You need to get a loan.  If you are going to pay cash for everything you ever buy in the future you still need good credit. Credit checks are performed on everything from getting car insurance to applying for a job so you need it. Usually, the biggest influences on credit are a mortgage followed by a car loan. Since you likely won’t be able to get a car loan right away, get a car loan.

3. Find a dealer who has special programs for people that have had a bankruptcy. Not all dealers have special finance programs but most will pretend they can help everyone. A car dealer is a business, they SELL cars. If they can have a crack at it they will. If you apply at a dealer that does not have programs for people that have had a bankruptcy, they may send your application out to every bank they have only to get your application declined; not good. If you get too many inquiries, many lenders may turn your application down even though they have special programs for people out of bankruptcy. You need to find a dealer that has a special finance department that has experience with situations like yours. New Start Auto Loans has gained partnerships with dealers that have very aggressive finance programs available and finance managers that understand how bankruptcy works.

Bad credit car loans are available in Milwaukee Wisconsin.  If you live in Milwaukee WI. and have had a hard time getting the car loan you are looking for you can now find the car loan you are looking for with New Start Auto Loans.  New Start Auto Loans has been helping find car loans for good people with bad credit for years.  Now anyone with bad credit living in Milwaukee or surrounding areas can get matched with a car loan.

Bad credit is in the eye of the beholder but if you’ve had a bankruptcy, a repossession, limited credit or no credit you may have had a hard time finding a car loan.  New Start Auto Loans has teamed up with local finance managers to serve Milwaukee and the surrounding areas to help match anyone with bad credit with the car loan they need.

If you make at least $1,800 a month or $2,000 with your co-applicant, you are well on your way;  If you have just been discharged from a bankruptcy, even better.  New Start Auto Loans has a program for just about every bad credit situation you can think of.

Isn’t it time to have the car you need rather than going on just hoping your situation will improve?  Gather up your proof of income, proof of address and apply to be matched with a finance manager in your area.  Having a good car is not optional for anyone who whats to see their family or get to work so don’t let your credit stand in the way of your life.

Just fill out the easy 1-minute car loan application now to be matched with a finance manager in your area!

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People that have bad credit sometimes ask if money down will help their chances in getting approved for a car loan. When sub-prime lenders review an application for an auto loan, they asses risk. Anything that will lower their risk factor will increase your chances of getting an auto loan. Long job time, a long time at your current address, low debt ratio’s, and a good equity position in the loan that you’re applying for are all things that can help you get approved. When I worked at a dealership, I would tell customers that they can get just about any car they want with the right amount of money down. Sometimes lenders will only approve your loan if you have a very good equity position. This may means that you need to finance less than what the car is worth. Money Down

Let’s say a dealer buys a car at auction. The car has a value of $10,000. They only pay $8,000 but by the time they ship it, fix it, and clean it they own the car for $9,500. They will certainly need to make a profit so let just assume that profit is $500. That means that they need to get no less than $10,000 for the car. Now, since you will need to pay taxes, let’s assume that is $600. Now they need to get a minimum $10,600. We can further complicate this by assuming that since you are a high-risk borrower, the lender will asses a fee to the dealer to allow your loan. This fee will vary but let’s assume the fee is 10%. If they have the car listed at $11,600 and the lender will give you 100% of the value in the loan, you will need $1,600 down in order to drive away with that car. Since risk varies from person to person, and car to car, the fee can vary a lot.

Since more money down will lower risk for the bank, you may be able to get better finance rates and terms if you put more money down. Let’s compare two loans. Let’s say you take the $10,000 car from above and put the minimum of $1,600 down and your loan starts at 100% of is value. The lender offers you 20% interest for 5 years. Your payment will be about $265 a month. In another scenario, you put $2,500 down and the lender offers you 15% interest because of the better equity position and lower risk for the bank. Now you are only financing 91% of the value. You pay less interest, of course, your payment is lower by almost $50 a month, you save over $2,000, not including the $900 you put down, and you have a better equity position in case you decide to trade the car off before the loan is done. Why would anyone try to buy a car with less money than they have available for a down payment?

Apply For A Car Loan Here

Bad credit car loans are now available in Wisconsin with New Start Auto Loans!  New Start Auto Loans now has bad credit programs for anyone with bad credit.  If you have a bankruptcy, foreclosure, repossession, limited credit, no credit or just plain bad credit. New Start Auto Loans can match you with finance managers in Wisconsin that have years of experience and have special programs available that you can’t find anywhere else. New Start Auto Loans seeks dealers and finance managers that have special programs for people that have credit challenges.  In the past, you may have found it difficult or impossible to get the car loan you have searched for.  All you need to do is complete the simple, one-minute application to be matched to a finance program in your area!

If you have bad credit and need a car loan but don’t have any money available for a down payment you may be wondering if you’ll qualify for a car loan. First, you need to establish a timeline. Did your car break down today and you need to get to work 50 miles away? Then you need a car pronto. If not, you may have a little time. Even if you have perfect credit, it is a good idea to put as much money down as possible on your car loan. This will end up saving you up to thousands of dollars in interest charges over the life of your loan. Don’t think it’s just a bad credit thing, it’s a smart thing. If you’ve got some time, start figuring out how much you can save by the time you need a car. Are you going to replace a car because it has a ton of miles on it? That’s a good reason, and cars, being mechanical, will inevitably break down eventually.

You should start saving money immediately, save money until you have 20% or more to use as a down payment. If your car breaks down early, don’t fix the car just try to get your car at that point. There is almost never a situation in which you will get your money back out of a car repair upon trade in. Now if you can’t wait to get a car and you don’t have any money to put down, you should try to get a car that is going to work best for the lending programs. Remember, even if you get a good deal on a car you are still adding in your tax, title, license, and fees into the loan. This may not be possible in many cases especially if your credit is really rough. Just ask the finance manager what cars will work with little or no money down and they can get things going in the right direction.

If you are self-employed you may have concerns about how you can get a car loan. The first thing you need to know is that not every dealership has a program for people that are self-employed or own their own business. You need to find a dealer that has a lender that works with self-employed people and knows what the lenders expect. New Start Auto Loans has many dealers that deal with many different types of financing. To prepare to get an auto loan while self-employed or when you own your own business, you will need to gather up proof of your income. Proving your income might be the most difficult part of your finance process. If you are employed through a business you will likely get a check stub, if you are self-employed, however, you will need to prove your income another way. If you have been self-employed for several years, you will probably just need to show your last two years of tax returns. Hopefully, you haven’t found excessive deductions so that your income is almost nothing.  Keep in mind that banks are going to use your adjusted gross income not your net income. If you had $200,000 in income but wrote off $185,000 you can only prove $15,000 for the year and will only qualify based on that.  If you are reading this, are planning on getting a loan in the future, and are self-employed, please keep in mind that finding extras to write off may reduce your taxes but it may reduce your income so much that you won’t qualify for a car loan.

If you have a situation outside of the norm and you go to a regular car dealership for a loan then yes, it will be difficult.  Most car dealerships have a finance manager that is only trained on how to finance good credit customers.  It is usually more work to get a customer that has bad credit or a slightly different situation a loan so why put extra effort in to it? If you want to get the right kind of help with a car loan and you have a special situation why not go to a Special Finance Manager?  Finance managers signed on with our program specialize in out of the norm types of situations so they are ready for it. Don’t waste your precious time on talking to just anyone,  Apply at Newstartautoloans.com

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