Chances are, you have been beating yourself up over filing bankruptcy. Thoughts going through your head are, "How did I get here?" "How could this have happened to me?" "I feel like a failure." STOP!
However you got here, it’s okay! You now have the opportunity to hit the reset button. This is a fresh start for you! It is time to stop tossing and turning at night, wondering how you are going to get back on your feet. This is your opportunity to start again. Take a deep breath and take advantage of your new situation.
The MOST successful people I know have filed for bankruptcy…..at least once. I’ve helped doctors, architects, business owners, and yes, even attorneys, after their bankruptcies. There are a thousand reasons for filing but chances are you have a co-worker, neighbor, family or friend that was just recently in your situation. If you knew who they were you would probably be shocked! Whether you’ve lost your job, endured a costly divorce, struggled with medical costs or just gotten in over your head, bankruptcy is much more common than you think! There is no judgement here. I have been in your shoes and struggled through all of the emotions surrounding financial woes. It’s time to sing the Frozen song! Let it go! Let it go!
Your attitude and commitment to re-building your credit is all up to you. Think of this as a clean slate. Learn from your mistakes and do things differently this time. You’ve got this. If you are in the market to replace your vehicle, we can show you a better way at no additional costs to you! It’s simply a different approach, cutting out the typical car dealer overhead that’s built in to every deal they do. Start thinking about doing things differently this time and have fun in the process!
Things To Consider When Purchasing a Vehicle
The priority in purchasing a vehicle post-bankruptcy is to consider your budget. The last thing you want to do is to get in an unsustainable situation again. Be realistic about the difference between your wants versus your needs and how that all fits into your budget. Here is the reality: you are going to be paying a higher interest rate. Don’t let that discourage you because you are not locked into that rate for the term of the loan. As your credit score improves, so can your interest rate. You can refinance your loan at any time and YES we can help you with that too. We’ll talk about that a little later.
Another thing to consider is do you want a new or pre-owned vehicle? Ultimately the choice is yours. That being said, new cars depreciate rapidly in the first two years, why would you pay interest on a depreciating asset? Often times, it makes sense to consider the right pre-owned car for you.
Think of this process as your main vehicle for restablishing your credit. Nothing will boost your credit score more than a sucessful auto loan on your credit bureau post-bankruptcy. Make sure you make all of your payments on time. If something comes up and you can’t make your payment, CALL YOUR LENDER. They may be able to make arrangements for you to push your payment back a bit. Don’t jeopardize your new good credit standing.
Do you want to pay for an extended warranty at time of purchase? Typically, this will increase your payment by around $50 a month. Ask yourself these questions: If the car has mechanical problems, do I have the cash reserves to fix it? How long am I going to keep this car? If your plan is for a short time and then to trade in and trade up, you might want to roll the dice. If you plan on keeping it for a while, you might want to protect your asset long-term knowing that necessary repairs will be covered under warranty. We can go over these options with you and you can choose what works best for you.
Lastly, we are here to help you if you currently have a credit score between 400 and 740!. We have a network of lenders that will help us refinance your loan to get your interest rate down as your credit improves. This is all on you. Please stay in contact with us so we can continue to assist you in your new start. Repeat clients and referrals are the cornerstones of our business. Our goal is to earn the trust of your family and friends as customers for life. Let us prove what we can do to help you.