After Bankruptcy: Tammy Gets A Car Loan at 4.48%
The same week that her bankruptcy was discharged, Tammy got a car loan at 4.48%.
Now I sure don’t suggest trying to buy a car the same week your bankruptcy is over. But Tammy had no choice. Three weeks before her car was totaled in a rear end accident; she needed a way to get to work.
Still, 4.48% is amazing. Here are some of the reasons Tammy was able to get it.
1. First, she shopped. The dealer tried to get her into car loans around 8% and she told them they had to do better.
2. Second, Tammy had steady income. She works in law enforcement. No danger of missing a paycheck.
3. Third, she had never been late on a car payment.
4. Fourth, she came to see my while she was still current on nearly all of her debts.
5. Fifth, she had $1500 to put down.
Tammy came to see me while her credit cards were still current. That’s why she had good credit for a car as soon as her bankruptcy was over.
Why am I telling you this? Because most people think bankruptcy is the worst thing that can happen to your credit. That’s just NOT true. Charge offs and collections are just as bad. And if your debts go out of control, those charge offs and collections will keep mounting up, every month.
Filing bankruptcy stops all that. One time, and it’s over.
Tammy knew what most people don’t know. Putting off bankruptcy just makes it harder and harder to get back to good credit. Putting off bankruptcy does NOT protect your “good credit.” Putting off bankruptcy piles more and more bad credit that’s harder and harder to get out of.
So, look down the road. Are your credit card payments going to be impossible in the next couple months? Then come to see me NOW. Let’s file your bankruptcy BEFORE your credit is wrecked. You’ll be amazed at how soon you are back to good credit again.
Getting good credit is one of the five ways bankruptcy gives you a fresh start. Click here to see all five.