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Getting a car loan after bankruptcy is not as easy it is for someone that has a stellar credit score, but it is not impossible. This news may be comforting to those who have recently had to endure the experience of a bankruptcy.

If you find yourself in the position of getting a car loan after bankruptcy you may feel helpless. It may feel as if any attempts at doing so would be futile. This is not always true! So, put a smile on your face and read on to discover some solutions for getting a car loan after bankruptcy.

Inspect Your Credit Report

The first suggestion would be to collect all three credit reports from Experian, Transunion and Equinox. Unfortunately, mistakes do happen. Comb through each report to be sure the loans or credit cards that were discharged have been removed. If you find mistakes on any of the reports, write a letter of dispute and ask that they be taken off of your credit history.

Another good suggestion would be to send a letter of explanation to each of the three bureaus. Document the reasons for your recent financial fall and explain the situation. Perhaps you had a temporary job loss, or maybe a mound of unexpected medical bills that caused you to file bankruptcy. Potential lenders will be able to read this letter and may be more understanding to your situation more willing to help you in getting a car loan after bankruptcy.

Search for a Subprime Lender

Subprime lenders specialize in helping people with bruised, poor or no credit. Your best bet is to choose a dealership or auto consultant who has experience working with people who have filed bankruptcy. Because of their expertise in this area they have several resources at their fingertips that are willing to give people another chance through a car loan. You can allow them to do the work to find you the best loan terms that will fit for your unique situation.

Go Used Over Brand New

In addition, a dealership or auto consultant may have the best selection of used cars for you to choose from when getting a car loan after bankruptcy.

Research shows that you would be wise to select a used car to avoid the serious, almost immediate depreciation that comes from a brand new vehicle. In most situations the value of your new car drops anywhere from 10 to 30 percent as soon as you drive it off the lot. This is a huge savings for you if you choose a slightly newer model used car.

The final note would to be sure that you stay current on your payments. By diligently paying back the auto loan after a bankruptcy you are beginning a positive trek back toward rebuilding your credit score.