a car loan after having a bankruptcy can be an unsettling feeling.
Rivergate Toyota has the knowledge and tools to assist you
in finding your next vehicle.
Things to consider when buying a car after bankruptcy.
- Find a Finance Manager to Work For You - When
you are looking to purchase a car after bankruptcy, our finance
managers prove to be invaluable. Rivergate Toyota has long term
relationships with many banks and lenders that will help you obtain
reasonable financing on your next vehicle.
- Be Realistic In Your Car Choice - Banks
are not going to offer you a loan for a $60,000 vehicle after
bankruptcy. In all honesty, you are looking more around the lines of a $15,000 vehicle.
Rivergate Toyota offers several reliable choices that will serve your
intended purpose. After a few years our Used Car Manager will help you
trade your vehicle to something closer to what you were hoping for.
- Expect to Put Money Down - The
more money you put down the higher the chances are to get a bank loan
even with a bankruptcy. Bringing money to the table shows the lenders
that you are serious about your investment. The bank sees this as a
positive because you will be less willing to throw your initial
investment away. Plan on putting at least 20% down.
- Show Stability - Lenders
are looking for signs of stability. Holding a job for a long period of
time and longevity at a residence are all positive points when your
application is being considered.
- Beware of the Buy Here/Pay Here Lots - An
option that at times appears to be hassle free can turn into a huge
headache. In-house lenders make their money by selling vehicles with
huge profit margins. Many times the dealer has invested the minimal in
reconditioning the car. Rivergate Toyota sends all of their vehicles
through the service department to ensure that the vehicle you purchase
is in good working condition.
understand that things happen. Our goal is to help you find your next
vehicle and provide you with honest and accurate expectations of this
purchasing process. We welcome you to come in and visit with one of our