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Auto Loan After Bankruptcy - Beware Of Shady Lenders  by: Carrie Reeder If you have a recent bankruptcy but need an auto loan, you may be surprised at how easy it still can be to get approved for an auto loan. Because the bank can protect themselves by using the vehicle as collateral for the loan, it's much easier to get vehicle financing with past credit problems than it is to get a new credit card or another kind of unsecured loan. There are many finance companies online competing for your business, to finance your vehicle. Just beware of unethical lending practices. People with bad credit are often prey to lending scams. Bad credit borrowers have fewer lending options than other borrowers and some finance companies take advantage of that fact. Here are 3 things to do to protect yourself from an unethical auto finance company. 1. Compare Rates Among at Least 3 Different Lenders Online - If you have 3 or more loan offers to compare, you are much less likely to take an offer from a lender who is charging excessive interest rates. If you have 3 or more interest rates to compare, you will have a good idea of what the average interest rate is that is being offered to people with credit problems for auto financing. 2. Get Financing Before You Visit a Dealer - If you are going to buy your car from a dealer, make sure you get your financing before you actually visit the an auto dealership. Dealers and lenders often make agreements to work together to charge the borrower a much higher interest rate than they could otherwise get by shopping around. If you have your financing ahead of time, you won't have to accept the financing they offer you there. 3. Apply With Reputable Lenders - If you are applying with lenders who are established and reputable, you minimize your chances of being taken advantage of. About The Author Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. View our recommended http://www.abcloanguide.com/carloanafterbankruptcy.shtml lenders. This article was posted on January 12, 2006 Read More Articles from the "Auto and Trucks" Category: Upholding Volvo Standards by Kenneth McKinley Chevrolet Avalanche, Showing Versatility and Functionality by Sarah McBride Custom Wheels And Rims – Sizes, Colors And Specifications by Barney Garcia Regular Replacement of BMW Oxygen Sensors Needed for Preventive Maintenance by Tracy Dawson Auto Accident Collecting For Your Lost Wages by Dan Baldyga Taking The Haggling Out Of Buying That New ’05 Auto by George M Noceti Buying Do-It-Yourself Automotive Equipment by Nathan James Car Loans in UK by Russell Hughes Mazda Fuel Tanks Made More Durable by Kimberly Meyer ~AUTO ACCIDENT INSURANCE CAIM~ Getting Reimbursed For Your "Pain and Suffering" by Dan Baldyga << Back to "Auto And Trucks" Index

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