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In America, people used to view having a foreclosure as a significant barrier to their credit.
After tough financial times, it's clear that even responsible people can lose their homes to foreclosure.
Foreclosure may hurt your credit, but getting a car loan afterwards is now easier. Still, there are factors to think about to improve your approval odds regardless of your credit situation.
Start Now! It's Easy!
Apply Now Online!
In just a few short minutes, you can fill out our secure online pre-approval form! Our finance team will review your situation take care of the rest!
Apply Now!Follow These Tips
Make a Large Down Payment
No matter your credit or financial history, a down payment is important for your car loan. When a lender sees that you have a larger down payment, it shows your commitment and responsibility.
After all, if you have the discipline to save a large down payment, you likely have the disciple to make regular car payments. This is even more prevalent after a foreclosure.
Longer Auto Loan Period
While a down payment is always the best approach, it is not necessary, as you can still secure a loan without it.
The amount of months dedicated to a loan will make a difference in your payments as well. If you have experienced a foreclosure, you may want to consider a longer loan period. Extending the loan term by adding more months can reduce monthly payments and show lenders you can manage the loan better.
Pick the Right Vehicle
After foreclosure, there's a few things to think about when trying to get a car loan. Think about the cost, dependability, mileage, and other aspects of the car. Choosing the right car is important for getting an auto loan. Make sure to research and pick a car that fits your budget.
Fortunately for you, we have a large inventory for you to choose from, and our staff will help you find the right vehicle.
If you use these three easy tips, you will greatly enhance your chances of getting an affordable car loan after a foreclosure.
The McGrath Finance Team
We Are Here For You!
If you need a car loan after losing your home, contact McGrath Credit. We can provide information on how to make it possible.
Are you ready to start? Fill out a Pre-Approval to get the auto loan you deserve, even if you have bad credit!
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