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Auto Financing in Temple Hills after Foreclosure

February 13, 2014  

Auto Financing in Temple Hills Many people automatically assume that once they have gone through the foreclosure process, they will automatically be denied any type of vehicle financing immediately. While some people thing that obtaining a loan from a bank or financial institute may be difficult, it is not impossible, and the auto finance experts at Car Smart Now can help! If you are applying for a car loan after a recent foreclosure, there are a few things that will be different from when you applied for a traditional loan prior that customers should be aware of:

Higher Interest Rates

Car loans after foreclosure will sometimes be higher interest rates than before the foreclosure. This is because banks and financial institutes believe they are taking a risk on giving a loan to an individual who has been through a foreclosure. The higher interest rate makes up for the ‘risk’ the institute is taking with the loan.

Shorter Loan Periods

Another visible difference between car loans after a foreclosure is the loan period. Banks and financial institutes may require individuals to pay back the loan in a shorter amount of time than a traditional loan. For example, auto loans might be 5 to 6 years before a foreclosure. After a foreclosure the loan will need to be repaid between 2 and 3 years.

People who are seeking auto financing in Temple Hills for a new or used car after a foreclosure can rely upon Car Smart Now. Call Car Smart Now at (888)292-8115 to see what financing options are available for you today. Our finance team can help get you back on the road to credit recovery through an auto loan.

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