First, it is wise to ask for guidelines on what a lender is looking for from a borrower typically one who has undergone bankruptcy. Ask the lender for requirements in approving loans to people who are in a similar situation such as yours. Do not be ashamed and do not try to hide your bankruptcy situation for no matter how you may conceal it, they will still find out about it soon enough. Researching in advance will save you some time.

Search on these three types of lenders namely banks, credit unions and the car manufacturers themselves. While the car manufacturers' financing options can vary from company to company (for instance bankruptcy survivors are not granted car loans by luxury car dealers), there may be some who will offer financing even to bankruptcy survivors in an effort to boost their sales. Credit unions and banks will be able to grant you a car loan but will be charging you with higher interest rates and fees.

Before going to any car dealership, it is best to review your credit standing and report. If you find anything erroneous on the report, you can always report it and have it removed to help advance your score. When visiting your car dealer, bring along with you your credit report to show them that you are well-informed and will not want to be trapped with their negotiation tricks.

You should be willing to either buy or lease the car. Your priority here is to improve your credit rating and so you want to be approved for the loan. You are out to rebuild your credit worth and you are looking for a lender who is willing to extend you some credit. You should always consider it even if the lender will only provide you a loan if you lease the vehicle. In the long run this will provide a positive and long term result. If given an opportunity by the lender to decide, always opt for the lowest payment possible.

It is not at all easy to overcome bankruptcy but there are lenders out there who are willing to help your rebuild your credit standing and history. If you are granted a loan and you make your payments regularly and on time, the next time around you will have more options and choices when you plan to have another car loan.