Getting a loan after bankruptcy can be challenging. Most banks avoid lending to those with past financial issues, and your credit score usually takes a hit. But there’s a solution many people overlook: title loans.
Title loans let you use your car as collateral to borrow money, no perfect credit is required. That’s why more people in Delaware turn to vehicle title loans after bankruptcy to get fast cash.
What to Know About Getting A Loan After Bankruptcy
Getting a loan after bankruptcy is not out of the question. Just because you've taken care of major debts through the court system doesn't mean you're out of the woods completely. In fact, you may not be able to include some debts in your bankruptcy filing, which means they're going to stick around until you pay them off.
Let’s go over five helpful tips to improve your chances of getting a loan after bankruptcy.
4 Helpful Tips for Getting A Loan After Bankruptcy
Paying those debts in full may require a loan from a reputable lender, but how do you convince that lender to give you a shot? Here are 5 helpful tips to make it easier:
1. Know Exactly How Much You Need
It's easy to get what you need when you know what it is. So, write down all your expenses and compare that with your income. In Delaware, you could get up to $15,000 the same day with a Delaware title loan.
2. Understand Your Bankruptcy Type
This may sound silly but knowing which chapter of bankruptcy you filed can help you figure out which debts are still on your report. Failing to pay those on time can be detrimental because there's no other way out. Thus, know your situation better than the banks to avoid getting told 'no' all the time.
3. Organize Your Documents Before Applying
Before applying, learn what you need to get a title loan. Gather what you need before approaching the lender. If you're getting a title loan, clean up your vehicle ahead of time to make it look nice during the appraisal.
Be prepared. If you’re applying for a car title loan, make sure you have:
- A state-issued ID
- A lien-free title to your vehicle
- Your vehicle for inspection
Also, clean your car before appraisal, it helps make a better impression!
4. Choose a Reputable Title Loan Provider
Delaware Title Loans, Inc. is a leading provider of fast title loans. We have a simplified application process and can get you approved on the same day you apply despite your recent bankruptcy. So, reach out and talk to an agent as soon as possible, or visit our title loans page for more information.
NOTE: You must be at least 18 years old to qualify for title loans in the state of Delaware.
Keep in mind that getting a loan after bankruptcy is a big responsibility. So, choose a loan option that fits your budget and lifestyle, and always inform the lender ahead of time if you can't pay your bill on time. Meanwhile, enjoy retaining possession of your vehicle if the loan remains in good standing.
Learn more about our title loan process
5. Pick a Loan That Matches Your Budget
Title loans are fast and flexible, but it's important to choose a loan you can afford to repay. Talk to your lender, ask questions, and always notify them if you might miss a payment.
How To Get A Loan After Bankruptcy In 2 Simple Steps
Follow these two simple steps to receive fast cash in your bank account today.
Step 1: Apply Online For Faster Processing.
Go to the Delaware Title Loans, Inc. homepage and fill out our short form. An agent will contact you within 30 minutes with a preliminary approval if you qualify. By the way, that agent can even travel to you so you don't have to leave the house.
Step 2: Have Your Required Items Ready.
The agent will want to see these things upon arrival:
- The vehicle for an inspection
- The lien-free title to it
- Your driver's license or photo ID
Get A Title Loan After Bankruptcy Today
It's not hard getting a loan after bankruptcy - that is, if you go to the right place and use a simplified method. Get a title loan today to get the fast cash that you need!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
