The fundamentals of how to lease a car do not change because you have filed for bankruptcy or have bad credit. You may however want to be prepared for the higher interest rates which will depend on the lender’s credit guidelines. There are going to be flat out refusals but you will most definitely get a dealer willing to work with you. Even so you need to take some steps to ensure you are not taken advantage of. Some dealers will want to give the impression that bankruptcy leasing is a favor to you while they will be most likely taking advantage of you.
1. Know Your Credit Rating
The process that culminates in filing for bankruptcy can be very frustrating. After this most people will prefer to avoid any and all financial matters for as long as possible. This is not the best course to take, in fact the sooner you can get back into the financial world the better. Start by finding out where your credit is and what you could do to improve your rating. There is still a whole lot more that you need to get done and some of it will from time to time need financing.
2. Find a Lender Who Will Work With You
This is a process that you will find a lot tougher than before. Bankruptcy leasing will not be easy but it is possible. The first thing to do is have your facts right and at your finger tips. Information is power so get to know your credit rating, ask questions about incentives on purchase, short term leasing options, the minimum acceptable credit score, what is the best interest available. All this questions will show that you are in the know and will be more difficult to exploit. Write down the response you get to your questions, go home and evaluate to establish who is working with you as opposed to who is working you. This means visiting several lenders which you can be sure will have you much the wiser by the end of the day.
3. Make Sure You Can Afford it
The reason you got into financial trouble the first time should never be lost on you. No matter how good a deal, no matter how great an offer there is nothing apart from the numbers that should make that decision for you. You should be able to afford the repayments comfortably and actually leave your self some cushioning just in case. Your repayments will actually contribute to a better credit rating which will allow you in time to go for a car that maybe more to your liking. For now however you must remember that affordability and ability to repay are your paramount considerations.
Your credit worthiness will not improve if you shy away from working on getting it back up. You could employ other methods such as high interest rate credit cards or even an option of a secured card solely for the purpose of getting your credit rating back up. You really do not need to use the cards a lot but make sure you make timely payments each month. This is a start that could see your credit rating improve. Lastly do not make any big financial steps without professional advice. Having filed for bankruptcy you do not need to be taking chances.