Bankruptcy could keep you from getting new loans
Bankruptcy directly impacts your credit score, and your credit score impacts your ability to qualify for any loan, including a car loan. For example, the next time you plan to purchase a car, a lower credit score could cause you to either pay a much higher interest rate which can radically increase the overall cost of the purchase. Credit repair after bankruptcy may be one solution towards getting you back on track with your credit reports.
Your car insurance premiums can increase because of a bankruptcy
Insurance companies look at your credit history to determine what kind of a risk you present to them. Your premiums are based on that risk. Just as a series of car accidents makes you a risky person to insure, filing for bankruptcy makes you look riskier regarding whether or not you’ll actually pay your bills on time which can directly impact your rates.
For more helpful tips and tricks contact Vitesse Financial today. Vitesse has over 15 years of experience, and by calling today you qualify for a FREE financial consultation from a Vitesse Credit Professional. Call 866.407.9110 TODAY!