The decision to purchase a car or make any sort of financial investment after facing bankruptcy can undoubtedly be a terrifying step to take. However, there are options (access to credit) available still. There are lenders who are willing to offer auto financing to borrowers who are recovering from financial setbacks. Even auto dealerships don't shy away from selling new and used cars to customers with a bad credit history.
Having a car of your own serves as a convenient mode of transportation for short and long-distance travels in urban and rural areas across the country. Banks and Non-Banking Financial Companies (NBFCs) offer auto financing to purchase any make or model of car in the passenger and commercial vehicle segments that are available in the Indian market. The 3 most popular types of car loans offered in India are new car loans, used car loans, and loan against cars. It is important to do some research when you are in the market for a car loan in order to find a suitable car loan offer.
Filing for bankruptcy is an option only if your liabilities far outweigh your assets. However, being bankrupt doesn’t mean all financial doors are closed. If you are driving a car that is not roadworthy, it is better to replace it rather than risk a vehicular/road accident. To get auto financing for the purchase of a new or second-hand car, you can put the above-mentioned tips to work.