Frequently Asked Questions | Vehicle Credit Repair Center at Boulder Toyota | 866-981-4716


What is a Credit Report?
Simply said it is a history. That history can include delinquencies or bankruptcy.  A bankruptcy discharge will not erase discharged creditors or your pre bankruptcy payment history. After a bankruptcy discharge, the amount outstanding for each discharged account should be shown as zero.


How does Bankruptcy affect my credit score?
Although creditors don't like to see bankruptcy on a credit report, the damage it will evoke depends largely upon what your credit score was before you filed. Credit scores are like your driving record since they take into account years of past behavior.

How can I improve my credit score after bankruptcy?
Even though bankruptcy will remain on your credit report for a number of years, you can start rebuilding your credit right away. Credit scoring companies look at several factors when determining your score.
  • what is your payment history, do you pay your bills on time or have filed for bankruptcy?
  • do you have any outstanding debt?
  • what is your length of credit history?
  • How much new credit have you applied for?

You can start to improve your credit score  after bankruptcy  by making all your payments on time.  Keep your debt low, especially compared to your available credit. Get a credit card and make small charges that you can pay off every month. Make the right moves and be consistent!


How do I qualify for an auto loan with a bankruptcy on my credit report?
Some lenders are reluctant to provide a car financing to those with a past bankruptcy. The chief concern is if a person has defaulted on a loan in the past they might just do it again. So, even when you are able to secure financing for a car loan with a bankruptcy showing up on your credit report, you will usually find that it is at a much higher than normal interest rate. If you have recently gone through a bankruptcy and are now finding it difficult to obtain financing for an auto loan, don't worry. You won't have to wait years for the bankruptcy shadow to reflect negatively on your credit report before you can purchase a vehicle. It is possible to get an auto loan with bankruptcy on your credit report. You have come to the right place.

How much can I get pre approved for?

The loan amount that you will get pre-approved for is based on a number of factors. A few things to keep in mind are

  •    what is your payment history, do you pay your bills on time or have filed for bankruptcy?
  •    do you have any outstanding debt?
  •    what is your length of credit history?
  •    How much new credit have you applied for?

What are the monthly payments?

Monthly payments are based on your credit profile and the vehicle you are purchasing.  Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have under 50,000 miles. If you have an idea of the amount you want to finance and the interest rate you will qualify for use our Payment Calculator to estimate your payments.
When I qualify, how much down payment money will I need?

The down payment money amount that you will need is based on a number of factors. You may, however, get a general idea of the amount by first determining your credit profile and then using our money down estimator. Keep in mind that a trade-in is like a down payment, however an additional down payment may be required if there is a lien on the vehicle you are trading. A Cosigner may be considered for a Buyer who does not comply with all the credit requirements.  The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.
How do I shop for a car loan?
If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.