Most people have heard horror stories of others going bankrupt and screwing up their chances of getting vehicles and homes. While the process can be a trying time and can cause your scores to drop or show negativity, it could still be the best way to clean the slate and help you start over debt-free. If you’ve filed for bankruptcy and now want to get a car, you may think you’ve got no options in Tulsa OK. However, there are loans available to you if you know where to look and how to choose the best choice.
How Long To Wait
After you go bankrupt and file for Chapter 7, it can take about four months for the lawyers to close the case and erase your debts. The listing can show up on your credit report for up to ten years. You may also be able to file for Chapter 13, which gives you the chance to pay part of your debt to your credits over an extended period (up to five years). This listing can stay on your report seven years.
However, you don’t have to wait all those years before getting a vehicle, though you may want to work on rebuilding credit slowly before applying for a loan. Subprime lenders only require that you wait until your case is closed before starting the approval process, ensuring that you get what you need.
Points To Consider
Bankruptcy car loans in Tulsa OK can be similar to other loan options. However, you will probably have to choose a subprime lender because traditional loan companies won’t work with you. It is always a good idea to get pre-approved for a loan first because then you’ll know how much is available for the new vehicle and dealerships may be more open to working with you.
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