Contrary to popular belief, filing for bankruptcy does not mean that your chances of getting a loan are now non-existent; in fact, many car lenders are willing to take into consideration the fact that a bankruptcy filing doesn’t necessarily represent a poor overall financial situation. When it comes down to it, lenders just need to assess whether or not you will be able to make on-time payments, and if they are assured of this, they will most likely be willing to issue you a loan. Keep in mind though, that it may not be easy to get approved for a loan even if you can make the payments, since lenders do have a set of conditions that must be met in order for a loan applicant to be approved. If you are considering filing for bankruptcy in Oklahoma, or if you are unsure of your loan options following an Oklahoma bankruptcy filing, contact our experienced bankruptcy attorneys at Oklahoma Legal Center for legal help.
The Importance of a Good Credit Score
One of the most important assessments a lender will make in regards to a bankruptcy loan application is reviewing the ways in which the applicant has managed his or her credit obligations after his or her debts were discharged in bankruptcy. Your credit report is a major indicator of this, so you should be sure to check your credit score before applying for a car loan. One option for rebuilding credit after bankruptcy is to apply for a new credit card and start making regular payments on the card for six or more months, thereby displaying good borrowing and repaying habits. This will result in credit improvement, and could help your chances of being accepted for a car loan.
Get a Cosigner With Good Credit
When applying for a car loan after filing for bankruptcy protection, the applicant may be required to provide a written explanation of the financial circumstances that made it necessary for him or her to file for bankruptcy. This written explanation should be on hand, as well as any other required documents when applying for a car loan after bankruptcy. If you have bad credit, and you are still ineligible for a car loan on your own after seeking bankruptcy protection, you could get a person with good credit to be a cosigner on the loan. Another option would be to purchase a used car, which might be an easier course of action, since a lender would be more likely to approve the applicant for a smaller loan if necessary.
Contact Our Bankruptcy Attorneys for Legal Help
Even if you recently filed for bankruptcy, you might still be eligible for a car loan, since many lenders have relaxed their approval requirements regarding bankruptcy applicants. Because of the difficulties you may face in applying and qualifying for a car loan after filing for bankruptcy, it’s a good idea to enlist the help of a qualified bankruptcy attorney for situations such as these. If you think that filing for bankruptcy in Oklahoma might be a good option for you, but you are concerned about qualifying for loans after seeking bankruptcy protection, our knowledgeable bankruptcy lawyers at Oklahoma Legal Center can inform you of your legal options before, during and after bankruptcy. With the help of our skilled bankruptcy attorneys at Oklahoma Legal Center, you can protect your legal rights and easily navigate the sometimes complicated process of filing for bankruptcy in Oklahoma.