Getting a loan for a different vehicle can be stressful for anyone, but it can be especially hard for those who have filed for bankruptcy. Car loans in Norman OK can still be given to you if you know what to do and where to look. It’s important that you consider a few factors first to determine if you should wait or continue with your plans.
Usually, a bankruptcy put a negative mark on your credit score and report. This negative mark can stay on the report for up to ten years, depending on the type you file. However, most subprime lenders only require you to wait until it is finalized and the case is closed before you consider car loans in Norman OK, which means you can be on your way to getting a vehicle within a few short months.
Should/Can You Wait?
Another factor to consider is whether you should wait for a few years. If you have no transportation and require it, you cannot wait and should continue looking for appropriate lenders who will help you. If you can wait, it may be a good idea to do so because you can start rebuilding your credit.
What You Can Afford
You should also determine how much you can safely afford for a different vehicle. When you do this, factor in how much interest you will pay and try to determine what your monthly payments will be.
How To Find Lenders
Subprime lenders are likely to be your best option. Choose one that offers pre-approval and see how much you will get from them first. Then, you can take the letter they send and go to the dealership knowing what you can afford.
Bankruptcy car loans in Norman OK should be handled by the professionals at The KEY. Visit them now to start the pre-approval process.