Bankruptcy

Getting an Auto Loan After a Bankruptcy is Possible at Jim Glover Chevrolet

Going through bankruptcy is a stressful life experience for anyone who faces it, and unfortunately, it can also do serious damage to one's credit score. If you are a driver near Broken Arrow, Owasso, and Tulsa, Oklahoma who has recently filed for bankruptcy and needs an auto loan, the Finance Department at Jim Glover Chevrolet can help. Contact Jim Glover Chevrolet for assistance with getting a bad credit car loan after experiencing bankruptcy. When you apply for a bad credit auto loan after a bankruptcy filing, consider the following factors:

  • Get a copy of the latest version of your credit report and read it over thoroughly.
  • If you find any issues in your credit report, fix them as quickly as possible.
  • Save for or set aside a significant down payment for your vehicle purchase. If you can provide 20% down or more, you have a better chance of auto loan approval.
  • Pay on time each and every month! By doing so, you can repair your poor credit score faster than you may think!
  • Purchase an affordable and dependable vehicle that makes sense for your current financial situation.

Tips for Rebuilding Your Credit

In addition to paying your bills on time, there are other ways to boost your credit score so that it will be easier to get approved for a bankruptcy car loan. The first option is to open a secured credit card. With a secured credit card, you put money in a security deposit account that can be used as collateral. You can also discuss becoming an authorized user on a friend or family member's credit card. This can improve your chances of getting a car loan after bankruptcy. If you have been searching for stress-free "car finance near me," look no further than Jim Glover Chevrolet. 

Chapter 7 vs. Chapter 13 Bankruptcy 

There are two types of bankruptcy that you can file. The type you choose and how long it has been since bankrupcty was filed can affect the likelihood of getting approved for bad credit finance options.  

With Chapter 7 bankruptcy, it is possible that some debts may be discharged, and you can liquidate property and posessions to cover debts. In most cases, this type of bankruptcy will take 80 to 130 days to complete, and it can remain on your credit report for as long as 10 years. 

With Chapter 13 bankruptcy, you create a court approved plan to repay part of your debt within 3 to 5 years. You can also pay off the debt in full. In most cases, you will pay a set amount to a trustee following a predetermined schedule. This type of debt can remain on your credit report for up to 7 years. 

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Jim Glover Chevrolet 36.09087, -95.99692.