how long do i have to wait to finance a vehicle?
2006-12-27 21:25:55 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
It depends on the company where you apply for the loan, as different companies have different criteria regarding credit acceptance. If the bankruptcy is very newly filed, few companies will take on the risk, although some will - at VERY high interest rates. As your bankruptcy ages, it will become easier to find creditors willing to grant credit to you. Usually after 24-30 months your credibility rises, although interest rates will also be higher.
2006-12-28 00:49:17 · answer #1 · answered by RedSoxFan 4 · 0⤊ 0⤋
My sister in law filed bankruptcy in 2001. In Spring 2006 she got a job with "The County" making only $55,000.00 a year. No credit just the BK on her, she financed a new BMW last spring, how? Government job, point blank. That's why and they confirmed that being the reasoning. Also, after you file SUPPOSEDLY you should be able to start clean and begin to open up revolving accounts whilst showing proof of employment stability and can show a decent income to back up your credit request.
2006-12-28 06:45:49 · answer #2 · answered by Mt ~^^~~^^~ 5 · 1⤊ 2⤋
You won't want to wait long after you BK before you open up a revolving credit card...try a secured one at first. Then, if you want to finance an automobile at least you will have something on your credit that is post-BK.
2006-12-28 10:15:33 · answer #3 · answered by Kevin K 3 · 0⤊ 0⤋