Can I buy a car after Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our loan products, such as mortgages and home equity, and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that might be accessible to you. SHARE: Maskot/Getty Images
2 min read Read Published March 31, 2022
Jerry Brown Written Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans, auto loans and debt management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee
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This compensation could affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own proprietary website rules and whether a product is offered in your region or within your personal credit score could also affect the manner in which products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about each credit or financial products or services. If you file for Chapter 7 bankruptcy, it can remain on your credit report for up to 10 years following the date of the filing. Through this time it is possible that you will have to purchase a vehicle. It is, however, more challenging, you can get an auto loan following bankruptcy. To compensate for the increased risk that comes with bankruptcy, a lender could offer a greater interest rate or demand an additional down payment. Should I purchase a vehicle after bankruptcy? The answer to this question depends on your financial circumstances and the transportation requirements. Affordability: Any car you buy must be within your budget. Ensure that it is by not just the sticker price. Current transportation: If you already use reliable transport, it could be a good idea to wait purchasing a car. Your interest rate is likely to be lower than the ideal rate when bankruptcy is still showing on your credit report. Using cash: Avoiding the auto loan prior to the bankruptcy being removed from your record could be the best option. With cash, you can skip the loan entirely. 3 ways to finance a car with an auto loan following bankruptcy If you are trying to finance your vehicle with an auto loan after bankruptcy, you might have an issue in getting an lender Some will resist working with you. Once you have found a lender willing to let you borrow money, you probably will not be eligible for the . 1. Buy-here, pay-here dealerships During an online search you might find buy-here and pay-here dealers that do not need credit checks. Although these dealerships will assist you in the event that you have had bankruptcy, you could end up paying more than the car is worth. Before using this option make sure you do your research and inquire about hidden costs. 2. Credit unions If your credit union is one of them , you may be able to apply to get an auto loan at a credit union. Because credit unions are non-profit and owned by members which means you'll have more chance of getting financing. Plus, you might be able to secure the lowest interest rate. 3. Co-signer If those options don't work, a different option could be getting someone with good to excellent credit rating to sign an auto loan on your behalf. Before going this route be sure to explain the situation to the person . In the unfortunate event that you fail to pay your loan the co-signer would be responsible for the payments which could adversely affect their credit. The time to buy a car is contingent on your financial situation. While the right time to buy your car varies depending on your financial circumstances, the is when you will get the most favorable deal and interest rate. Waiting till your credit rating is improved to purchase a car could reduce the interest rate a lender offers you. If you're not waiting and are in need of transportation right now, you should look for the lowest price. Because of the pandemic, some car manufacturers were forced to shut down their facilities for months and saw sales and inventory decrease. If you're in need car, you may need to take advantage of the shortage of new cars. But do your due diligence and don't buy a car that you aren't able to afford. The bottom line While you are able to buy a car in bankruptcy, you must anticipate paying a higher interest rate if you take out the loan. While you wait for your credit rating to increase could reduce your interest rate but it's not always possible. Explore all your loan options before you take out a loan. Make use of dealer discounts and avoid dealerships that charge hidden fees. Learn more:
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Written by a contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans, Auto loans and debt management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched facts that break down complicated topics into digestible pieces.
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