Can I buy a car following Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing independent and objective content, by enabling users to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they appear in the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offerings that could be available to you. SHARE Maskot/Getty Images
2 minutes read published March 31, 2022
Written by Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and Auto loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances with concise, well-researched and well-documented facts that break down complicated topics into bite-sized pieces. The Bankrate promises
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So, this compensation can impact how, where 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 elements, like our own proprietary website rules and whether or not a product is available in your region or within your own personal credit score may also influence the manner in which products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit item or product. If you file for Chapter 7 bankruptcy, it will remain on your credit file for up to 10 years following the date of filing. Through this time it is possible that you will need to buy a car. It is, however, harder, you are able to get a car loan after bankruptcy. To compensate for the increased risk that comes with bankruptcy, a lender may charge you a higher interest rate or demand an additional down amount. Should I buy a car after bankruptcy? The answer to this question is contingent on your financial situation and transportation needs. Cost-effectiveness: Any vehicle you buy must be within the budget. Ensure that it is by not only the cost of the car. Current transportation If you already use reliable transport, it might be best to hold off on buying a car. Your interest rate is likely to be less than ideal when bankruptcy is still on your credit report. Utilizing cash to avoid the possibility of a car loan prior to the bankruptcy being removed from your record may be the best choice. If you pay cash, you can skip the loan completely. 3 ways to finance a car using an auto loan following bankruptcy If you are trying to finance your car using an auto loan after bankruptcy, you could have more difficulty in finding a lender — some will not be willing to collaborate with you. Also, once you find an lender willing to let you borrow money, you probably aren’t eligible for the . 1. Buy-here, pay-here dealerships During an online search you could encounter buy-here, pay-here dealerships that do not need credit checks. Even though these dealerships can assist you in the event that you’ve had bankruptcy, you could end up paying more than the car is worth. Before you decide to go through this process be sure to do your homework and inquire about hidden fees. 2. Credit unions If your credit union is one of them , you could try applying for an auto loan there. Since credit unions are not-for-profit and owned by members and are member-owned, you could have better chance of getting financing. Plus, you might get an interest rate that is lower. 3. Co-signer If these options don’t work, an alternative would be getting someone with good to excellent credit to co-sign an auto loan for you. Before doing this inform the person . If you default on your loan, the co-signer will be responsible for the payments and this could adversely impact their credit. The time to buy a car is contingent on your financial situation. Although the right time to buy your vehicle varies based on your financial situation, the is when you’ll get the best bargain and rate. If you wait to see if your credit improves to purchase a car could reduce the interest rate that a lender offers you. But if you can’t wait and require a vehicle immediately, look for the best deal. Due to the pandemic the car makers were forced to shut down their facilities for months and saw sales and inventory decline. If you’re in the market for car, you may need to take advantage of the lack of new cars. But do your due diligence and don’t buy a car that you aren’t able to afford. In the end, while you can purchase a car in bankruptcy, you must anticipate paying more interest when you get an loan. While the waiting time for your credit to rise may reduce your interest rate however, it’s not always feasible. Explore all your loan options before you take out a loan. Benefit from dealer incentives and try to stay clear of dealerships that have hidden charges. Find out more about:
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Written by a contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans as well as automobile loans as well as debt-management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied details that cut otherwise complicated topics into digestible pieces.
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