Do I have the right to purchase a vehicle 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, publishing original and objective content, by enabling you to conduct your own research and compare data for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including 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 pay us. This compensation may impact how and when products are featured on this website, for example the order in which they appear in the listing categories, except where prohibited by law. Our loans, mortgages,, and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could 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 as well as Auto loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing concise, well-researched and well-documented information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promise
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We are compensated in exchange for placement of sponsored products andservices or through you clicking certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products are listed in the event that they are not permitted by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether a product is available within the area you reside in or is within your self-selected credit score range could also affect the manner in which products appear on this site. We strive to offer an array of offers, Bankrate does not include details about every financial or credit products or services. When you file for Chapter 7 bankruptcy, it will remain on your credit file for up to 10 years following the filing date. In this time you may need to buy a car. And while it is more challenging, you can obtain a car loan in the event of bankruptcy. To offset the higher risk that comes with bankruptcy, a lender may offer a greater interest rate or demand an additional down amount. Should I purchase a vehicle in the aftermath of bankruptcy? The answer depends on your financial circumstances and your transportation requirements. Affordability: Any car you buy must be in your financial budget. Ensure that it is by , not just the cost of the car. Current transportation If you have reliable transportation, it could be a good idea to wait on buying a car. The interest rate you pay for it will be lower than you would like with bankruptcy still showing on your credit report. Utilizing cash to avoid the possibility of a car loan before bankruptcy is removed from your record may be the best choice. With cash, you could avoid the loan completely. Three ways to finance a car using an auto loan following bankruptcy If you are trying to finance your car with an auto loan following bankruptcy, you could have more difficulty in finding a lender Some will not be willing to collaborate with you. Once you have found a lender willing to allow you to take out a loan, you likely aren't eligible for the . 1. Buy-here, pay-here dealerships During the course of your research, you may find buy-here and pay-here dealers which don't need credit checks. Even though these dealerships can work with you if you went through bankruptcy, you could end with a bill that is higher than what the car is worth. Before you decide to go through this process, do your research and ask about hidden charges. 2. Credit unions If your credit union is one of them , you can try applying to get an auto loan there. Because credit unions are non-profit, member-owned organizations, you may have better luck securing financing there. Additionally, you may have the chance to get a lower interest rate. 3. Co-signer If those options don't work, another option would be to find someone with good or excellent credit rating to sign an auto loan on your behalf. Before doing this, explain to the person . In the unfortunate event that you default on your loan, the co-signer will be accountable for the debt which could adversely affect their credit. When to purchase a car depends 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. The delay till your credit rating improves to purchase a vehicle could lower the interest rate a lender gives you. If you're not waiting and need transportation now, you should look for the lowest price. Due to the epidemic the car makers were forced to close their facilities for months and saw sales and inventory fall. If you're in need of an automobile, you might want to to circumvent the lack of new cars. However, be sure to do your research and don't purchase a vehicle you can't afford. The bottom line While you can purchase a car in bankruptcy, you must be prepared to pay a higher interest rate in the event you take out an loan. While the waiting time for your credit to rise can reduce your interest rate however, it's not always feasible. Examine all of your loan options before you take out a loan. Benefit from dealer incentives and try to stay clear of dealerships that have 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 managing debt. 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 the confidence to manage their finances by providing precise, well-studied facts that break down complex subjects into bite-sized pieces.
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