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Getting a car loan after bankruptcy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that may be available to you.



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3 min read . Published April 6 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to purchase a car.









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The process of applying for an auto loan after bankruptcy might seem daunting. And while it's true that getting an attractive loan following bankruptcy may require some extra leg work but it's still feasible. The work will include examining for and improving credit, while considering the additional hoops that you'll need to jump through. Two types of bankruptcy major kinds of bankruptcy. Before making a new loan it is crucial to understand the specifics of the bankruptcy you filed for. Chapter 7 bankruptcy The court takes legal ownership of some of your possessions when you file to file Chapter 7 bankruptcy, and thus a temporary stay will be placed on your existing debts. The process generally takes between 80 and 130 days to complete , and could potentially remain in your credit file for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy -- also known as a wage earner's plan permits filers to make a plan to settle debts accrued. After approval by the court the plan generally consists of paying fixed amounts over a period. It can remain on your credit report for no more than seven years. How to get a car loan after bankruptcy Prior to making a decision on a loan application, there's some cleanup that needs to be taken to prove to lenders that you can pay off the loan. Do a few additional steps in order to receive approval and favorable terms. Step 1. Check your credit Since filing your bankruptcy, your credit score been expected to shift. Although there isn't a set amount of reduction in your credit score following bankruptcy, it will have less significance with time, which means you're likely to see higher scores in the final year than in the first. The higher your credit score, the more favorable your terms will be. Your score can be found by credit bureausthe three major ones being Experian, TransUnion and Equifax. It is recommended to gauge the state of your credit prior to diving into an initial loan application. In this way, you will feel more assured that you're getting the most favorable deal. Enhance your credit score
Because your credit suffers a blow after bankruptcy, it's in your best interests to be ahead of your shopping.


Step 3. Set a budget for your car down down payment can significantly increase the chances of getting approved and may even help you save money by lowering your rates. Utilize a calculator to determine how much money you could save using different amounts. Step 4. Explore the market The secret to getting the best deal is to compare many different lenders and being open to more than just the most recent automobile models. Take a look at the advantages and disadvantages of each and take a look at a number of deals before you sign. Apply for loan preapproval
Before you go to a dealer it's an excellent idea to make an application for . It does not ensure loan approval however it can give you negotiation power and an accurate knowledge the budget you have set.


What should you remember after bankruptcy While a financed vehicle could be possible following bankruptcy, there are some crucial aspects to consider. Be wary of lenders who are predatory you are a possible loan owner with a credit score that is not favorable You will probably be met with loans that are characterized as predatory. This type of lender is likely to offer guarantees on credit or no credit check. These options can many times lead to you becoming due to their high interest rate. Be aware of the pros and cons of longer loan terms Similarly, you may be met with . These stretched-out loans can be a risk particularly at seven or more years. A longer loan term is yet another possibility where you're more likely to end up upside down with the loan. Consider a co-signer If your credit score is still low, think about applying for a loan with the . It is more likely to be approved because lenders will feel added confidence in the co-signer's credit score. Next steps Lenders will more often accept loans for drivers who are confident in their ability to pay. A history of bankruptcy does not bar you from being able to meet the requirements. Be patient and thoughtful throughout the process. Take time to build your credit before applying for a loan .


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase the car they want.




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