Do I have the right to purchase a vehicle 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 tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that compensate us. This compensation could affect how and when products are featured on this website, for example for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our loan products, such as mortgages and home equity and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that might be available to you. Share: Maskot/Getty Images
2 min read Read Published 31 March 2022
Jerry Brown Written Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and automobile loans as well as debt-management. 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 control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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So, this compensation can influence the manner, place and in what order products are listed in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other elements, like our own website rules and whether a product is available within the area you reside in or is within your personal credit score could also affect how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. When you file for Chapter 7 bankruptcy, it will be on your credit report for up to 10 years from the date of filing. During this period you may have to purchase a vehicle. It is, however, harder, you are able to obtain a car loan after bankruptcy. To compensate for the increased risk that comes with bankruptcy, a lender might be able to charge you a higher interest rate or demand an additional down amount. Should I purchase a vehicle in the aftermath of bankruptcy? The answer to this question is contingent on your financial situation and transportation needs. The affordability of any car you buy should be within your budget. Be sure to check the price , not just the cost of the car. Transportation: If you already have reliable transportation, it could be best to hold off purchasing a car. Your interest rate is likely to be lower than the ideal rate with bankruptcy still on your credit report. Utilizing cash to avoid the auto loan prior to the bankruptcy being removed from your record could be the best choice. If you pay cash, you can avoid the loan completely. 3 ways to finance a car using an auto loan after bankruptcy When you attempt to finance your car with an auto loan following bankruptcy, you may face an issue in finding an lender and some may resist working with you. If you do find an lender willing to allow you to take out a loan, you likely won't qualify for the . 1. Pay-here, Buy-here, and Pay-here dealers During the course of your research, you may come across buy-here or pay-here dealerships that do not need credit checks. While these dealers will assist you in the event that you have had bankruptcy, you can end with a bill that is higher than what the car is worth. Before you decide to go through this process make sure you do your research and inquire about hidden costs. 2. Credit unions If you're one of them , you could try applying to get an auto loan at a credit union. Since credit unions are not for-profit, member-owned organizations, you may have better chances of securing financing. In addition, you may have the chance to get an interest rate that is lower. 3. Co-signer If those options don't work, an alternative would 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 default on your loan the co-signer would be accountable for the debt and this could adversely impact their credit. When you should buy depends on your financial situation. Although the right time to buy your car varies depending on your financial circumstances and your personal situation, it is the time when you can score the best deal and the best interest rate. Waiting until your credit score improves to purchase a car could reduce the interest rate a lender gives you. However, if you aren't waiting and require a vehicle immediately, look for the lowest price. Due to the epidemic certain car makers were forced to shut down their facilities for months and saw inventory and sales decline. If you're in the market for a vehicle, you may be looking to get around the shortage of new vehicles. Be sure to conduct your research and don't purchase a vehicle that you aren't able to afford. The bottom line is that while you can purchase a car in bankruptcy, you must anticipate paying more interest if you take out a loan. Although waiting for your credit score to improve could lower your rate however, it's not always feasible. Research all of your lending options before you take out the loan. Make use of dealer discounts and stay clear of dealerships that have hidden fees. Find out more about:
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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and Auto loans and managing debt. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into digestible pieces.
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