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Getting a car loan after 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 financial calculators and tools as well as publishing independent and objective content. We also allow users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be open to you.



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

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase a car.









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Making an application for an auto loan after bankruptcy might feel daunting. And while it's real that getting an affordable loan following bankruptcy may require some additional effort, it is still feasible. That work is going to include examining and improving your credit while taking into consideration the extra hoops that you'll need to jump through. The types of bankruptcy available There are two main types of bankruptcy. Before making a new loan it is crucial to know the particulars of the type of bankruptcy you have filed. Chapter 7 bankruptcy The court assumes legal ownership of a portion of your belongings when you make a filing for Chapter 7 bankruptcy, and thus a temporary stay will be imposed on your current debts. The process usually will take between 80 and 130 days to complete , and may remain on your credit report for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy -- also known as a wage earner's scheme lets filers make a plan to pay off accrued debts. After approval by the court the plan usually consists of paying fixed amounts over the course of. It will remain on your credit report no more than seven years. How do you obtain a car loan after bankruptcy Before making a decision on a loan application there is some cleanup that needs to be taken to show the lender that you are able to pay off the loan. You must take a few additional steps in order to receive approval and the best terms. Step 1. Examine your credit report Since filing your bankruptcy, your credit score expectedly shifted. There isn't a definitive point for a reduction of your credit rating following the bankruptcy, it can have less significance with time, which means you'll likely get an increase in your score final year than in the first. The better your credit is then the more favorable your terms will be. Your score can be found by credit bureausThe three most prominent ones are Experian, TransUnion and Equifax. It is recommended to gauge how your credit is doing prior to deciding on an initial loan application. So you'll feel more assured that you're getting the most favorable deal. Build your credit
Since your credit score takes a hit following bankruptcy it's in your best interests to plan ahead when purchasing.


Step 3. Plan for a car down payment Making a down payment will greatly increase the chances of getting approved and could even save you money by reducing the interest rate range. Utilize a calculator to determine how much you could save by combining different amounts. Step 4. Find a good deal finding the best price is to look at many different lenders and being open to more than the most current vehicle models. Think about the pros and cons of a and take a look at a number of offers before deciding. Apply to get loan preapproval
Before heading into a dealership it's recommended to apply for . This doesn't guarantee loan approval, but it will give you the ability to negotiate and an accurate understanding about your spending plan.


What should you remember after bankruptcy? Although a car that is financed is possible after filing for bankruptcy, there still are some important considerations to look out for. Beware of predatory lenders If you are an potential loan person with less than stellar credit is likely to be met with lenders that are predatory. This type of lender is likely to offer guarantees on loans as well as no credit check. These options can many times cause you to be liable to their high interest rate. Be aware of the advantages and drawbacks of longer loan terms. Likewise you could be confronted with . These stretched-out loans can be a risk particularly if you are in the longer than seven years. A longer loan term is yet another situation where you're more likely to become upside down with the loan. Consider a co-signer If your credit score is poor, you should consider applying for a loan that requires the . It is more likely to receive approval due to lenders feeling more confidence in the co-signer's credit score. The next step Lenders are more likely to approve loans of drivers if they are confident in their ability to pay. A bankruptcy history does not bar you from being able to meet the requirements. Be patient and thoughtful throughout the process. Take time to improve your credit before applying for a loan .


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of using loans to buy an automobile.




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