Can I purchase a car after Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and compare information at no cost to help you 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 offers that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on the site, such as, for example, the order in which they appear in the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does affect the content we publish or the reviews that appear on this website. We do not include the vast array of companies or financial deals that might be open to you. Share: Maskot/Getty Images
2 minutes 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 home equity, personal loans as well as auto loans and debt management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee
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This compensation could affect the way, location and when products are displayed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. Other elements, like our own website rules and whether a product is available in the area you reside in or is within your own personal credit score may also influence the manner in which products appear on this site. Although we try 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 can be on your credit report for up to 10 years from the date of filing. In this time you may have to purchase a vehicle. And while it is harder, you are able to obtain an auto loan in the event of bankruptcy. To compensate for the increased risk, a lender might be able to charge you a higher interest rate or ask for a larger down payment. Should I purchase a vehicle after bankruptcy? The answer to this question is contingent on your financial situation and transportation needs. The affordability of any car you purchase should be well within your budget. Be sure to check the price not only the price on the tag. Transportation If you use reliable transport, it may be best to hold off from buying a vehicle. The interest rate you pay for it will be lower than the ideal rate in the event that bankruptcy remains appearing on your credit record. Utilizing cash to avoid the auto loan before bankruptcy is off your credit report could be the best option. If you pay cash, you could avoid the loan completely. Three methods to finance a car with an auto loan following bankruptcy If you are trying to finance your car using an auto loan following bankruptcy, you could have a tougher time finding an lender Some will resist working with you. Also, once you find a lender willing to let you borrow money, it is likely that you aren't eligible for the . 1. Pay-here, Buy-here, and Pay-here dealers During your search, you may come across buy-here or pay-here dealerships that don't require credit checks. While these dealers will work with you if you went through bankruptcy, you can end with a bill that is higher than what the car is worth. Before you make a decision be sure to do your homework and inquire about hidden fees. 2. Credit unions If a , you may be able to apply for an auto loan at a credit union. Because credit unions are non-profit owned by members and are member-owned, you could have better luck securing financing there. In addition, you may get the lowest interest rate. 3. Co-signer If none of those options work, an alternative would be to find someone with good to excellent credit, to be a cosigner on an automobile loan on your behalf. Before you do this, explain to the person . If you do not pay back your loan the co-signer will be held accountable for the loan payments, and it could negatively affect their credit. When you should buy depends on your financial situation. While the ideal time to buy your vehicle varies based on your financial circumstances, the is when you can score the best bargain and rate. The delay till your credit rating is improved to buy a car may reduce the interest rate a lender will offer you. However, if you aren't waiting and are in need of transportation right now, you should look for the best deal. Due to the pandemic certain car makers were forced to close their facilities for months and saw inventory and sales fall. If you're in need of an automobile, you might be looking to get around the shortage of new cars. However, be sure to do your research and avoid buying a car you can't afford. In the end, while you can purchase a car after bankruptcy, you should expect to pay more interest if you take out an loan. Although you wait for your credit rating to increase may reduce your interest rate but it's not always possible. Explore all your loan options prior to taking out the loan. Take advantage of available incentives from dealers and avoid dealerships that charge 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 debt management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched facts that break down otherwise complicated topics into digestible pieces.
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