Can I purchase a car in the event of a Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing independent and objective content, by enabling users to conduct research and compare information at no cost – so that you can 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 products that appear on this website are provided by companies who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our loans, mortgages,, and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial deals that might be open to you. SHARE Maskot/Getty Images
2 min read Read Published 31 March 2022
Written by Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and Auto loans as well as debt-management. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched, and reliable information that breaks down complex topics into manageable bites. The Bankrate promises
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This compensation could influence the manner, place and when products are displayed within the categories of listing in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether or not a product is available within the area you reside in or is within your personal credit score may also influence the way and place products are listed on this website. We strive to offer an array of offers, Bankrate does not include information about every financial or credit product or service. After you go through Chapter 7 bankruptcy, it can remain on your credit file for up to 10 years from the filing date. In this time, you might need to buy a car. And while it is harder, you are able to obtain a car loan after bankruptcy. To offset the higher risk, a lender could offer a greater interest rate or demand a larger down payment. Do I need to buy a car following bankruptcy? The answer to this question depends on your financial circumstances and your transportation requirements. Cost-effectiveness: Any vehicle you buy must be within the budget. Ensure that it is by not only the price on the tag. Current transportation: If you already have reliable transportation, it could be a good idea to wait from buying a vehicle. The interest rate you pay for it will be lower than the ideal rate in the event that bankruptcy remains showing on your credit report. Using cash: Avoiding an auto loan before bankruptcy is off your credit report could be the best choice. By using cash, you can skip the loan completely. Three ways to finance a car with an auto loan after bankruptcy When you attempt to finance your car with an auto loan following bankruptcy, you might have an issue in getting a lender — some will resist working with you. Once you have found an lender willing to allow you to borrow money, it is likely that you will not be eligible for the . 1. Buy-here, pay-here dealerships During your search, you could encounter buy-here, pay-here dealerships which don’t need credit checks. Even though these dealerships can assist you in the event that you’ve had bankruptcy, you could end up paying more than the vehicle is worth. Before you decide to go through this process be sure to do your homework and inquire about hidden fees. 2. Credit unions If a member, you can try applying to get an auto loan there. Since credit unions are not-for-profit, member-owned organizations, you may have better chances of securing financing. Plus, you might get an interest rate that is lower. 3. Co-signer If none of those options work, another option would be getting an individual with excellent to good credit to co-sign an auto loan to you. Before going this route inform the person . If you fail to pay your loan the co-signer would be accountable for the debt which could adversely affect their credit. When to purchase a car depends on your financial situation. While the best time to purchase your vehicle is contingent on your financial situation, the is when you will get the most favorable bargain and rate. The delay until your credit score improves before you purchase a car could reduce the interest rate that a lender gives you. If you’re not waiting and require a vehicle immediately, look for the most affordable deal. Due to the epidemic certain car makers were forced to shut down their plants for months, and saw inventory and sales decline. If you’re in the market for a vehicle, you may want to to circumvent the shortage of new vehicles. But do your due diligence and avoid buying a car you can’t afford. The bottom line While you can purchase a car after bankruptcy, you should expect to pay more interest if you take out the loan. Although waiting for your credit score to improve may reduce your interest rate however, it’s not always feasible. Research all of your lending options before taking out a loan. Take advantage of available dealer discounts and avoid dealerships that charge additional fees. Find out more about:
Written by a contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and Auto loans and debt management. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-written details that cut complicated topics into digestible pieces.
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