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 mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare information at no cost – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they may 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. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you. SHARE: Maskot/Getty Images
2 min read Read Published March 31, 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched, and reliable facts that break down complex topics into manageable bites. The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We continually strive to provide our readers with the professional advice and tools required to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and precise. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the best financial choices. Our content produced by our editorial staff is factual, accurate and is not influenced by our advertisers. We’re honest about the ways we’re able to bring quality content, competitive rates and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our website. So, this compensation can impact how, where and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own rules for our website 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 site. We strive to offer the most diverse selection of products, Bankrate does not include details about each credit or financial item or product. After you go through Chapter 7 bankruptcy, it can be on your credit report for up to 10 years from the filing date. During this period it is possible that you will have to purchase a vehicle. While it’s harder, you are able to obtain an auto loan after bankruptcy. To offset the higher risk the lender might be able to charge you a higher interest rate or demand more of a down amount. Do I need to buy a car after bankruptcy? The answer to this question is contingent on your financial situation and the transportation requirements. The affordability of any car you buy must be within your budget. Be sure to check the price not just the cost of the car. Your current transportation If you use reliable transport, it might be best to hold off on buying a car. Your interest rate will likely be lower than you would like in the event that bankruptcy remains on your credit report. Cash: Avoiding the auto loan before bankruptcy is removed from your record may be the best choice. If you pay cash, you could avoid the loan completely. 3 ways to finance a car using an auto loan after bankruptcy When trying to finance your vehicle with an auto loan after bankruptcy, you could have a tougher time finding an lender — some will be reluctant to work with you. Once you have found a lender willing to allow you to take out a loan, you likely will not be eligible for the . 1. Pay-here and Buy-here dealerships an online search you might encounter buy-here, pay-here dealerships that don’t need credit checks. While these dealers will work with you if you have had bankruptcy, you can end up paying more than the car’s value. Before using this option make sure you do your research and ask about hidden charges. 2. Credit unions If you’re one of them , you could try applying to get an auto loan there. Because credit unions are non-profit owned by members, you may have better luck securing financing there. In addition, you may have the chance to get the lowest interest rate. 3. Co-signer If none of those options work, a different option could be to get someone with good or excellent credit, to be a cosigner on an automobile loan for you. Before going this route, explain to the person . In the unfortunate event that you fail to pay your loan, the co-signer will be accountable for the debt which could adversely impact their credit. When you should buy depends on your financial situation. While the best time to purchase your vehicle varies based on your financial situation and your personal situation, it is the time when you will get the most favorable bargain and rate. The delay to see if your credit is improved to purchase a vehicle could lower the interest rate that a lender will offer you. But if you can’t wait and require a vehicle immediately, look for the most affordable deal. Because of the pandemic, some car manufacturers were forced to close their factories for months and saw inventory and sales decline. If you’re in need of car, you may be looking to get around the shortage of new cars. However, be sure to do your research and don’t purchase a vehicle that you cannot afford. In the end, while you may be able to purchase a vehicle in bankruptcy, you must anticipate paying more interest when you get an loan. While waiting for your credit score to improve could lower your rate however, it’s not always feasible. Examine all of your loan options before you take out an loan. Take advantage of available dealer discounts and stay clear of dealerships that have hidden fees. Find out more about:
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Written by the writer who contributes to the project. Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and automobile loans and debt management. Edited 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 through providing concise, well-researched and well-written details that cut complicated topics into digestible pieces.
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