Can I buy a car following Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, 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 can affect the way and where products appear on this website, for example for instance, the order in which they may appear within the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity, and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offers that may be accessible 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 personal loans, automobile loans as well as managing debt. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-researched, and reliable information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four decades. We continually strive to provide consumers with the expert advice and tools required to succeed throughout life’s financial journey. Bankrate follows a strict , therefore you can be confident that our content is truthful and reliable. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, factual, and not influenced by our advertisers. We’re open about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and, services, or by you clicking on certain links posted on our website. So, this compensation can impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, like our own proprietary website rules and whether a product is available within the area you reside in or is within your personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include details about each credit or financial products or services. If you file for Chapter 7 bankruptcy, it will remain on your credit file for up to 10 years from the date of the filing. During this period it is possible that you will need to buy a car. While it’s harder, you are able to take out an auto loan following bankruptcy. To compensate for the increased risk, a lender may be able to charge you a higher interest rate or require more of a down amount. Should I buy a car after bankruptcy? The answer depends on your financial circumstances and your transportation requirements. Cost-effectiveness: Any vehicle you purchase should be well within your budget. Ensure that it is by not just the sticker price. Your current transportation: If you already have reliable transportation, it may be a good idea to wait from buying a vehicle. Your interest rate is likely to be less than ideal with bankruptcy still showing on your credit report. Cash: Avoiding the auto loan before bankruptcy is off your record could be the best choice. By using cash, you could avoid the loan entirely. 3 ways to finance a car using an auto loan following bankruptcy If you are trying to finance your car using an auto loan after bankruptcy, you may face an issue in getting an lender — some will not be willing to collaborate 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 could find buy-here and pay-here dealers that don’t need credit checks. Although these dealerships will work with you if you have had bankruptcy, you may end with a bill that is higher than what the car is worth. Before using this option be sure to do your homework and inquire about hidden costs. 2. Credit unions If you’re a , you may be able to apply to get an auto loan at a credit union. Since credit unions are not-for-profit, member-owned organizations and are member-owned, you could have better chances of securing financing. In addition, you may have the chance to get the lowest interest rate. 3. Co-signer If these options don’t work, another option would be to get someone with good or excellent credit rating to sign an auto loan to you. Before going this route, explain to the person . If you default on your loan the co-signer will be held accountable for the loan payments, and it could negatively impact their credit. The time to buy a car is contingent on your financial situation. While the best time to purchase your vehicle varies based on your financial circumstances and your personal situation, it is the time when you’ll get the best bargain and rate. The delay till your credit rating improves before you buy a car may reduce the interest rate that a lender gives you. But if you can’t wait and need transportation now, search for the most affordable deal. Due to the epidemic, some car manufacturers were forced to close their factories for months and saw sales and inventory decrease. If you’re in the market for a vehicle, you may be looking to get around the shortage of new cars. Be sure to conduct your research and avoid buying a car that you aren’t able to afford. The bottom line is that while you can purchase a car after bankruptcy, you should anticipate paying more interest in the event you take out the loan. Although the waiting time for your credit to rise could lower your rate but it’s not always possible. Explore all your loan options before you take out an loan. Benefit from dealer discounts and avoid dealers that have hidden charges. Learn more:
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Written by the writer who contributes to the project. Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans as well as auto loans and managing debt. Written 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 confidence to take control of their finances with concise, well-researched and well-written details that cut otherwise complicated topics into digestible pieces.
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