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Can I purchase 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 smarter financial decisions by offering interactive financial calculators and tools as well as publishing independent and objective content. We also allow you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on this site, including for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other home loan products. However, this compensation will 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 offerings that could be open to you. SHARE: Maskot/Getty Images
2 minutes read published March 31, 2022
Writer: Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about 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 from late 2021. They are committed to helping readers gain confidence to manage their finances by providing concise, well-researched and well-documented information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promise
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At Bankrate we are committed to helping you make better financial choices. We adhere to the highest standards of journalistic integrity ,
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Founded in 1976, Bankrate has a long track record of helping people make informed financial decisions.
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We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors focus on the things that consumers care about the most -- different types of lending options as well as the best rates, the top lenders, ways to pay off debt and more -- so you'll feel safe making a decision about your investment. Integrity of the editing
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You have money questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , which means you can be sure that our content is truthful and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial choices. The content we create by our editorial staff is factual, accurate and is not influenced through our sponsors. We're open about how we are in a position to provide quality content, competitive rates, and helpful tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or through you clicking specific links on our site. This compensation could impact how, where and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether or not a product is offered in the area you reside in or is within your personal credit score may also influence the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit item or product. If you file for Chapter 7 bankruptcy, it can remain on your credit file for up to 10 years following the date of the filing. Through this time, you might require a car. While it's harder, you are able to take out a car loan after bankruptcy. To compensate for the increased risk the lender might be able to charge you a higher interest rate or ask for an additional down payment. Should I buy a car after bankruptcy? The answer to this question is contingent on your financial situation and the transportation requirements. Affordability: Any car you buy must be within your budget. Make sure it's by not only the cost of the car. Transportation: If you already use reliable transport, it might be a good idea to wait on buying a car. Your interest rate will likely be lower than the ideal rate when bankruptcy is still showing on your credit report. Using cash: Avoiding the auto loan before bankruptcy is removed from your credit report could be the best choice. By using cash, you could avoid the loan entirely. Three methods to finance a vehicle using an auto loan following bankruptcy If you are trying to finance your car with an auto loan after bankruptcy, you might have more difficulty in finding an lender Some will not be willing to collaborate with you. Also, once you find a lender willing to allow you to borrow money, you probably aren't eligible for the . 1. Pay-here, Buy-here, and Pay-here dealers During the course of your research, you may come across buy-here or pay-here dealerships that do not need credit checks. Even though these dealerships can work with you if you went through bankruptcy, you can end up paying more than the car's value. Before you make a decision make sure you do your research and ask about hidden charges. 2. Credit unions If your credit union is one of them , you can try applying for an auto loan there. Since credit unions are not for-profit owned by members which means you'll have more chances of securing financing. Plus, you might have the chance to get an interest rate that is lower. 3. Co-signer If none of those options work, a different option could be to get someone with good or excellent credit rating to sign an auto loan on your behalf. Before going this route be sure to explain the situation to the person . If you fail to pay your loan the co-signer will be responsible for the payments and this could adversely affect their credit. When you should buy depends 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. Waiting until your credit score improves 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 lowest price. Due to the pandemic certain car makers were forced to shut down their plants for months, and saw sales and inventory decline. If you're in need a vehicle, you may be looking to get around the shortage of new cars. Be sure to conduct your research and don't purchase a vehicle you can't afford. The bottom line While you may be able to purchase a vehicle after bankruptcy, you should anticipate paying an additional interest rate when you get the loan. Although waiting for your credit score to improve may lower your rates but it's not always possible. Explore all your loan options prior to taking out an loan. Benefit from dealer incentives and try to avoid dealers that have hidden fees. Find out more about:
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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans as well as Auto loans as well as debt-management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances by providing clear, well-researched details that cut complex subjects into bite-sized pieces.
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