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Can I buy a car following 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 as well as publishing independent and objective content, by enabling users to conduct research and compare data for free to help you 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 Make money The products that appear on this site are from companies that pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will affect the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you. SHARE: Maskot/Getty Images
2 min 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 and auto loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee
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There are money-related questions. Bankrate has answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , therefore you can be confident that our information is trustworthy and accurate. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced through our sponsors. We’re transparent about how we are able to bring quality content, competitive rates and useful tools for our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products are listed, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own rules for our website and whether or not a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit products or services. If you file for Chapter 7 bankruptcy, it may remain on your credit report for as long as 10 years from the date of filing. In this time, you might require a car. And while it is more difficult, you can get a car loan in the event of bankruptcy. In order to compensate for the greater risk the lender might charge you a higher interest rate or ask for more of a down amount. Do I need to buy a car in the aftermath of bankruptcy? The answer is contingent on your financial situation and your transportation requirements. Affordability: Any car you buy should be within the budget. Ensure that it is by not just the price on the tag. Current transportation: If you already use reliable transport, it may be better to put off purchasing a car. The interest rate you pay for it will be lower than the ideal rate in the event that bankruptcy remains on your credit report. Cash: Avoiding the auto loan prior to the bankruptcy being removed from your record may be the best choice. By using cash, you can skip the loan completely. 3 ways to finance a car with an auto loan after bankruptcy When you attempt to finance your car using an auto loan after bankruptcy, you could have a tougher time finding an lender Some will resist working with you. If you do find a lender willing to let you take out a loan, you likely aren’t eligible for the . 1. Pay-here and Buy-here dealerships the course of your research, you may come across buy-here or pay-here dealerships which don’t need credit checks. Even though these dealerships can cooperate with you if you’ve had bankruptcy, you may end up paying more than the car’s value. Before you make a decision be sure to do your homework and ask about hidden charges. 2. Credit unions If one of them , you could try applying to get an auto loan at a credit union. Since credit unions are not-for-profit owned by members which means you’ll have more luck securing financing there. Additionally, you may be able to secure an interest rate that is lower. 3. Co-signer If those options don’t work, a different option could be to get an individual with excellent to good credit to co-sign an auto loan on your behalf. Before doing this, explain to the person . If you default on your loan, the co-signer will be accountable for the debt which could adversely impact their credit. The time to buy a car is contingent on your finances Although the best time to purchase your car varies depending 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 offers you. But if you can’t wait and need transportation now, search for the best deal. Due to the epidemic certain car makers were forced to shut down their plants for months, and saw sales and inventory decrease. If you’re in need of car, you may be looking to get around the lack of new cars. However, be sure to do your research and don’t purchase a vehicle that you aren’t able to afford. The bottom line While you may be able to purchase a vehicle following bankruptcy, you should be prepared to pay an additional interest rate if you take out an loan. Although you wait for your credit rating to increase can reduce your interest rate but it’s not always possible. Examine all of your loan options prior to taking out an loan. Take advantage of available dealer incentives and try to avoid dealers that have additional 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 automobile loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances with concise, well-researched and well-written information that breaks down otherwise complex subjects into bite-sized pieces.
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