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 goal is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information at no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited 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 can affect the way and where products are displayed on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other home loan products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial deals that might be accessible 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 home equity, personal loans and automobile loans and debt management. Written 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 control their finances by providing precise, well-researched, and reliable facts that break down complicated topics into bite-sized pieces. The Bankrate promise
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We receive compensation for the placement of sponsored products or services, or through you clicking certain hyperlinks on our website. This compensation could influence the manner, place and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether the product is available in the area you reside in or is within your self-selected credit score range may also influence the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. After you go through Chapter 7 bankruptcy, it can be on your credit report for up to 10 years from the date of filing. In this time you may require a car. While it’s more challenging, you can take out a car loan after bankruptcy. To compensate for the increased risk, a lender might offer a greater interest rate or ask for more of a down payment. Should I buy a car following bankruptcy? The answer depends on your financial circumstances and the transportation requirements. Cost-effectiveness: Any vehicle you buy should be within the budget. Ensure that it is by not only the sticker price. Your current transportation If you already use reliable transport, it could be a good idea to wait purchasing a car. Your interest rate is likely to be lower than you would like with bankruptcy still on your credit report. Cash: Avoiding the possibility of a car loan before bankruptcy is off your record may be the best choice. With cash, you can skip the loan entirely. 3 ways to finance a car with an auto loan after bankruptcy When you attempt to finance your vehicle with an auto loan after bankruptcy, you might have an issue in finding an lender and some may resist working with you. If you do find a lender willing to allow you to borrow money, it is likely that you aren’t eligible for the . 1. Pay-here, Buy-here, and Pay-here dealers During your search, you might find buy-here and pay-here dealers that do not require credit checks. Even though these dealerships can assist you in the event that you went through bankruptcy, you may end with a bill that is higher than what the car’s value. Before you decide to go through this process, 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 at a credit union. Because credit unions are non-profit, member-owned organizations which means you’ll have more chances of securing financing. In addition, you may be able to secure an interest rate that is lower. 3. Co-signer If those options don’t work, an alternative would be to find an individual with excellent to good credit to co-sign an auto loan to you. Before you do this inform 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 finances Although the best time to purchase your vehicle is contingent on your financial circumstances, the is when you’ll get the best deal and the best interest rate. If you wait to see if your credit improves to buy a car may reduce the interest rate a lender gives you. However, if you aren’t waiting and are in need of transportation right now, you should look for the most affordable deal. Due to the pandemic the car makers were forced to close their plants for months, and saw sales and inventory fall. If you’re in need of a vehicle, you may need to take advantage of the lack of new cars. Be sure to conduct your research and don’t buy a car you can’t afford. The bottom line While you are able to buy a car in bankruptcy, you must anticipate paying an additional interest rate if you take out an loan. Although the waiting time for your credit to rise could reduce your interest rate, it’s not always possible. Research all of your lending options before you take out a loan. Make use of dealer incentives and try to avoid dealerships that charge 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 personal loans as well as Auto loans and managing debt. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied facts that break down complex topics into manageable bites.
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