Can I purchase a car following 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 financial calculators and tools as well as publishing independent and objective content. This allows users to conduct research and compare information at no cost and help you make sound 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 Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you. Share: Maskot/Getty Images
2 minutes read published 31 March 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, Auto loans and debt management. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and well-documented information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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They ensure that what we write will ensure that our content is reliable, honest and reliable. We have loans reporters and editors concentrate on the points consumers care about the most -- the various kinds of loans available as well as the best rates, the most reliable lenders, how to repay debt, and many more, so you'll be able to feel secure when making a decision about your investment. Editorial integrity
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There are money-related questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We continually strive to give our customers the right advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , which means you can be sure that our information is trustworthy and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial choices. Our content produced by our editorial team is factual, objective and uninfluenced from our advertising. We're open regarding how we're in a position to provide quality content, competitive rates and useful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or through you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other home lending products. Other elements, like our own website rules and whether or not a product is offered in your region or within your self-selected credit score range could also affect the manner in which products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial item or product. If you file for Chapter 7 bankruptcy, it can remain on your credit report for up to 10 years following the filing date. Through this time, you might need to buy a car. And while it is harder, you are able to obtain a car loan in the event of bankruptcy. To offset the higher risk, a lender could offer a greater interest rate or demand more of a down payment. Should I buy a car following bankruptcy? The answer will depend on your financial situation and transportation needs. Affordability: Any car you purchase should be well within the budget. Make sure it's by not just the sticker price. Your current transportation If you already have reliable transportation, it may be better to put off purchasing a car. The interest rate you pay for it will be lower than the ideal rate with bankruptcy still appearing on your credit record. Cash: Avoiding the auto loan before bankruptcy is removed from your record may be the best option. If you pay cash, you could avoid the loan completely. Three ways to finance a car using an auto loan after bankruptcy When you attempt to finance your car with an auto loan after bankruptcy, you might have a tougher time finding an lender -- some will not be willing to collaborate with you. Also, once you find an lender willing to allow you to borrow money, it is likely that you will not be eligible for the . 1. Buy-here, pay-here dealerships During an online search you might encounter buy-here, pay-here dealerships that do not require credit checks. While these dealers will work with you if you've had bankruptcy, you may end up paying more than the vehicle is worth. Before you decide to go through this process be sure to do your homework and inquire about hidden fees. 2. Credit unions If you're a , you can try applying for an auto loan there. Since credit unions are not for-profit owned by members and are member-owned, you could have better chance of getting financing. Plus, you might 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 rating to sign an auto loan on your behalf. Before going this route be sure to explain the situation to the person . In the unfortunate event that you default on your loan, the co-signer will be held accountable for the loan payments, and it could negatively affect their credit. When you should buy depends on your financial situation. While the best time to purchase your car varies depending on your financial situation and needs, this is the time you can score the best deal and the best interest rate. Waiting till your credit rating improves before you buy a car may reduce the interest rate a lender offers you. If you're not waiting and need transportation immediately, look for the most affordable deal. Due to the pandemic, some car manufacturers were forced to close their plants for months, and saw sales and inventory fall. If you're in need of car, you may want to to circumvent the shortage of new vehicles. Be sure to conduct your research and don't purchase a vehicle that you aren't able to afford. The bottom line is that while you are able to buy a car following bankruptcy, you should anticipate paying more interest if you take out a loan. While waiting for your credit score to improve can lower your rates but it's not always possible. Explore all your loan options before you take out the loan. Benefit from incentives from dealers and stay clear of dealerships that have hidden fees. Learn more:
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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans, automobile loans and managing debt. The article was 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 take control of their finances with concise, well-researched and well-written details that cut complicated topics into digestible pieces.
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