Do I have the right to purchase a vehicle in the event of a 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 tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that pay us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our loans, mortgages, and other products for home loans. 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 universe of companies or financial offers that may be accessible to you. SHARE: Maskot/Getty Images
2 min read 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 as well as auto loans as well as managing debt. The article was edited 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 with precise, well-researched, and reliable information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises
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We receive compensation for placement of sponsored products and, services, or when you click on specific links on our website. This compensation could affect the way, location and when products are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, such as our own rules for our website and whether a product is available within your area or at your self-selected credit score range can also impact the manner in which products appear on this website. Although we try to offer an array of offers, Bankrate does not include the details of every financial or credit product or service. When you file for Chapter 7 bankruptcy, it may be on your credit report for up to 10 years from the date of filing. Through this time it is possible that you will need to buy a car. While it’s more difficult, you can take out a car loan following bankruptcy. To offset the higher risk that comes with bankruptcy, a lender could be able to charge you a higher interest rate or demand more of a down payment. Do I need to buy a car after bankruptcy? The answer is contingent on your financial situation and your transportation requirements. The affordability of any car you buy should be in your financial budget. Make sure it’s by not just the price on the tag. Transportation If you already are able to get around with your current transportation system, then it might be better to put off on buying a car. Your interest rate is likely to be lower than you would like in the event that bankruptcy remains appearing on your credit record. Cash: Avoiding the possibility of a car loan before bankruptcy is off your credit report could be the best option. With cash, you can avoid the loan completely. 3 ways to finance a vehicle using an auto loan after bankruptcy When trying to finance your car with an auto loan following bankruptcy, you could have an issue in finding an lender — some will resist working with you. If you do find a lender willing to allow you to borrow money, it is likely that you won’t qualify for the . 1. Pay-here and Buy-here dealerships your search, you may find buy-here and pay-here dealers that don’t require credit checks. While these dealers will assist you in the event that you’ve had bankruptcy, you may end having to pay more than your vehicle is worth. Before using this option be sure to do your homework and inquire about hidden costs. 2. Credit unions If your credit union is one of them , you may be able to apply to get an auto loan there. Since credit unions are not-for-profit and owned by members which means you’ll have more luck securing financing there. Additionally, you may have the chance to get a lower interest rate. 3. Co-signer If those options don’t work, an alternative would be to get someone with good or excellent credit, to be a cosigner on an automobile loan to you. Before you do this inform the person . If you do not pay back your loan the co-signer will be accountable for the debt, and it could negatively impact their credit. The time to buy a car is contingent on your finances Although the ideal time to buy your car varies depending on your financial situation and needs, this is the time you’ll get the best deal and interest rate. If you wait to see if your credit is improved to buy a car may reduce the interest rate that a lender gives you. But if you can’t wait and are in need of transportation right now, search for the most affordable deal. Due to the epidemic, some car manufacturers were forced to shut down their facilities for months and saw sales and inventory decline. If you’re in need car, you may be looking to get around 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 can purchase a car following bankruptcy, you should anticipate paying a higher interest rate when you get a loan. Although waiting for your credit score to improve may lower your rates however, it’s not always feasible. Explore all your loan options before taking out the loan. Benefit from incentives from dealers and avoid dealers that have hidden charges. Learn more:
Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and 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 since late 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down complicated topics into digestible pieces.
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