Do I have the right to purchase a vehicle after Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on this website, for example the sequence in which they appear within the listing categories in the event that they are not permitted by law for our loans, mortgages,, and other home loan products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be open to you. SHARE Maskot/Getty Images
2 min read Published 31 March 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. The article was edited 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 take control of their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We are constantly striving to give our customers the right advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial decisions. The content created by our editorial team is factual, accurate and uninfluenced through our sponsors. We’re open regarding how we’re capable of bringing high-quality content, competitive rates and useful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products andservices or by you clicking on certain hyperlinks on our site. Therefore, this compensation may affect the way, location and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, like our own rules for our website and whether or not a product is available in your area or at your self-selected credit score range could also affect how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include the details of every credit or financial item or product. If you file for Chapter 7 bankruptcy, it may be on your credit report for up to 10 years following the filing date. Through this time you may need to buy a car. While it’s more difficult, you can obtain a car loan in the event of bankruptcy. To offset the higher risk, a lender may charge you a higher interest rate or ask for a larger down payment. Do I need to buy a car after bankruptcy? The answer is contingent on your financial situation and your transportation requirements. Affordability: Any car you buy should be in your financial budget. Make sure it’s by not only the price on the tag. Current transportation If you have reliable transportation, it might be best to hold off on buying a car. Your interest rate will likely be lower than the ideal rate with bankruptcy still appearing on your credit record. Cash: Avoiding an auto loan prior to the bankruptcy being removed from your credit report could be the best choice. With cash, you can avoid the loan entirely. 3 ways to finance a car with an auto loan following bankruptcy If you are trying to finance your car with an auto loan after bankruptcy, you may face 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 won’t qualify for the . 1. Pay-here, Buy-here, and Pay-here dealers During the course of your research, you might find buy-here and pay-here dealers that don’t need credit checks. While these dealers will cooperate with you if you went through bankruptcy, you could end up paying more than the car’s value. Before you decide to go through this process be sure to do your homework and ask about hidden charges. 2. Credit unions If your credit union is one of them , you could try applying for an auto loan at a credit union. Since credit unions are not-for-profit, member-owned organizations and are member-owned, you could have better luck securing financing there. Additionally, you may be able to secure the lowest interest rate. 3. Co-signer If none of those options work, an alternative would be to find an individual with excellent to good credit, to be a cosigner on an automobile loan to you. Before going this route, explain to the person . In the unfortunate event that you default on your loan the co-signer will be responsible for the payments and this could adversely affect their credit. When to purchase a car depends on your finances Although the ideal time to buy your vehicle varies based on your financial situation, the is when you will get the most favorable bargain and rate. If you wait till your credit rating is improved to purchase a car could reduce the interest rate that a lender offers you. If you’re not waiting and require a vehicle now, you should look for the most affordable deal. Due to the epidemic certain car makers were forced to close their facilities for months and saw inventory and sales fall. If you’re in need of a vehicle, you may be looking to get around the shortage of new cars. Be sure to conduct your research and avoid buying a car you can’t afford. In the end, while you are able to buy a car after bankruptcy, you should be prepared to pay more interest in the event you take out the loan. Although the waiting time for your credit to rise can reduce your interest rate, it’s not always possible. Explore all your loan options before you take out the loan. Take advantage of available dealer incentives and try to stay clear of dealerships that have hidden charges. Find out more about:
Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans as well as Auto loans and managing debt. 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 manage their finances with concise, well-researched and well-written details that cut otherwise complicated topics into digestible pieces.
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