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Can I buy a car 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 better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information at no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including 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 website are provided by companies that compensate us. This compensation may impact how and when products are featured on the site, such as the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you. Share: Maskot/Getty Images
2 min read Read Published March 31, 2022
Writer: Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and auto 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 committed to helping readers gain confidence to control their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. We have loans journalists and editors are focused on the points consumers care about the most -- the various types of loans available as well as the best rates, the top lenders, ways to repay debt, and much more. So you'll be able to feel secure when investing your money. Editorial integrity
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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide our readers with the professional advice and tools required to make it through life's financial journey. Bankrate follows a strict , which means you can be sure that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content we create by our editorial team is factual, objective and uninfluenced by our advertisers. We're honest regarding how we're capable of bringing high-quality content, competitive rates, and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or through you clicking specific links on our site. This compensation could affect the way, location and when products are listed, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other elements, like our own rules for our website and whether a product is available in your region or within your self-selected credit score range could also affect the manner in which products appear on this website. Although we try to offer a wide range offers, Bankrate does not include the details of every financial or credit product or service. If you file for Chapter 7 bankruptcy, it can remain on your credit file for up to 10 years following the date of filing. During this period you may require a car. And while it is more difficult, you can get an auto loan following bankruptcy. To offset the higher risk that comes with bankruptcy, a lender may offer a greater interest rate or ask for an additional down amount. Do I need to buy a car in the aftermath of bankruptcy? The answer to this question is contingent on your financial situation and your transportation requirements. Affordability: Any car you purchase should be well within your budget. Ensure that it is 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 from buying a vehicle. Your interest rate will likely be lower than the ideal rate with bankruptcy still on your credit report. Cash: Avoiding the possibility of a car loan before bankruptcy is removed from your record may be the best option. If you pay cash, you can skip the loan completely. Three methods to finance a vehicle using an auto loan following bankruptcy If you are trying to finance your car using an auto loan after bankruptcy, you may face an issue in getting a lender -- some will be reluctant to work with you. Also, once you find an lender willing to let you take out a loan, you likely aren't eligible for the . 1. Buy-here, pay-here dealerships During an online search you may find buy-here and pay-here dealers that don't require credit checks. While these dealers will cooperate with you if you went through bankruptcy, you could end with a bill that is higher than what the car is worth. Before using this option, do your research and inquire about hidden fees. 2. Credit unions If you're a , you may be able to apply to get an auto loan at a credit union. Since credit unions are not for-profit and owned by members and are member-owned, you could have better chances of securing financing. Plus, you might have the chance to get a lower interest rate. 3. Co-signer If those options don't work, a different option could be to find someone with good to excellent credit, to be a cosigner on an automobile loan for you. Before going this route, explain to the person . If you do not pay back your loan the co-signer would be accountable for the debt, and it could negatively affect their credit. When you should buy depends on your financial situation. Although the right time to buy your vehicle varies based on your financial situation and needs, this is the time you can score the best deal and the best interest rate. If you wait until your credit score is improved to purchase a vehicle could lower the interest rate that a lender will offer you. But if you can't wait and are in need of transportation right now, you should look for the most affordable deal. Due to the pandemic, some car manufacturers were forced to close their facilities for months and saw sales and inventory decrease. If you're in need an automobile, you might be looking to get around the shortage of new vehicles. However, be sure to do your research and avoid buying a car that you aren't able to afford. In the end, while you may be able to purchase a vehicle after bankruptcy, you should expect to pay more interest in the event you take out an loan. Although waiting for your credit score to improve can reduce your interest rate but it's not always possible. Research all of your lending options before taking out the loan. Make use of incentives from dealers and avoid dealerships that charge hidden charges. Learn more:
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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 debt-management. Written 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 manage their finances with concise, well-researched and well-written information that breaks down otherwise complicated topics into digestible pieces.
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