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Can I purchase a car following 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 research and compare data for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including the order in which they may appear within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the content we publish or the reviews that you see 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 min read Published 31 March 2022
Written by Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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We receive compensation for the promotion of sponsored goods and, services, or by you clicking on certain links posted on our site. So, this compensation can impact how, where and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home lending products. Other factors, such as our own rules for our website and whether the product is available within your area or at your personal credit score may also influence the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include details about each credit or financial products or services. After you go through Chapter 7 bankruptcy, it can remain on your credit file for up to 10 years from the date of filing. Through this time, you might have to purchase a vehicle. It is, however, more challenging, you can obtain an auto loan after bankruptcy. To compensate for the increased risk the lender could offer a greater interest rate or require a larger down payment. Do I need to buy a car following bankruptcy? The answer to this question depends on your financial circumstances and the transportation requirements. Affordability: Any car you purchase should be well in your financial budget. Make sure it's by , not just the price on the tag. Current transportation If you already are able to get around with your current transportation system, then it might be a good idea to wait on buying a car. Your interest rate is likely to be less than ideal with bankruptcy still showing on your credit report. Using cash: Avoiding the auto loan prior to the bankruptcy being removed from your credit report could be the best choice. By using cash, you can avoid the loan entirely. Three ways to finance a vehicle using an auto loan following bankruptcy If you are trying to finance your car with an auto loan after bankruptcy, you might have more difficulty in finding a lender and some may not be willing to collaborate with you. If you do find an lender willing to let you take out a loan, you likely will not be eligible for the . 1. Buy-here, pay-here dealerships During the course of your research, you could come across buy-here or pay-here dealerships which don't need credit checks. Even though these dealerships can cooperate with you if you have had bankruptcy, you can end with a bill that is higher than what the car is worth. Before using this option be sure to do your homework and ask about hidden charges. 2. Credit unions If one of them , you could try applying to get an auto loan there. Since credit unions are not for-profit owned by members which means you'll have more chance of getting financing. Additionally, you may have the chance to get a lower interest rate. 3. Co-signer If none of those options work, a different option could be to find someone with good to excellent credit rating to sign an auto loan for you. Before you do this, explain to the person . In the unfortunate event that you do not pay back your loan, the co-signer will be accountable for the debt and this could adversely affect their credit. When you should buy depends on your finances Although the ideal time to buy your vehicle varies based on your financial situation and your personal situation, it is the time when you'll get the best deal and interest rate. If you wait to see if your credit improves before you purchase a vehicle could lower the interest rate a lender will offer you. But if you can't wait and are in need of transportation right now, you should look for the best deal. Due to the pandemic the car makers were forced to shut down their plants for months, and saw inventory and sales fall. If you're in need an automobile, you might want to to circumvent the lack of new cars. However, be sure to do your research and don't purchase a vehicle that you aren't able to afford. The bottom line While you can purchase a car following bankruptcy, you should expect to pay an additional interest rate in the event you take out the loan. Although the waiting time for your credit to rise can lower your rate, it's not always possible. Research all of your lending options before you take out a loan. Take advantage of available dealer incentives and try to stay clear of dealerships that have hidden charges. 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 and Auto loans and debt management. 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 by providing clear, well-researched information that breaks down complex subjects into bite-sized pieces.
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