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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 mission is to help you make smarter financial decisions by offering 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 partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as, for example, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, home equity, and other home loan products. This compensation, however, does affect the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be open to you. SHARE: Maskot/Getty Images

2 min read 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 as well as automobile loans as well as 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 dedicated to helping readers gain the confidence to manage their finances by providing precise, well-researched, and reliable facts that break down complex topics into manageable bites. The Bankrate guarantee

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We make sure that everything we publish is objective, accurate and reliable. The loans reporter and editor concentrate on the things that consumers care about the most — different types of lending options, the best rates, the best lenders, the best ways to pay off debt and many more, so you can feel confident when investing your money. Integrity of the editing

Bankrate has a strict policy , so you can trust that we’re putting your interests first. Our award-winning editors and journalists create honest and accurate content that will aid you in making the best financial choices. The key principles We appreciate your trust. Our goal is to provide readers with reliable and honest information, and we have standards for editorial content in place to ensure this happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is correct. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our aim is to provide you the best advice that will aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore when you read an article or a report it is safe to know that you’re receiving reliable and reliable information. How we earn money

If you have questions about money. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We continually strive to provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict , which means you can be sure that our information is trustworthy and accurate. Our award-winning editors and journalists create honest and accurate information to assist you in making the best financial decisions. The content created by our editorial staff is factual, objective and is not influenced by our advertisers. We’re open about the ways we’re capable of bringing high-quality content, competitive rates and useful tools for you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or through you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order 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 proprietary website rules and whether or not a product is available within your area or at your own personal credit score could also affect how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial products or services. When you file for Chapter 7 bankruptcy, it may be on your credit report for as long as 10 years from the date of the filing. In this time, you might require a car. While it’s more difficult, you can take out a car loan following bankruptcy. To compensate for the increased risk that comes with bankruptcy, a lender could charge you a higher interest rate or require an additional down payment. Do I need to buy a car after bankruptcy? The answer to this question will depend on your financial situation and the transportation requirements. Cost-effectiveness: Any vehicle you buy should be within your budget. Be sure to check the price not just the price on the tag. Current transportation If you use reliable transport, it may be better to put off purchasing a car. Your interest rate will likely be lower than you would like when bankruptcy is still appearing on your credit record. Cash: Avoiding the auto loan before bankruptcy is removed from your record could be the best choice. By using cash, you can avoid the loan completely. 3 ways to finance a car using an auto loan after bankruptcy When you attempt to finance your car using an auto loan after bankruptcy, you could have an issue in finding a lender — some will not be willing to collaborate 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. Buy-here, pay-here dealerships During your search, you might find buy-here and pay-here dealers that do not need credit checks. Even though these dealerships can work with you if you’ve had bankruptcy, you can end with a bill that is higher than what the vehicle is worth. Before you decide to go through this process be sure to do your homework and inquire about hidden costs. 2. Credit unions If one of them , you could try applying for an auto loan there. Since credit unions are not for-profit and owned by members and are member-owned, you could have better luck securing financing there. In addition, you may have the chance to get the lowest interest rate. 3. Co-signer If those options don’t work, an alternative would be to get an individual with excellent to good credit rating to sign an auto loan on your behalf. Before going this route, explain to the person . If 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 car varies depending on your financial situation and needs, this is the time you can score the best bargain and rate. If you wait till your credit rating improves before you purchase a vehicle could lower the interest rate a lender will offer you. But if you can’t wait and require a vehicle now, search for the lowest price. Because of the pandemic, some car manufacturers were forced to close their facilities for months and saw sales and inventory fall. If you’re in need of car, you may be looking to get around the shortage of new vehicles. But do your due diligence and don’t buy a car that you aren’t able to afford. The bottom line is that while you are able to buy a car in bankruptcy, you must be prepared to pay an additional interest rate when you get the loan. While you wait for your credit rating to increase could lower your rates, 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 avoid dealers that have hidden charges. Find out more about:

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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and automobile loans as well as debt-management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-written details that cut otherwise complicated topics into digestible pieces.

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