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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 aim is to assist you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our loans, mortgages, and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial offers that may be open to you. SHARE: Maskot/Getty Images

2 min 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, automobile loans as well as 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 control their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

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There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We are constantly striving to provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and reliable. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial decisions. The content created by our editorial staff is objective, factual and is not influenced through our sponsors. We’re open about how we are able to bring quality content, competitive rates, and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods andservices or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and in what order items are listed in the event that they are not permitted by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your own personal credit score can also impact the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include the details of every credit or financial product or service. When you file for Chapter 7 bankruptcy, it can remain on your credit file for as long as 10 years from the filing date. In this time, you might need to buy a car. And while it is harder, you are able to obtain a car loan in the event of bankruptcy. To offset the higher risk, a lender could be able to charge you a higher interest rate or ask for an additional down amount. Should I buy a car after bankruptcy? The answer to this question depends on your financial circumstances and the transportation requirements. Affordability: Any car you purchase should be well within your budget. Be sure to check the price , not just the cost of the car. Your current transportation: If you already use reliable transport, it may be better to put off from buying a vehicle. The interest rate you pay for it will be lower than you would like with bankruptcy still appearing on your credit record. Cash: Avoiding the auto loan before bankruptcy is off your record could be the best choice. By using cash, you can skip the loan entirely. 3 ways to finance a car with an auto loan after bankruptcy When trying to finance your vehicle with an auto loan after bankruptcy, you might have an issue in finding an lender — some will be reluctant to work with you. If you do find a lender willing to let you borrow money, it is likely that you will not be eligible for the . 1. Pay-here, Buy-here, and Pay-here dealers During an online search you might encounter buy-here, pay-here dealerships that do not require credit checks. While these dealers will assist you in the event that you’ve had bankruptcy, you can end up paying more than the vehicle is worth. Before you make a decision be sure to do your homework and inquire about hidden fees. 2. Credit unions If your credit union is a member, you may be able to apply for 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 chance of getting financing. Plus, you might be able to secure an interest rate that is lower. 3. Co-signer If those options don’t work, a different option could be getting someone with good or excellent 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 would be responsible for the payments, and it could negatively impact their credit. The time to buy a car is contingent on your financial situation. While the ideal time to buy your car varies depending on your financial circumstances and your personal situation, it is the time when you can score the best bargain and rate. Waiting to see if your credit is improved to purchase a car could reduce the interest rate that a lender will offer you. If you’re not waiting and require a vehicle immediately, look for the most affordable deal. Because of the pandemic the car makers were forced to close their facilities for months and saw inventory and sales fall. If you’re in the market for car, you may be looking to get around the lack of new cars. Be sure to conduct your research and don’t purchase a vehicle that you aren’t able to afford. In the end, while you can purchase a car following bankruptcy, you should anticipate paying more interest when you get the loan. Although you wait for your credit rating to increase could lower your rate but it’s not always possible. Examine all of your loan options before taking out an loan. Benefit from dealer discounts and avoid dealers that have additional fees. Learn more:

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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, auto loans and debt management. Written 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 confidence to control their finances by providing precise, well-studied details that cut complicated topics into digestible pieces.

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