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Taking on a new car loan while in 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 you interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make informed financial decisions. 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 deals that are advertised on this site come from companies who pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be accessible to you. SHARE Westend61/Getty images

5 min read Published June 22, 2022

Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-studied and well-researched data that break down complicated topics into manageable bites. The Bankrate promises

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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We strive to continuously provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the best financial decisions. Our content produced by our editorial staff is factual, accurate and uninfluenced through our sponsors. We’re open regarding how we’re able to bring quality content, competitive rates, and useful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services, or by you clicking on specific links on our website. Therefore, this compensation may influence the manner, place and in what order items are displayed within the categories of listing, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity and other products for home loans. Other factors, like our own website rules and whether the product is offered in your region or within your self-selected credit score range can also impact the way and place products are listed on this site. We strive to offer a wide range offers, Bankrate does not include specific information on every financial or credit item or product. If you apply for Chapter 13 bankruptcy — also known as repayment bankruptcy credit rating will suffer and it will remain on your credit profile up to seven years. When you file Chapter 13 bankruptcy, you sign a repayment plan that has been that is approved by the court says Amy Lins, vice president of enterprise learning at , an agency for credit counseling that is non-profit located within Sugar Land, Texas. «This payment is spread over a period of 3 to five years, and is not the time to start taking on additional debts,» says Lins. «However the court does recognize that life can change, and it may be necessary to purchase vehicles prior to the conclusion of the Chapter 13 repayment plan.» It is possible to get a car loan, but your options will be restricted. What is the best way to obtain a car loan during Chapter 13 bankruptcy If you have the cash to purchase a car, you can simply purchase a vehicle for cash without going through the court. You may have to modify your bankruptcy plan in order to get it changed, so consult your attorney first. If you’re looking to take out a car loan while you are still on your repayment plan and prior to the discharge of bankruptcy, you may be able to do so. There are four steps you can follow, according to Lins. 1. Create a budget that shows that you can afford the car loan. You’ll have to demonstrate that you can manage your debt repayment with additional financial commitments and obligations, and the cost of your car. «If the car purchase likely to affect other aspects in your plan for repayment, consult with your attorney to create an alternative arrangement for repayment,» Lins says. Lins. 2. Find a lender that will work with Chapter 13 bankruptcies There are only a few car dealers and lenders that will cooperate with people with active bankruptcy however, there are a few that will, says Lins. «Your bankruptcy attorney might be able provide an inventory of dealers and lenders that can work with you, and you should check with your local credit union or bank.» And because your credit score will be impacted by bankruptcy, you can expect to pay more expensive interest rates, higher fees and terms that are less favorable. It is also necessary to locate an auto dealer that works with you to get the vehicle financed. Despite your options being slim Do your research and check rates and terms with several lenders. You must have the offer with the purchase price, monthly installment and interest rate in writing and submitted for the courts, according to Lins. «Keep the purchase price as low as possible and make sure you wait until you have a bankruptcy discharge and rehabilitate your credit before purchasing a vehicle that is more costly,» she says. 3. You can file a motion with the court to purchase the car To take on the car debt while you’re still paying off your debts, you’ll need to file a motion with the court in order to get it approved. This requires bringing your application and presenting a convincing justification for the need to purchase a vehicle and the reason you’ll need to get financing to do so. Perhaps your car was damaged in the last down and the repairs are so substantial that it makes more sense to buy a new car. Perhaps you reside in a place where public transit isn’t easily accessible. This is something your bankruptcy attorney can assist with. 4. Make the purchase after the purchase is approved by the court, you will then be able to obtain your car loan and then get your car. Purchase the car and start paying the loan off along with other obligations. How do you get a car loan following Chapter 13 bankruptcy Once you finish your court-ordered debt repayment and are released, you will not need to undergo the court process to get your approved. And, if you are able to, try to make do with the vehicle you own until you’re at least six months after discharge, explains Lins. Enhance your credit score There are many ways to do this improve your credit score, such as obtaining and using a secured credit card. Obtaining a secured credit card means making a small down payment that serves as collateral. Your deposit becomes the credit line of credit cards. «Charging and paying smaller amounts over time will aid in building your credit history in a positive way,» says Lins. You can also look at companies that can report rent and other bills, such as cell phone, utilities and streaming services, to help create or maintain an punctual payment history, according to Lins. «These services typically have small fees, however they can be free,» she says. «Using your rental and utility bills to establish credit history could be a smart way to jump-start the rebuilding process.» Monitor your credit. Besides repairing your credit score, you’ll want to keep tabs on it. This will help you see the progress you’re making and what kind of improvement are possible. Also, monitoring your credit frequently will allow you to spot any errors which could affect your credit score in the future. You can order free reports from AnnualCreditReport.com or sign up for a free credit monitoring service. Many credit cards also offer the opportunity to check monthly your credit score. Shop around for a car in your budget Making sure to shop for an automobile that is within your budget and the budget you’re able to comfortably afford is a sure way to stay on top of the payments. This will help rebuild your credit and ensure that you are on the right course. Review your expenses for the month to determine the amount of a car payment your budget will allow. As a rule of thumb, car related expenses shouldn’t exceed 20 percent of your total monthly budget — a threshold that includes the cost of gasoline maintenance, insurance and gas. You may also want to establish a price target for your purchase using information on the internet via websites like Edmunds and Kelley, which list new and used price of cars along with insurance cost estimates. Consider a down payment. The more you pay, the less you’ll have to pay to it in the future. Review your budget and figure out the amount you can manage to put aside every month towards buying a car. Ideally you should save as much as you can, but it ultimately boils down to your earnings as well as your expenses and obligations. Alternatives to taking out the new car loan If you are unhappy with the rates and terms offered for an auto loan, or are having difficulties getting it approved look into other options. Shopping for a lower-priced vehicle. Even if the rate of interest is high, your overall payment and how much you owe monthly will be lower. Be patient and pay off the loan later, once your credit score has improved. After you’ve rebuilt your credit, you’ll likely qualify for a wider variety of auto loans with lower rates of interest, charges and better terms. You can pay cash in full. Saving money and paying cash outright for a car means that you don’t have to seek a car loan in any way and will be able to save in interest fees. If you require an automobile sooner rather that later could have to get a . The fact is getting an auto loan through Chapter 13 bankruptcy is possible. Find an lender who is willing to work with Chapter 13 bankruptcies and create a reasonable budget that allows you to continue debt repayments and also pay for an auto loan. It’s also crucial to research the market to find a car that fits within your budget. Once you’ve been released of bankruptcy, finance options also exist. The initial step to take is repair your credit score by creating the habit of making payments punctually. «It’s an old adage, but the truth is that time heals any wound, including those that affect your credit scores» Lins says. Lins. Learn more

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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. 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 take control of their finances through providing precise, well-studied information that breaks down complicated topics into digestible chunks.

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