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Can I buy a car after Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing independent and objective content, by enabling you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed 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 order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial deals that might be available to you. SHARE: Maskot/Getty Images

2 minutes read published March 31, 2022

Written by Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and Auto loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

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You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools required to make it through life’s financial journey. Bankrate follows a strict policy, therefore you can be confident that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the best financial choices. Our content produced by our editorial staff is factual, accurate, and not influenced by our advertisers. We’re honest about the ways we’re in a position to provide quality content, competitive rates, and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether a product is available in your area or at your self-selected credit score range could also affect the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include information about each credit or financial item or product. If you file for Chapter 7 bankruptcy, it can remain on your credit report for up to 10 years from the date of the filing. During this period you may require a car. And while it is more challenging, you can obtain an auto loan after bankruptcy. To compensate for the increased risk that comes with bankruptcy, a lender may offer a greater interest rate or demand an additional down payment. Should I purchase a vehicle after bankruptcy? The answer depends on your financial circumstances and your transportation requirements. Cost-effectiveness: Any vehicle you buy must be in your financial budget. Be sure to check the price , not just the price on the tag. Current transportation If you have reliable transportation, it may be best to hold off from buying a vehicle. The interest rate you pay for it will be less than ideal in the event that bankruptcy remains on your credit report. Cash: Avoiding the auto loan prior to the bankruptcy being removed from your record may be the best choice. By using cash, you could avoid the loan entirely. Three methods to finance a car using an auto loan after bankruptcy When trying to finance your car with an auto loan following bankruptcy, you may face an issue in finding an lender and some may resist working with you. Also, once you find an lender willing to let you borrow money, you probably will not be eligible for the . 1. Pay-here, Buy-here, and Pay-here dealers During the course of your research, you might encounter buy-here, pay-here dealerships that do not require credit checks. Although these dealerships will cooperate with you if you have had bankruptcy, you may 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 you’re one of them , you could try applying for an auto loan at a credit union. Since credit unions are not for-profit owned by members, you may have better chances of securing financing. Additionally, you may have the chance to get the lowest interest rate. 3. Co-signer If none of those options work, an alternative would be to get someone with good or excellent credit, to be a cosigner on an automobile loan for you. Before you do this, explain to the person . If you fail to pay your loan, the co-signer will be held accountable for the loan payments, and it could negatively affect their credit. The time to buy a car is contingent on your financial situation. Although the ideal time to buy your vehicle is contingent on your financial situation and needs, this is the time you’ll get the best bargain and rate. Waiting until your credit score is improved to purchase a vehicle could lower the interest rate a lender will offer you. However, if you aren’t waiting and are in need of transportation right now, search for the best deal. Due to the epidemic the car makers were forced to close their factories for months and saw sales and inventory decrease. If you’re in the market for an automobile, you might be looking to get around the lack of new cars. But do your due diligence and don’t buy a car you can’t afford. The bottom line is that while you are able to buy a car following bankruptcy, you should expect to pay an additional interest rate if you take out the loan. While the waiting time for your credit to rise may lower your rate but it’s not always possible. Explore all your loan options before you take out a loan. Benefit from dealer discounts and avoid dealerships that charge 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, auto loans and managing debt. 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 the confidence to manage their finances with clear, well-researched details that cut otherwise complex subjects into bite-sized pieces.

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