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Getting a car loan after bankruptcy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing independent and objective content. We also allow you to conduct research and compare data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 who pay us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be available to you.


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3 min read Published April 06, 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase a car.

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The process of applying for an auto loan following bankruptcy may feel daunting. And while it’s real that getting a competitive loan after bankruptcy might require some additional effort however, it’s possible. The work will consist of assessing the credit of your prospective lender score while contemplating the other hurdles you might have to go through. Types of bankruptcy There are two major kinds of bankruptcy. Before moving forward with the process of obtaining a new loan, it is important to know the particulars of the type of bankruptcy you have filed. Chapter 7 bankruptcy The court takes legal ownership of some of your items when you file for Chapter 7 bankruptcy, and therefore a temporary stay can be placed on your existing obligations. The process typically takes between 80 and 130 days to finish and may remain on your credit report for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy — also known as a wage earner’s program — allows filers to make a plan to settle debts accrued. After approval by the court the plan usually consists of the payment of fixed amounts over time. The plan can be listed on your credit report only up to seven years. How to get a car loan after bankruptcy Before making a decision on a loan application, there’s some cleaning up that needs to be completed to prove to the lender that you are able to repay the loan. You must take a few additional steps in order to receive approval and favorable conditions. Step 1. Review your credit score After filing, your credit score has likely changed. There isn’t a definitive point for a drop on your score following bankruptcy, it will get less weight as time goes by, and you’re likely to see a better number in your final year than in your first. The better your credit score then the more favorable your terms will be. Your credit score is available by credit bureausthe three major ones being Experian, TransUnion and Equifax. It is recommended to gauge where your credit stands prior to deciding on the process of submitting a new loan application. In this way, you will be more confident you are getting the best deal. Build your credit

Since your credit score takes a hit following bankruptcy it’s in your best interests to ahead of shopping.

Step 3. Plan for a car down payment Making a down payment can greatly improve your odds of approval and could even save you money by lowering your interest rate range. Check out a calculator to figure out how much money you could save using different amounts. Step 4. Shop around The key to finding the best deal is to compare several lenders and being open to more than just the latest automobile models. Take a look at the pros and cons of a and get a few deals before you sign. Apply to get loan preapproval

Before going to a dealership it’s a good idea to apply for . This doesn’t guarantee loan approval however it can give you the power to negotiate and also an accurate understanding of your budget.

What to remember following bankruptcy? While financing a vehicle could be possible following declaring bankruptcy, there still are some key things to be aware of. Beware of predatory lenders If you are a potential loan holder with less than favorable credit You will probably encounter lenders that are predatory. This kind of lender will likely boast the guarantee of credit and no credit check. This can often cause you to be liable to their high-interest rates. Understand the pros and cons of longer loan terms Similarly, you may be met with . These over-extended loans are a potential risk particularly at 7 or more years. A longer loan duration is a different scenario where you are more likely to end up upside down with a loan. Think about a co-signer if your credit score remains low, think about applying for an loan that requires the . You will be more likely to receive approval due to lenders feeling more comfort via the co-signer’s credit score. The next steps Lenders tend to approve loans of drivers who have confidence in their capacity to pay. A bankruptcy record does not bar you from meeting that standard. Be patient and thoughtful throughout the process, and make sure you take time to build your credit before applying for a loan .


Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy the car they want.

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