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 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 information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products are displayed on the site, such as, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity, and other home lending products. But this compensation does have no impact on the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial deals that might be open to you. SHARE Maskot/Getty Images
2 minutes read published 31 March 2022
Jerry Brown Written Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans, automobile loans as well as 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 dedicated to helping readers gain the confidence to control their finances with precise, well-researched, and reliable information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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There are money-related questions. Bankrate can help. Our experts have helped you understand your money for over four decades. We are constantly striving to provide our readers with the professional advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is truthful and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial decisions. The content we create by our editorial team is objective, factual and uninfluenced through our sponsors. We're transparent about how we are able to bring quality content, competitive rates and useful tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or through you clicking specific links on our site. This compensation could affect the way, location and in what order products appear within listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether or not a product is available within your area or at your self-selected credit score range could also affect how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about each credit or financial products or services. If you file for Chapter 7 bankruptcy, it will be on your credit report for up to 10 years from the date of the filing. During this period you may need to buy a car. And while it is harder, you are able to obtain an auto loan in the event of bankruptcy. In order to compensate for the greater risk, a lender may be able to charge you a higher interest rate or ask for more of a down payment. Do I need to buy a car following bankruptcy? The answer depends on your financial circumstances and your transportation requirements. Cost-effectiveness: Any vehicle you buy should be within the budget. Make sure it's by not only the price on the tag. Transportation If you use reliable transport, it might be better to put off from buying a vehicle. The interest rate you pay for it will be lower than the ideal rate when bankruptcy is still on your credit report. Using cash: Avoiding an auto loan before bankruptcy is removed from your record could be the best option. If you pay cash, you could avoid the loan entirely. Three ways to finance a car using an auto loan following bankruptcy If you are trying to finance your car with an auto loan following bankruptcy, you could have more difficulty in finding an lender and some may not be willing to collaborate with you. Once you have found a lender willing to allow you to borrow money, you probably aren't eligible for the . 1. Pay-here and Buy-here dealerships an online search you could come across buy-here or pay-here dealerships that don't need credit checks. Although these dealerships will assist you in the event that you've had bankruptcy, you can end with a bill that is higher than what the vehicle is worth. Before you make a decision, do your research and inquire about hidden fees. 2. Credit unions If your credit union is a , 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 which means you'll have more chance of getting financing. Additionally, you may be able to secure an interest rate that is lower. 3. Co-signer If these options don't work, an alternative would be to find someone with good to excellent credit rating to sign an auto loan to you. Before doing this, explain to the person . In the unfortunate event that you do not pay back your loan the co-signer will be held accountable for the loan payments and this could adversely affect their credit. The time to buy a car is contingent on your finances Although the best time to purchase your vehicle varies based on your financial circumstances and needs, this is the time you will get the most favorable deal and interest rate. Waiting to see if your credit improves before you purchase a car could reduce the interest rate that a lender offers you. If you're not waiting and need transportation now, you should look for the best deal. Due to the pandemic certain car makers were forced to shut down their factories for months and saw sales and inventory decrease. If you're in need a vehicle, you may be looking to get around the lack of new cars. Be sure to conduct your research and don't purchase a vehicle you can't afford. The bottom line is that while you are able to buy a car following bankruptcy, you should be prepared to pay more interest in the event you take out the loan. While you wait for your credit rating to increase could lower your rate, it's not always possible. Examine all of your loan options before taking out an loan. Benefit from dealer incentives and try to avoid dealers that have hidden charges. Find out more about:
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Written by a contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans and auto loans and debt management. 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 the confidence to control their finances through providing concise, well-researched and well-written details that cut complex topics into manageable bites.
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