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Getting a car loan after bankruptcy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and compare data for free – so that you can 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 Make Money The offers that appear on this site are from companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be open to you.


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3 min read . Published April 06, 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase an automobile.

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The process of applying for an auto loan following bankruptcy may seem daunting. And while it’s true that receiving an affordable loan after bankruptcy might require some additional effort however, it’s feasible. That work is going to consist of assessing for and improving credit while taking into consideration the extra hoops that you’ll need to jump through. Types of bankruptcy There are two primary kinds of bankruptcy. Before you can proceed with an additional loan, it is important to be aware of the specifics of the type of bankruptcy you have filed. Chapter 7 bankruptcy The court takes legal ownership of some of your belongings when you make a filing in Chapter 7 bankruptcy, and therefore a temporary stay can be placed on your current debts. The process typically takes between 80 to 130 days to complete and could potentially remain on your credit report for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy — also referred to in the context of a wage-earner’s plan — allows filers to create a plan in order to pay off accrued debts. Once the court has approved the plan, the plan typically includes paying fixed amounts over time. It will remain on your credit report only up to seven years. How do you obtain a car loan following bankruptcy. Before making a decision on a loan application, there’s a clean-up that must be done to prove to lenders that you can pay off your loan. Do a few additional steps to get approval and favorable conditions. Step 1. Examine your credit report After you filed your bankruptcy, your credit score has been expected to shift. There isn’t a definitive point for a reduction of your credit rating after a bankruptcy, it does carry less weight as time passes, so you’re likely to see an increase in your score previous year than during your first. The better your credit score, the more favorable the terms you’ll get. The score of your credit can be found by credit bureaus- the main three being Experian, TransUnion and Equifax. It is recommended to determine the state of your credit before submitting an initial loan application. So you’ll feel more assured that you’re getting the best deal. Enhance your credit score

Since your credit rating suffers a blow after bankruptcy, it’s in your best interests to plan ahead when shopping.

3. Set a budget for your car down payment Making a down payment can significantly increase your chances of approval. It may even help you save 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. Explore the market The secret to finding the best deal comes down to comparing various lenders while keeping an open mind to more than just the most recent car models. Take a look at the advantages and disadvantages of a and get a few deals before you sign. Apply for loan preapproval

Before you go to a dealer, it is an excellent idea to make an application for . It does not ensure loan approval however it can give you the ability to negotiate and a firm idea of your budget.

What should you remember after bankruptcy? Although a car that is financed can be obtained after filing for bankruptcy, there still are some crucial aspects to consider. Beware of predatory lenders If you are an potential loan person with less than favorable credit is likely to be met with lenders that are predatory. This type of lender is likely to offer guaranteed credit or no credit check. These options can many times result in you being liable to their high-interest rates. Know the pros and cons of longer loan terms Similarly you could be confronted with . These extended loans can be a risk, especially at longer than seven years. A longer loan time frame is another possibility where you’re more likely to end up upside down with a loan. Consider a co-signer If your credit score is low, think about applying for an loan that requires the . You will be more likely to get approval because lenders will feel added security from the co-signer’s score. Next step Lenders are more likely to allow loans of drivers if they believe they are able to pay, but a bankruptcy history is not a barrier to satisfying the standard. Be patient and deliberate in the process. Take time to improve your credit before applying for a loan .


Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of taking out loans to purchase an automobile.

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