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Do I have the right to purchase a vehicle in the event of a Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information at no cost – so that you can make sound 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 offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on the site, such as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. But this compensation does affect the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be available to you. SHARE: Maskot/Getty Images

2 min read Read Published 31 March 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 managing debt. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched, and reliable information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee

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Founded in 1976, Bankrate has a long track record of helping people make informed financial decisions.

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We make sure that everything we publish is objective, accurate and reliable. We have loans reporters and editors focus on the points consumers care about the most — the various kinds of loans available and the most competitive rates, the best lenders, the best ways to repay debt, and much more. So you can feel confident when making your decision to invest your money. Editorial integrity

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content that will assist you in making the right financial choices. The key principles We value your trust. Our mission is to provide our readers with reliable and honest information, and we have editorial standards in place to ensure this happens. Our editors and reporters rigorously fact-check editorial content to ensure that the information you’re reading is accurate. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our aim is to provide you the best advice that will assist you in making smart personal finance decisions. We follow strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and all of our content is fact-checked to ensure accuracy. Therefore whether you’re reading an article or a report it is safe to know that you’re getting reliable and dependable information. How we make money

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 give our customers the right advice and tools required to make it through life’s financial journey. Bankrate follows a strict policy, so you can trust that our content is honest and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced through our sponsors. We’re honest regarding how we’re capable of bringing high-quality content, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products or services, or by you clicking on certain hyperlinks on our site. Therefore, this compensation may affect the way, location and in what order items are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own rules for our website and whether or not a product is available within your area or at your own personal credit score may also influence how and where products appear on this site. We strive to offer an array of offers, Bankrate does not include information about every credit or financial item or product. When you file for Chapter 7 bankruptcy, it may remain on your credit report for up to 10 years from the filing date. In this time you may need to buy a car. While it’s more challenging, you can obtain a car loan following bankruptcy. To offset the higher risk that comes with bankruptcy, a lender may be able to charge you a higher interest rate or demand a larger down payment. Should I buy a car following bankruptcy? The answer is contingent on your financial situation and transportation needs. Affordability: Any car you purchase should be well in your financial budget. Make sure it’s by not just the price on the tag. Your current transportation If you already are able to get around with your current transportation system, then it might be better to put off on buying a car. Your interest rate is likely to 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 may be the best choice. By using cash, you can avoid the loan entirely. 3 ways to finance a car with an auto loan after bankruptcy When trying to finance your car using an auto loan following bankruptcy, you could have more difficulty in getting a lender Some will not be willing to collaborate with you. Also, once you find an lender willing to let you borrow money, it is likely that you won’t qualify for the . 1. Pay-here, Buy-here, and Pay-here dealers During an online search you might come across buy-here or pay-here dealerships which don’t need credit checks. Although these dealerships will assist you in the event that you have had bankruptcy, you may end up paying more than the car is worth. Before you decide to go through this process be sure to do your homework and inquire about hidden fees. 2. Credit unions If one of them , you can try applying to get an auto loan at a credit union. Since credit unions are not-for-profit and owned by members and are member-owned, you could have better chance of getting financing. Plus, you might be able to secure a lower interest rate. 3. Co-signer If none of those options work, a different option could be to find someone with good or excellent credit rating to sign an auto loan to you. Before you do this inform the person . In the unfortunate event that you fail to pay your loan the co-signer will be accountable for the debt which could adversely impact their credit. When you should buy depends on your finances Although the ideal time to buy your vehicle varies based on your financial situation and your personal situation, it is the time when you can score the best deal and interest rate. Waiting till your credit rating improves before you purchase a vehicle could lower the interest rate a lender offers you. If you’re not waiting and require a vehicle now, search for the most affordable deal. Because of the pandemic certain car makers were forced to close their plants for months, and saw sales and inventory decrease. If you’re in need of an automobile, you might want to to circumvent the lack of new cars. But do your due diligence and avoid buying a car that you cannot afford. In the end, while you are able to buy a car after bankruptcy, you should anticipate paying more interest when you get a loan. While the waiting time for your credit to rise may reduce your interest rate, it’s not always possible. Explore all your loan options before taking out the loan. Benefit from incentives from dealers and stay clear of dealerships that have hidden fees. 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 as well as Auto loans as well as debt-management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing concise, well-researched and well-written facts that break down complex topics into manageable bites.

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