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Can I get a car loan after filing for Chapter 7 bankruptcy?
I recently had to file for bankruptcy, and my old car got repossessed. I still need a car, so I think I might need a loan. Is it possible to get a loan during Chapter 7 bankruptcy?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, it can be very challenging to find a loan after filing for bankruptcy. That being said, it’s not impossible. You may be able to get a
car loan
with high interest and unfavorable terms after bankruptcy proceedings.During bankruptcy proceedings, you won’t be able to apply for new loans. The courts will be looking over your finances, and new loans will not be welcome. However, the bankruptcy process will usually only take between 80 to 150 days at which point you may apply for a loan.
Most lenders will consider you a high-risk, so you should look for lenders that specialize in people with bad credit. While they won’t offer you great terms, they may still offer you a loan. Remember, the loans you’ll qualify for will be like
buy here pay here
loans—high in interest and unreasonable in terms.Luckily, your credit won’t stay down forever! When your score improves, you can refinance your loan for lower monthly payments and more reasonable interest.
For help finding a lender to refinance, use the
Jerry
app. A licensed broker, Jerry can help you find and compare lenders to help you find the best terms. With Jerry, it’s easy to learn about your options so you can make an informed decision.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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