Can I get a car loan when I’m in bankruptcy?

I just went into bankruptcy, but I really need a car. Unfortunately, I can't afford one, so I probably need a loan. Is that possible? Can I get a car loan while I’m in bankruptcy?

Answer
Securing a loan during bankruptcy can be challenging, but try not to worry. You can get a car loan during bankruptcy, though your options will be limited.
Due to bankruptcy’s impact on your credit, you’ll need to settle for loans with higher interest and worse terms like buy here pay here loans. You could also seek out other options like lenders that specialize in people with bad credit, but you’ll face many of the same issues.
Luckily, your credit won’t stay down forever! Once it starts to recover, you can refinance your car for a more affordable interest rate and lower monthly payments.
For help finding a lender to refinance your loan, try the Jerry app. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
Eric Schad
Answered on Nov 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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