Can I get a new car loan after bankruptcy?

About a year ago, I finalized my bankruptcy. I filed for Chapter 7 and had to sell all my vehicles to pay off my debts. Unfortunately, my job just moved our offices and I need a car to get there. Can I get a new car loan after bankruptcy?

Answer
I’m sorry to hear that your job has moved offices. That has to be frustrating. You can get a new car loan now because your bankruptcy is final.
That said, it can be harder than it was before your bankruptcy because both your credit history and score took a hit. You can help your credit by:
If you can’t make a large downpayment or find a cosigner, expect higher interest rates and longer loan terms.
Additionally, be sure to shop around with various lenders. Every lender has different requirements and rates, so it’s important to review all your options.
Even if you have a higher interest rate, you have the option of refinancing at a later date. An easy way to explore your refinancing option is with the Jerry app. With our refinance calculator, you can compare lenders and rates to save yourself the hassle.
Lauren Smith
Answered on Dec 08, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free