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Can you get a car loan after a bankruptcy?
Would it be possible for me to get a car loan after I filed for bankruptcy? I am doing better financially, but I still can’t afford to buy a car outright.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finding a car loan after filing for bankruptcy can be challenging. But try not to worry—you can likely get a car loan after going bankrupt. Here are a few tips you can use to increase your chances of getting a car loan:
- Rebuilding your credit as much as possible before applying for the loan. Frequently using your credit card and paying it off in full each month is a great way to start!
- Find a lender who works with people with bad credit. Most of them will offer bad terms and high interest rates, so be prepared to do some shopping around.
- Getting acosignerwith good credit can also go a long way in raising your chances for loan approval. Since you won’t be solely responsible, your lender will be more likely to comply.
- Making a large down payment might take some saving up, but the more you pay upfront—the lower the risk for the lender.
Remember, once you get a new car you’ll also need a new insurance policy. To make sure you’re getting the best rate on the coverage you need, try
Jerry
. A licensed broker, Jerry can help you find and compare quotes from over 50 top providers in minutes! That way, you know you’re getting the best rate before you settle.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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