Chapter 7 stays on your credit report for about 10 years, which can make getting a car loan after filing bankruptcy difficult. But it’s not impossible.
You can do the following to improve your chances of getting a loan in the near future:
Talk to your attorney to see if they can help you work out a plan of action.
Get a cosigner with good credit.
Put down a larger down payment.
When you do qualify, be prepared to face less-than-favorable loan terms. This may mean loans that come with higher APRs and/or longer term lengths.
If you get a car loan you are unhappy with, know that you aren’t necessarily stuck with it. Upon improving your credit after several on-time loan payments, you may be able to refinance into a loan with more favorable terms.
You can do this quickly and easily with the Jerry
app. Jerry removes the hassle by instantly connecting you with top companies so you can compare offers from multiple lenders to find the best option for you. On average, car owners who refinance save $85 a month on their loans.