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Can you get a car loan in Chapter 13?
Is it possible to get a car loan while I’m in Chapter 13 bankruptcy? I found a job, but it’s too far away to walk or bike. Unfortunately, I can’t afford to buy a car outright for obvious reasons.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job! You can get a car loan while you’re in Chapter 13 bankruptcy, but you’ll need to follow these steps to get approval from the court:
- Have your lender fill out a buyer’s order with the details of the loan agreement.
- Bring to the buyer’s order along with your reasons for needing a car to your court-appointed trustee.
- If your trustee agrees that the car is necessary, they will file a Motion to Incur Additional Debt. This motion will include a new repayment plan that accounts for your car loan.
- Other parties involved will then have the opportunity to object to the motion. If there are objections, you may need to defend your car loan at a hearing.
- If your request is approved by the court, they will issue an Order to Incur Additional Debt and adjust your repayment plan as agreed.
If you get your car loan, you can make your monthly payments more manageable by saving on car insurance with
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