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How can I get a car loan after a bankruptcy?
I filed for bankruptcy about 3 years ago. My car died about a month ago, and I tried to do without one, but I just can't. I need a way to get another car, fast! Is there any good way to get a car loan after going into bankruptcy?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Whether or not you can get a
car loan
after filing for bankruptcy depends on the type of bankruptcy you filed!Chapter 13 can resolve within a three-year payment plan—so you may need to wait a while. Alternatively, chapter 7 ends within a few months but stays on your credit report for a longer time—making loans harder to come by.
Your best place to start looking for a loan is with lenders specializing in bad-credit or bankruptcy loans. These subprime lenders will offer loans with a higher interest rate and worse terms, but that may be your best option. Of course, you can always start with a subprime loan and
refinance
further down the line.If you’d rather avoid the subprime loans, get a co-signer to help you secure better terms. If you have a close friend or family member willing to co-sign your loan, you’ll have more options with lower interest rates.
No matter your credit score,
Jerry
makes refinancing easy by comparing quotes from multiple lenders to find a rate that works best for you. If you’d like, Jerry can also help you save money by shopping for the lowest car insurance rates from over 50 top providers and sending the results straight to your phone!MORE: How to refinance a car
View full answer
- Gregory R.
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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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