How can I get a car loan after bankruptcy?
I just finished bankruptcy proceedings, but I need a car to get to work. Is there any way for me to get a car loan after going into bankruptcy? If so, how can I get one?
It’s good to hear you’re done with the bankruptcy proceedings and are moving onto the next chapter of your life! While you can get a car loan after bankruptcy, the interest and terms will be unfavorable.
To get a car loan after bankruptcy:
- Save up for a big down payment, so whichever lender you find will assign you a lower monthly rate.
- Search for a cosigner to ensure you get the best possible deal.
- Shop around for a lender with relatively reasonable terms who’s willing to work with you.
- Review the terms and interest rates the lender proposes.
- Either accept or reject the offer.
For help finding a good lender, you can request a list of approved lenders from the Better Business Bureau. Doing so can help you avoid sharks and other shady lenders who are looking to take advantage of credit-challenged individuals.
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