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?

Answer
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.
To help you keep up with monthly payments, start saving on car insurance with the Jerry app. A licensed broker, Jerry helps users save an average of $879 a year on car insurance! Just sign up, enter your information—and Jerry will send you personalized quotes from over 50 top providers like Nationwide and Allstate.
Eric Schad
Answered on Nov 19, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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