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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
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