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How can I get a car loan after chapter 13?
I had to file chapter 13 a couple of years ago. It has since been discharged. I was sharing my family’s car to avoid getting my own, but now I need one. How can I get a car loan after chapter 13?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While a
chapter 13 bankruptcy
remains on your credit history for about seven years, it’s still possible for you to get a car loan by:- Shopping around: Apply for loans with as many lenders as you can. Research lenders if you don’t recognize them and read reviews to ensure they’re legitimate.
- Getting a cosigner: Acosignerwho has that credit score of 660 or higher can help you get better terms for a loan. A cosigner signs onto the agreement to pay if you can’t, which reduces a lender’s risk and can help lower your interest rate.
- Making a largedownpayment: A downpayment of 20% of the car’s total price can also help reduce your risk as a borrower.
- Getting pre-approved: By submitting your chapter 13 discharge documents and anything else a lender requires, you can easily find the best loan, even with a bankruptcy on your credit history. Additionally, try to apply for all pre-approvals around the same time. Multiple inquiries on your credit within 7-14 days will typically only count as one inquiry.
To help you with all the expenses that come with owning a car, consider using the
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- Gregory R.
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