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How can I get a car loan after filing for bankruptcy?
How do you get a car loan if you file for bankruptcy? I need some kind of vehicle to drive my kids to school and go to work and stuff, but I lost my car when I filed Chapter 7 and I’m worried I won’t be able to find a loan that I can afford.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can be challenging to get a car loan after filing for bankruptcy, but you still have options to explore.
Here are some tips that might help you find a loan with favorable terms:
- Try to rebuild your credit as much as possible before applying for a new loan.
- Find a lender who specializes in borrowers with bad credit. Some auto lenders will work with your credit score.
- Work with a smaller credit union. Credit unions often offer lower interest rates and more flexible terms.
- If you can, make a large down payment.
- Find a cosignerwith good credit.
- Opt for a cheaper vehicle to make the loan amount smaller.
When you apply for your loan, you’ll also need to show
proof of insurance
. Car insurance rates are largely based on your credit score, but the Jerry
app can help you find the best rates available to you. Jerry gathers personalized insurance quotes from the top 50 providers, including Nationwide, Allstate, and Travelers, so all you need to do is compare rates and choose the policy that works best for you and your family. The average Jerry driver saves $879 a year on car insurance!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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