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How do I get a car loan after a bankruptcy discharge?

I spent the majority of my bankruptcy proceedings taking public transit. I want to get a car now that I’ve finally gotten my discharge. How do I get a car loan after a bankruptcy discharge?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your bankruptcy discharge! To get a
car loan after a bankruptcy
, there are several things you’ll need to do.
  • Research lenders: When researching lenders, don’t leave any stone unturned. Your attorney may have recommendations on lenders who work with people who just had their bankruptcy discharged. However, apply with your local and national banks, any credit union you’re a member of, online, and dealerships as well.
  • Get a
    cosigner
    : If you’re having issues getting approved for a loan, consider finding a cosigner. A cosigner will reduce your risk as a borrower and typically gives you better terms and conditions.
  • Make a larger downpayment: Downpayments of 20% or more of the car’s value will also give you a better chance of being approved for a car loan. The more money you put down, the less risk for the lender.
Before you get the keys to your car, make sure you have the right policy to protect it! You can ensure you’re getting the best deal with the
Jerry
app. With Jerry, you can compare 50+ top insurers to ensure you’re getting the coverage you want for the best price. The average Jerry driver saves $879 a year on car insurance.
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