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How do you get a car loan after bankruptcy?
Can I get a car loan after I have filed for bankruptcy? I’m interested in taking out a loan for a car. But given my financial situation, I’m not sure I am eligible.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although it might be difficult to get a loan after you have filed for bankruptcy, it is not impossible.
Here’s what to do:
- Step one: Get a copy of your credit reports. Your lender will want to review them.
- Step two: Save for a down payment. The more money you save for a down payment, the more likely lenders will deem you less of a risk and approve you for a loan.
- Step three: Include a trade-in. If it’s possible, consider trading in your current car to reduce the total amount you need to finance.
- Step four: Shop around. Dedicate time every day to try to get pre-approved for a loan. This will understandably take some time.
- Step five: Avoid bad loans. Be cautious about any financing contracts before you sign. Check if there are any hidden costs or anything suspicious. Low-cost payments or no credit checks are red flags.
- Step six: Get a cosigner. Some lenders may require someone tocosign the loanif you have bad credit.
- Step seven: Refinance. After six to 12 months of making loan payments on time, your credit may have started to rebuild. You may be able to apply for a lower interest rate loan.
If you’re looking to refinance your vehicle,
Jerry
can help. Jerry compares offers from multiple lenders to make sure you never overpay for your loan.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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