How do you get approved for a car loan after a bankruptcy?

What can I do to help my chances of getting approved for a car loan after filing for bankruptcy? It has been a while since I filed, but I've heard it's hard to get loans after going bankrupt.

Answer
Getting approved for a car loan after bankruptcy can be challenging. But try not to worry—it’s definitely possible! Here are a few ways you can increase your chances of getting approved for a loan:
  • Work on rebuilding your credit as much as possible before applying for the loan. Use your credit card often and make sure you’re consistently paying it off.
  • Find a lender who specializes in loans for people with bad credit. While they do exist, these lenders will often offer bad terms and unreasonable interest rates. Do some research and shop around for a good lender before you sign an agreement.
  • Try to find a cosigner with excellent credit. That way, your lender will assess you and your cosigner when deciding to give you a loan—instead of just you.
If you’d like to save up to make sure you stay on top of your payments, start by finding a better car insurance rate with Jerry. A licensed broker, the Jerry app can help you find and compare quotes from over 50 top providers for free. That way, you can make sure you’re always getting the best available rate.
Liz Jenson
Answered on Nov 08, 2021
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