How long after bankruptcy can I get a car loan?

My car is getting old and causing me problems. I know I’m going to need a new one soon. I filed for bankruptcy, so I’m worried about getting another car loan. How long after bankruptcy can I get a car loan?

While the time you have to wait before getting a good car loan depends on the type of bankruptcy you filed, after your bankruptcy has been discharged, you can apply for a car loan at any time.
  • In Chapter 7, you’ll need to wait until your bankruptcy is final and you have your documents.
  • In Chapter 13, you can ask the courts for permission to get a car loan during the proceedings.
Depending on which bankruptcy you filed, it will remain on your credit history for seven to ten years.
If you have time to build up your credit to 660 or higher, your chances will improve. Otherwise, you will need a cosigner or to save up for a larger downpayment.
To help you with the downpayment, it can help to save elsewhere, like with your insurance. With the Jerry app, you can compare 50+ top insurance companies, like Nationwide, Allstate, Safeco, Progressive, and Travelers. If you aren’t getting the best deal, we’ll help you switch to a better one. Jerry customers save an average of $879 a year.
Lauren Smith
Answered on Dec 08, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.

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