How soon after bankruptcy can I get a car loan?

I had to declare bankruptcy a couple months ago, and I really need a new car in order to get to work. How soon can I get a loan?

Answer
Bankruptcy is incredibly stressful, and it’s great that you’re bouncing back! It’s generally a good rule of thumb to wait six months before applying for a new loan, but you do still have a couple options.
In six months, you’ll have time to repair and rebuild your credit. However, if you want to rebuild your credit sooner than six months, you can get a secured credit card or make payments on any loans you have.
If you do end up applying for a loan, keep in mind that your poor credit could mean higher loan payments for you. If you want to save money while paying off this loan, check out the Jerry app. We’ll collect customized insurance quotes for you from top insurers, so that all you need to do is find the lowest rate for the coverage you need. And once you’ve chosen it, we’ll even help you switch!
Best of luck—you’ve got this!
Liz Jenson
Answered on Nov 17, 2021
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