“The only way to truly
know if 15% APR is too high after Chapter 7 bankruptcy is by shopping around, just like you would with car insurance
. Banks and credit unions are the obvious places to start, but dealers may
also be able to offer a better rate.
Is 15% APR too high for your situation? Probably not. You’re a higher risk to lend to due to your bankruptcy. In many ways, you’re lucky that anyone is willing to offer you a loan at all. It’s a hard situation to be.
Keep in mind that a car loan
at this rate will all but guarantee that you’re upside down on the car loan
for nearly the entirety of the loan, so put that into consideration as well.
You’ll also need to get full coverage
when you finance a vehicle. Lenders require
full coverage to protect their asset. Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates. Using a smart comparison tool like Jerry
makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.
Good luck. It’s hard, but not impossible, to make financial strides in the right direction.”