"Is it hard to get a car loan after filing for Chapter 7 bankruptcy? "

"I had to file for Chapter 7 last year. All is finalized now, I’ve got a new job, and my credit score is at 650. Would it be possible for me to get an auto loan right now?

"

Answer
“It’s absolutely possible for you to get a loan. You shouldn’t have that much trouble finding financing.
However, you will be considered high-risk to lenders and should expect to pay more than you would have before your financial troubles started.
On top of charging a higher interest rate, most lenders will also require a larger down payment. This can make buying a car after a bankruptcy a bit difficult, but know that the longer you wait after a bankruptcy, the better your options will be. “
avatar
Johnny Puckett
Answered on Apr 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies