Is there a way to refinance my Ford Fusion after Chapter 7 bankruptcy?
I went into bankruptcy a few weeks ago, but I still want to refinance my Ford Fusion. Is this possible?
After a Chapter 7 bankruptcy, you will likely be able to keep your car as long as you’re keeping up with your car loan payments. You can certainly try to refinance your car to obtain a more affordable loan. It will be difficult to get a favorable outcome, however.
Following bankruptcy, your credit score will drop significantly, often by 100 points or more. You’ll also have derogatory remarks to your name after the bankruptcy proceedings.
Many lenders will outright refuse to work with people fresh out of bankruptcy. If you do find a lender, you loan will likely come with a high interest rate. So, refinancing is an option, but it may not be worth your time and effort.
You’ll also want to make sure you continue to pay your car insurance premiums in full. Jerry can help you find a more affordable insurance policy by showing you competitive quotes from the nation’s top providers.
MORE: Autopay auto refinance
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