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When can I apply for a car loan after bankruptcy?
My bankruptcy is getting discharged in a week. I'm very excited, and I'm ready to start planning my future. I don't need a car loan right now. I still have a reliable car, but when can I add it to my future financial plan? When can I apply for a car loan after bankruptcy?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the discharge! There are no set rules for getting a car loan after your
bankruptcy
is over. You can get a car loan at any time, but if you want the best deal, it’ll be helpful to wait until it falls off your credit history and you’ve built up your credit score. How long bankruptcy stays on your credit history depends on the type of bankruptcy you filed. For example, chapter 7 bankruptcy will remain on your record for ten years, while chapter 13 will be seven years.
You will also want to rebuild your credit score. It’s a slow process, but by paying your bills on time and staying on top of your finances, you can repair it. You want to shoot for a credit score of 660 or higher for the best rate on a car loan.
If you need a car loan before you rebuild your credit score or your bankruptcy falls off your report, then you should consider:
To help you start saving, you can work your way up to a 20% downpayment and make sure you’re getting the best deal with your car insurance. You can compare 50+ top insurers with the
Jerry
app. On average, our users save $879 a year on car insurance!View full answer
- Gregory R.
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