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Where can I get a car loan after bankruptcy?
I just got a new job. I need a car, so I’ll have to get a loan. I have a bankruptcy on my credit history from four years ago. Where can I get a car loan after bankruptcy?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your new job! There are many places you can look for lenders for a
car loan
, even with a bankruptcy on your credit history. You can apply to any credit unions or banks you’re a member of if you’ve been able to:
- Rebuild your credit
- Save up for about 20% of the down payment to pay out of pocket
If not, you can still apply with banks, credit unions, and with dealerships or online, but you’re more likely to end up with high-interest rates. You can also check
buy here, pay here dealerships
.Buy here, pay here are dealerships with in-house financing. Because of this, they don’t need to check your credit score and tend to focus on people with bad credit, no credit, or bankruptcy on their credit history. However, the loans they offer are expensive. Always research and try other options before resorting to this style of loan.
If you cannot get a good rate or are unhappy with your terms, know that you can always refinance.
An easy way to refinance is with the
Jerry
app. We’ll make sure you aren’t overpaying and help you switch over to a new lender. On average, people who refinance save $85 a month. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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