Getting a Car After Bankruptcy

Question:

Can I get a car loan after a bankruptcy?

The short answer is yes. 

While the effects of bankruptcy hang around for 7 to 10 years on your credit report, that’s not how long you must wait to borrow money. The impact of the penalty decreases each year, and it’s even possible to get a car loan within six months of your discharge. Having said that, after bankruptcy you pay more in interest for new loans for a period of time. However, you no longer have your previous debts to keep from from paying a higher interest rate because your bankruptcy eliminated you debts.

You may have already received letters from car dealerships offering you credit to buy a car shortly after your bankruptcy. A loan is a step for you to re-establish your creditworthiness. If you are worried about being able to obtain a vehicle because of bankruptcy, please take a few quick minutes and make an appointment for a FREE over the phone consultation. Don't waste any time, you can get started below!