Where can I get a car after bankruptcy?

Where can I get a car after bankruptcy?

Wondering if you can get a car loan after bankruptcy? The short answer is yes, but there are a few things to know about the process.

Can I get a car after a Bankruptcy?

A bankruptcy can stay on your credit report for 7 to 10 years but waiting that long is not always an option—especially if you need a vehicle to get to work, run errands, or pick up the kids. Fortunately, you can get answers and get the car you need when you work with people who care about helping people just like you. Whatever your circumstances are, our business is built upon connecting people to the right vehicle.

Chapter 7 vs. Chapter 13

The type of car loan you can get may be influenced by the type of bankruptcy you file, so it is important to know the difference.

• Chapter 7– A Chapter 7 Bankruptcy is a fresh slate. With a Chapter 7 Bankruptcy, some or all of your property may be sold to pay your debts. It’s faster and cheaper than Chapter 13, but not everyone qualifies, and it stays on your credit report for up to 10 years from the filing. To get a new car loan after a Chapter 7 Bankruptcy, you will need to wait until you get your discharge papers (about 4 to 6 months) before attempting to finance.
• Chapter 13– A Chapter 13 Bankruptcy involves making a payment plan to repay some of your debt (usually within 3 to 5 years). With Chapter 13 Bankruptcy, creditors will reduce the amount of debt you owe. You then make payments to a bankruptcy trustee, who will, in turn, pay your various creditors. If you are still in the repayment process of a Chapter 13 Bankruptcy, you may need to get permission from the courts to buy a car.