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Can you get a car loan after chapter 13?
My chapter 13 bankruptcy case has been discharged. As an attempt to move forward, I got a new job. I’m going to need a car. Can I get a car loan after chapter 13?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although bankruptcy is a stressful situation, thankfully, you can get a car loan after filing for
chapter 13
. The only additional thing you’ll need to provide is the paperwork to show lenders you’ve completed all the court-ordered financial planning and that the case is closed. Since chapter 13 bankruptcy will stay on your credit score for about seven years, it will affect the deal you get. Commonly this means a higher interest rate or
APR
, so you’ll want to ensure you look at several lenders before signing an agreement. Ideally, try to find lenders that specialize in
car loans
for people with bankruptcies. You can also check with your local and national banks, credit unions, online lenders, and dealerships. It can also help to have a cosigner
. Most lenders will be more likely to approve a loan for a riskier borrower if they have a cosigner. To help you with all the expenses that come with owning a car, you can save money on your car insurance by collecting quotes with the
Jerry
app. Jerry compares 50+ top insurance companies, like Nationwide, Allstate, Safeco, Progressive, and Travelers, in seconds to make sure you are getting the best deal. Jerry customers save an average of $879 a year!View full answer
- Gregory R.
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