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Can you get a car loan while undergoing Chapter 13 bankruptcy proceedings?
I'm in the midst of Chapter 13 bankruptcy and my car just died. Is there a way to get a car loan even though I filed for bankruptcy?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can still get a
car loan
if you’re in Chapter 13 bankruptcy. However, as the debtor, you must get approval from your court-appointed trustee before you can take on debt like a car loan.Note that you may not qualify for favorable interest rates or find many lenders who are willing to extend you a loan given the circumstances. Guaranteed lenders and subprime lenders will probably work with you, but you may see interest rates in the 20% range.
If you have some extra money, paying cash for a used car is the best option for several reasons:
- You won’t have to pay interest
- You will be able to get a lower-cost car insurance policy
No matter how you choose to purchase a vehicle, you can avoid overspending on car insurance by using the
Jerry
app. Jerry will gather competitive quotes from top insurance companies for free and deliver the best deals straight to you in minutes. And the average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
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