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"Is it hard to get a car loan after filing for Chapter 7 bankruptcy? "
"I had to file for Chapter 7 last year. All is finalized now, I’ve got a new job, and my credit score is at 650. Would it be possible for me to get an auto loan right now?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It’s absolutely possible for you to get a loan. You shouldn’t have that much trouble finding financing.
However, you will be considered high-risk to lenders and should expect to pay more than you would have before your financial troubles started.
On top of charging a higher interest rate, most lenders will also require a larger down payment. This can make buying a car after a bankruptcy a bit difficult, but know that the longer you wait after a bankruptcy, the better your options will be.
“
View full answer
- Gregory R.
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