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Should I get a car loan if I'm in bankruptcy?
I want to get a new car loan, but I'm in the middle of bankruptcy proceedings. Is this a smart move?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If a car is a necessity for getting to work, then a car loan might make sense. But if it’s not something you need, a new car loan is probably a terrible idea. The worst thing you can do during or after bankruptcy is getting right back into debt. Also, the judge or appointee over your bankruptcy case may question the purchase and not allow it to proceed.
If you decide to go ahead with a loan, you can most likely find a lender, but the task won’t be as easy. Because bankruptcy has a severe impact on your credit score, most lenders won’t work with you.
Create a budget to keep you on track with payments. Remember that you’re still going to have to pay for the other aspects of car ownership, including gas, maintenance, sales tax, and car insurance.
Fortunately,
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