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Buying A Car After A Bankruptcy
Although it can be challenging, you can purchase a car after a Chapter 7 or 13 bankruptcy
Bankruptcy has become a popular decision when Americans are having financial problems due to Loss of employment or medical reasons. By turning to Bankruptcy, it helps it alleviates some of the stress by having time to pay off or remove debt. But it also comes with consequences such as getting a loan to buy a car.
Although the rates on you purchasing a car will be higher, there is a upside to this. It is a great way to build your credit back up if you make the payments on time.
Options for Purchasing a car after a Bankruptcy
There are plenty of options for purchasing a car. You can go to a franchise dealership as most of them have a special finance department that can sometime help you get into a new or pre-owned vehicle. Another option is a Used car dealership which has options if you are looking for a less expensive vehicle. Last you have a “buy here, pay here” which does in-house financing. All the options will come with a higher interest rate, but if you need a vehicle in the short term, buy one that is more affordable. Build your credit back up before you look at an expensive option.
- Work on improving your credit
- Do your research before you buy
- Do not overextend yourself – make sure you can afford your payments
- Make your payments on time
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