Doug's Credit Center Blog

Can I Buy a Car After Bankruptcy?

For the past several years, bankruptcy has really been plaguing your life. Making any financial decisions has been straining, if not impossible, and you’ve been stuck putting your money toward these payments. Now that it’s over, you’re saying, “Can I buy a car after bankruptcy?” What is the answer to this burning question of yours?

Can I Buy a Car After Bankruptcy?

The short answer is yes, you can purchase a vehicle after you have gone through bankruptcy. However, the process is not going to be the same for you as it would be for an individual who has not been in this financial dilemma. In order to ensure that everything runs smoothly, you’ll need to keep some special considerations in mind.

The Special Considerations

Now, if you are going on a traditional loan path, you might need to have a co-signer or a very large down payment to get approved. Otherwise, you’ll want to look for dealerships that specialize in bad credit situations where the buyer’s financial situation is not optimal. It’s a smart idea to go for a pre-approval before you attempt to get the loan. This approval will make the loan process easier and give you a head-start on what you can afford.

Think Outside the Box

When you are considering purchasing a vehicle, you might only be considering a financing agreement, However, this plan is not the only one that exists. Instead, you could look into saving up a larger amount of money and just outright purchasing a vehicle as opposed to going into a payment plan. Another option is to look at some used or certified pre-owned cars. Even if they have a few thousand miles on them, they can still be in excellent condition. You can quite possibly buy them without having to worry about the auto loan approval process.

Buying a car after bankruptcy intimidates a lot of people, but if you keep these tips in mind, it can be easier:

  • Yes, you can buy a car after bankruptcy; you just have to know how to go about it.
  • Think about getting a co-signer for the agreement or try to save up more money for a deposit.
  • Do not feel as though you absolutely must buy the most pricey car on the market.

Now that you know about the possibilities that are before you, you can start working your way to a better life.

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