Even if you have just been through bankruptcy proceedings, you should still be able to purchase a car. After all, most people who have been through bankruptcy will need some way to make their money back – and transportation to and from work is key. Therefore, if you have just been through bankruptcy, and you are looking for a car loan after bankruptcy, you should be able to find one that will work for you.
The most important things to keep in mind if you are applying for a car loan after bankruptcy are that you will likely have a high interest rate, and that you will not be able to get a very large loan. The result is that you might have to settle for a cheaper or older car than you would originally want. This is not necessarily a bad thing, however, as your money is better spent paying off your existing debts than on getting into more debt.
However, it is not necessarily easy to get a car loan after bankruptcy. In fact, unless you really need an expensive car, you probably should not even make the attempt. There are a lot of other alternatives that you have to getting a car loan. While these may not help you to repair your credit right away, they may help you save money in the long run.
For instance, many people who have just been through bankruptcy purchase a cheap car for only a few hundred dollars until their credit has improved enough that a car loan after bankruptcy is even feasible.
Another thing that you should keep in mind, whether you’re looking for a car loan after bankruptcy, or if you’re just going to buy a cheap car, is that you will need to get permission. This is due to the fact that most people who are in the reorganization period of their chapter 13 bankruptcy are still paying off debts. Therefore, you’re not allowed to spend a lot of your money on things that are not your debts. However, if you can show that your vehicle is necessary in order to get to work, you should be able to get a car.