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Can I buy a car after bankruptcy?

| Oct 1, 2020 | Bankruptcy

After bankruptcy, you will slowly want to rebuild your credit. One of the best ways to do this is to secure a car loan. You will likely get many solicitations from auto salespeople trying to sell you a car after your bankruptcy. While you can buy a car after bankruptcy, you need to be careful about taking the offers that come your way.

CBS News explains that you want to focus on getting the best deal possible even if you will pay higher interest rates due to your bankruptcy.

Prepare for a loan

You may find offers from buy here, pay here lots that offer you a vehicle on the spot, but these deals are rarely in your best interests. Your better bet is to save a down payment and seek out an auto loan.

You want to save as much money as possible because the larger amount you put down on a new vehicle, the less money you need to borrow. This will help lower your overall costs.

You want to shop around for a loan, too. Compare rates and do not take the first offer to come your way. Keep in mind that if your credit score is 500 or less, you will get the worst rates, but if your score is higher than that, you can still get a decent offer.

After the loan

Once you secure a car loan, make sure to pay your payments on time. You do not want to end up with credit issues again because you cannot file bankruptcy again for a long time. Plus, making on-time payments will help raise your credit score. After a while, you can refinance your loan to lower your costs and your monthly payment amount.