Sacramento Bankruptcy: How do you get a Car Loan After Bankruptcy?

For Sacramentans, getting a car loan after bankruptcy is easier than they might first think.  Lenders know you cannot file another bankruptcy right away.  For chapter 7 bankruptcies, you must wait at least 8 years from the previous filing.  Since most cars are financed for six years at most, people who go through bankruptcy often have no problem getting an offer to buy a car.  Since you must wait at least 8 years to file again, lenders have little risk in lending for 6 years because by the time you can re-file bankruptcy the car will be paid for.

If you are among the few who do not get an offer for a car after bankruptcy, there are still steps you can take.  First, repair your credit.  Make a budget accounting for all your income and expenses taking care that expenses do not exceed income.  This is the key first step toward a re-payment track record that will improve your credit.  Next, check your credit report and correct any inaccuracies.  A “Post Discharge Dispute of Consumer Liability Reports” is a good tool for researching your credit report for inaccuracies following a bankruptcy.

After you have corrected your credit report errors and made a budget, you will be able to estimate how much loan you can afford.  Use that information to choose for yourself a car that you can fit within your budget constraints.  Getting pre-approval allows you to search for a car that matches the price the lender is willing to loan.  Talk to the dealers and have them pre-approve you and then choose the car that you want based on those numbers.  Different dealers will have slightly different standards and so you will want to speak with several.  Many dealers choose to work with people in bankruptcy, and if they do not, most will recommend to you someone who does.

Sagaria recommends you wait until you improve your credit score before you try to get the loan approved.  In the meantime you can purchase a used car and save money and be prepared for next year when you re-apply.  As with all of your bankruptcy questions, our attorneys in the Sacramento office of Sagaria Law look forward to providing you with personalized advice.

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