Buying a Car During or After Bankruptcy

Filing for bankruptcy can be an overwhelming process, and you may be wondering if you will still be able to buy a car. It might seem like you don't have many options for making large purchases such as a vehicle. The good news is that with the right help, buying a car after bankruptcy is still possible. It can even help you rebuild your credit.

When to Buy Your New Vehicle

If you are planning to file for bankruptcy, be sure to speak with a lawyer before buying a new car. It’s generally advised to wait to make this large purchase until after you file. But if it’s a necessity, we can help guide you to the most beneficial decision in your particular case.
For Chapter 7 bankruptcy, it’s usually best to wait to buy a new car until after you receive your discharge papers. In some cases though, you can apply for a car loan as soon as you have your Chapter 7 case number.

Financing Your New Car

Getting a car loan after declaring bankruptcy can be difficult. Some lenders charge very high-interest rates for customers filing bankruptcy. However, there are loan options designed for people who have declared bankruptcy.
Automotive Fresh Start Center offers a unique program for customers in this exact position. They specialize in helping people buy the car they need, during and after bankruptcy. They help with the entire process from selecting a vehicle to securing a loan.

Rebuilding Your Credit

After declaring bankruptcy, you’ll want to begin rebuilding your credit right away. As long as you’ve taken on a monthly payment that you can afford, an auto loan is a great way to improve your credit score. With each on-time monthly payment, you’ll see your credit score rise.
Automotive Fresh Start Center helps you achieve the fresh start bankruptcy should provide. Each customer receives a free membership to the 720 Credit Score program. This program walks you through easy steps to rebuild your credit, so you can get your finances back on track.
If you’re wondering how you’ll be able to finance a new car during or after bankruptcy, don’t worry! There are options out there to help you get a new car, without paying high-interest rates and getting back over your head in debt. Contact us today to learn more.