How do I go about purchasing a car after my chapter 7 discharge? 14 Answers as of March 19, 2014

Can I go through any dealer? Do I have to apply for a car loan?

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Ronald K. Nims LLC | Ronald K. Nims
After your discharge, you're in the same position as any other prospective car buyer - except that you don't have any debts. You probably don't have great credit but there are plenty of lenders that will make you a loan, check to be sure that the interest rate isn't too high.
Answer Applies to: Ohio
Replied: 3/19/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You can buy a car just like any one else. You will pay a higher interest rate on the debt because of the BK filing, but buying a car should not be a problem (assuming you have the income to service the debt and you have not done anything to adversely affect your credit after your BK filing).
Answer Applies to: Colorado
Replied: 3/19/2014
Law Office of Marlin Branstetter
Law Office of Marlin Branstetter | Marlin Branstetter
You purchase a car after the discharge in the same manner as you did before filing bankruptcy. However be prepared to face difficulty in obtaining financing and paying higher interest rates until your credit scores improve.
Answer Applies to: California
Replied: 3/19/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
The process to purchase a car is no different than for anyone else. But before shopping, you might want to get a copy of your credit report and your official FICO score before speaking to lenders about their criteria for granting loans.
Answer Applies to: Nevada
Replied: 3/18/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
The longer you wait, the better your credit should be but most dealers will work with bankrupt credit.
Answer Applies to: New York
Replied: 3/18/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    You can go to most "big" dealers and they will work with you. You have to apply for a loan unless you have the cash to pay for it.
    Answer Applies to: Michigan
    Replied: 3/18/2014
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    You can pay cash. If you cannot pay cash and want opt finance it, due to the bankruptcy lenders will either not finance you at all, or the interest rate will be very high and the terms, such as down payment will be stricter.
    Answer Applies to: California
    Replied: 3/18/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    If you can afford to pay the purchase price without getting a loan then you don't need a car loan. A potential lender will check your credit and want to know your Debt to Income ratio to find out if you can afford the type of car payments based on the amount of loan. Some lenders won't approve if your credit score is not excellent and others will but at a higher interest rate than someone who has excellent credit and/or had not filed for bankruptcy recently. I advise my client to be most careful about acquiring new debt after bankruptcy. Whatever you purchase and finance should be very affordable. You want to rebuild your credit with new positive marks like making timely payments, never being late, etc. not bog yourself down with an expensive loan that may prove impossible to pay on time. Sometimes, it may be better to buy a little beater for a few months if you can find one that is fairly dependable, have a mechanic inspect. You can maybe save some money and then in a year or two or when major repairs come up turn it in for something newer and more expensive. Maybe in the meanwhile you can save up a nice down payment. Just an idea.
    Answer Applies to: California
    Replied: 3/18/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    You only have to apply for a loan if you need financing. The purchase process is the same as it would be without a bankruptcy.
    Answer Applies to: Colorado
    Replied: 3/18/2014
    Law Offices of Linda Rose Fessler | Linda Fessler
    After your discharge you can purchase a car.
    Answer Applies to: California
    Replied: 3/18/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can apply anywhere you want. The interest rate will not be good.
    Answer Applies to: California
    Replied: 3/17/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    You may have trouble getting a decent interest rate but you are not barred from purchasing a vehicle.
    Answer Applies to: Indiana
    Replied: 3/17/2014
    Thomas Vogele & Associates, APC | Thomas A. Vogele
    You can simply go to a dealer and apply for a car loan. You'll have to be prepared for a higher interest rate because of your bankruptcy but that's one of the costs of filing for protection under bankruptcy. Good luck.
    Answer Applies to: California
    Replied: 3/17/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    You don't need to do anything relative to the bankruptcy. You may have difficulty getting an acceptable loan so soon after your discharge, and may have to wait until your case is closed.
    Answer Applies to: Nevada
    Replied: 3/17/2014
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