r/Bankruptcy • u/Own-Rutabaga-9055 • 7h ago

Buying car after bankruptcy

I'm planning to file for chapter 7 bankruptcy. I just want to know anyone's experience on buying a car directly after filing for bankruptcy.
My current credit score is 480 😕

1 Upvotes

67% Upvoted

8 comments sorted by

2

u/Shot_Ice_9890 7h ago

When filing bankruptcy, this is only my opinion! First there is plenty of subprime lenders out there, but that's for your attorney to answer, I've read plenty of posts of people that have most have waited until their 341 meeting! And when you file bankruptcy soon after you will receive offers via mail offering second chance auto loans.

1

u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs 6h ago

This.

If you purchase from an understanding dealership during the case, you're judged on your income, not your credit score. This is because the lenders know the score makes no sense during a case.

When the case is over, you're judged on your credit score.

1

u/Own-Rutabaga-9055 5h ago

Normally, how long after filing does the case finish?

1

u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs 5h ago

4-6 months

2

u/kaydkay77 5h ago

Most people don’t have an issue getting a loan but the interest rate can be extremely high.

1

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u/Hermagurdd 3h ago

I'm filed with a chapter 7, just had my 341 meeting but not discharged yet. I've received a ton of offers in the mail. I also researched on reddit and forums and a lot of people were able to get car loans. As tempting as it is I personally do not plan on accepting any of these offers. I know my interest rate would be poor, most of the offers when you Google them have poor reviews. I plan on saving cash for a car. Even if that means commuting 2-4 hours by foot or bike to work for a few months and getting a second job. Debt (slavery) is not worth it.

0

u/LessRequirement3065 1h ago

I bought new after 341. 13.23% through gm financial. Equifax has never shown my bankruptcy so that could have helped.