Buying a car while in bankruptcy can be a very trying experience. You will need to make a request to the bankruptcy trustee and show a definite need for a new car. Usually, if you aren't asking to buy an expensive luxury car and can show that you have a valid need, your request will be approved. You will however, have to prove that you will be able to make the payments before you're given authorization by the trustee. You can expect to pay a much higher interest rate than if you had spotless credit. Typical interest rates for people buying a car while in bankruptcy are above 10 percent. If you can make a larger down payment, you will have a better chance of being approved for a loan, and maybe even get a lower interest rate.
Need a Car Loan?
We can help you get financing, no matter your credit situation.
It's FREE, fast and simple!Get Started
Latest in Auto Loans
How Car Loan Interest Works
Managing Your Auto Loan - December 4, 2014
What Subprime Means
Bad Credit Car Loan - October 29, 2014
What You Need to Qualify for an Auto Loan
Getting a Car Loan - October 29, 2014
How Car Financing Works
Getting a Car Loan - October 23, 2014
Typical Interest Rates for Good and Bad Credit
Car Loan Rates - October 23, 2014