It is possible to qualify for credit after you receive your bankruptcy discharge assuming you have the income to support a loan. You will probably just pay a higher interest rate. Most lenders require you to have completed your bankruptcy (received a discharge) before they will look to approve a loan. I hope you found this answer useful.

Answer Applies to: Florida
Replied: 11/6/2011

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Yes you will, but they will give you a very high interest rate as well.

Answer Applies to: Florida
Replied: 11/2/2011

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It could be difficult immediately after you file. This ordinarily depends on how low you have allowed your credit score to go. Some people can get car loans right away others take several years.

Answer Applies to: California
Replied: 11/2/2011

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You usually can still get car loans soon after filing a bankruptcy. However, this will affect your interest rate.

Answer Applies to: Virginia
Replied: 11/2/2011

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Getting a new car loan might be difficult. You will probably have to start with a used car and use the payment history on that to get new car in the future.

Answer Applies to: California
Replied: 11/2/2011

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You need to get the new car before you file BK.

Answer Applies to: Georgia
Replied: 11/2/2011

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NO, not generally during the course of the bankruptcy case UNLESS you get the permission of the Trustee. Its generally not advisable to incur debt RIGHT BEFORE filing a BKY case. However, if you do get a reasonably priced car (not a BMW or a Mercedes) with reasonable terms because it's a NECESSITY, then you can PROBABLY sell that to the Trustee.

Answer Applies to: South Carolina
Replied: 11/2/2011

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It depends on the individual bank, but most banks like to see a bankruptcy that has discharged unmanagable debt and if your income is good, you are have better credit worthiness after bankruptcy.

Answer Applies to: Indiana
Replied: 11/2/2011

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You can take a car loan pretty soon after, depending on the car dealer because since you can not file a chapter 7 bankruptcy for at least 8 more years, you generally become a good credit risk.

Answer Applies to: New York
Replied: 11/2/2011

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After filing bankruptcy there is no legal restriction on incurring debt, including taking out a car loan. With that said, immediately after filing bankruptcy you will likely have difficulty getting a loan.

Answer Applies to: Massachusetts
Replied: 11/2/2011

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You are not prohibited from obtaining credit after you are discharged from bankruptcy. Your question is not really a question for an attorney but rather one for a lending institution. They will be the ones who will evaluate your credit worthiness and decide whether you qualify for a loan or not post-bankruptcy.

Answer Applies to: Georgia
Replied: 11/1/2011

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You are better off getting the car before you file. If you get a regular car such as a Toyota, Honda, Ford or Chevy and not a Mercedes or Lexus and you need one to get around or because your current vehicle needs repairs or is unreliable you should be fine.

Answer Applies to: California
Replied: 11/1/2011

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After filing for Chapter 7 Bakruptcy, debtors in Colorado receive many soliciations for new car loans. They are not good deals.

Answer Applies to: Colorado
Replied: 11/1/2011

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There are banks and finance companies that will lend money to people just out of bankruptcy to buy a car. It will be an expensive loan and might require a substantial downpayment. Your income and employment history will determine whether or not a car loan might be possible.

Answer Applies to: California
Replied: 11/1/2011

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Yes, you will be able to obtain a vehicle loan after you file bankruptcy. In fact, you will get inundated by car lenders who are more than willing to sell you a car. Be sure to keep the car within your budget and you'll be fine.

Answer Applies to: Colorado
Replied: 11/1/2011

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Although interest rate will be high, you will find a lender that is friendly after bankruptcy.

Answer Applies to: California
Replied: 11/1/2011

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By filing bankruptcy, you are showing you do not have the ability to handle credit. So no, banks will not give you a loan to buy a new car. Any lender which did would likely charge 20% interest or even more.

Answer Applies to: California
Replied: 11/1/2011

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A Bankruptcy can remain on your credit report for as many as 10 years, however it is not the only factor in determining your credit-worthiness or ability to obtain a loan. Other factors such as payment history and income before and after bankruptcy will effect a bank's decision to provide a loan. Whether or not to file for bankruptcy relief is an important decision, and should be considered in light of all circumstances.

Answer Applies to: California
Replied: 11/1/2011

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Most banks obviously won't lend you money in that situation. Your expectations are unrealistic. You file bankruptcy, forget the new car, and do what many people do, buy a modest used car, preferably with cash.

Answer Applies to: Georgia
Replied: 11/1/2011

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Bankruptcy stays on your credit report for 10 years. Credit is restored over time. You can expect higher interest rates and possibly a requirement of a co-signer.

Answer Applies to: California
Replied: 11/1/2011

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I would suggest you get a car loan before you file for bankruptcy, unless you're being denied. After bankruptcy, you'll have a challenge getting credit for a while and your interest rate will be higher. You may want to work with a credit repair company like EZChoice Financial corp. in Irvine, CA at ezchoicefinancial.com after your bankruptcy case to get your credit score up more quickly.

Answer Applies to: California
Replied: 11/1/2011

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Try to qualify for the car for the car loan prior to filing the bankruptcy. Once you file as long as you can make the payments you can keep the car. If you do not qualify before the bankruptcy Try to get a car after you will have more disposable income and no debt. We can help you file for bankruptcy.

Answer Applies to: New York
Replied: 11/1/2011

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Maybe you need to hold off on the car for awhile. That said, many people find it surprisingly easy to get a car loan once their bankruptcy discharge comes through. If you are working and making a decent wage, you can find a decent car loan after bankruptcy. Depending on your credit and other factors, it may be a good idea to buy a car before filing bankruptcy. For most of my clients, I generally advise sticking with what you got or spending a few thousand on a used car, at least until their financial picture has improved. Cash is King!

Answer Applies to: California
Replied: 11/1/2011

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Whether you can get credit is a question for the bank but I doubt seriously that you will qualify for a car loan immediately after you file bankruptcy.

Answer Applies to: Texas
Replied: 11/1/2011

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It will be difficult. You might want to look into getting a new car now, and filing for bankruptcy a bit later. How long "a bit" needs to be depends upon a number of circumstances, such as your income/expenses, what your car payment would be etc. In short, its something you should be discussing with a bankruptcy attorney. Given that most of our consultations are free, you should probably take advantage of that.

Answer Applies to: California
Replied: 11/1/2011

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There are lenders who will give you a loan after you file bankruptcy. It won't be the best rate, but you can get one.

Answer Applies to: Colorado
Replied: 11/1/2011

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Many people are able to get loans after a discharge in bankruptcy. You are sometimes faced with a higher interest rate. You may also have to use a nontraditional lender such as a buy here pay here lot.

Answer Applies to: Georgia
Replied: 11/1/2011

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Legally you can do it. However, whether or not the lender will give you the loan depends on their policy. Most of the time, lenders will not give you the loan until you have received your bankruptcy discharge. The worse your credit, the higher the interest rate.

Answer Applies to: Minnesota
Replied: 11/1/2011

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You can get a car loan after you file for bankruptcy - although the interest rate will be very high.

Answer Applies to: Colorado
Replied: 11/1/2011

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If your credit is still decent, I suggest getting a car right now before filing. However, if your credit has been jeopardized, I suggest you wait until after you file bankruptcy. After bankruptcy, you will need about 20% down to purchase a car and you will have a high interest rate. My understanding is if you keep up the payments for nine months, you can trade in the car and get a car loan with a lower interest rate. Good luck.

Answer Applies to: California
Replied: 11/1/2011

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You will probably be able to get a car loan, if you have income. There are a number of car dealers in town who have programs for buyers in bankruptcy.

Answer Applies to: Colorado
Replied: 11/1/2011

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