Buying a Car After Chapter 7 Bankruptcy

Posted: Monday, September 10th, 2018

Wondering if you can buy a car after Chapter 7 bankruptcy? The short answer is yes, and the finance experts at Green Light Auto Credit are here to help. We specialize in providing real solutions for car buyers with bad credit or no credit, and the fact that you’ve filed for bankruptcy shouldn’t keep you out of the car you need. Here are some important things to know about bankruptcy and buying a car:

Green Light Auto Five Person Family and Salesperson with new car
  • If you are currently in Chapter 7 bankruptcy, your credit is frozen and you’ll need permission from the court before you can apply for a car loan.
  • Once your bankruptcy has been discharged, typically in about 4 to 6 months, there are no restrictions that will keep you from applying for an auto loan.
  • After bankruptcy, and before you apply for a loan, it’s a good idea to check your credit report to make sure that all of the accounts included in your bankruptcy have been closed.
  • Aim to make a downpayment of about 20% on a new car, or 10% on a used car. This will help you to secure the best rate possible.
  • It’s best to get pre-approved before visiting a dealership in order to show that you’re ready to buy.

We’re Here to Help

At Green Light Auto Credit we can help you get the financing you need to buy a car before or after your bankruptcy is discharged. Minimal requirements include proof of employment or monthly income from a retirement plan, pension, social security or other fixed income source. We are always ready to work with you in order to make sure that you are able to get behind the wheel of the vehicle you need today.

Put Green Light Auto Credit to Work for You

You can count on Green Light Auto Credit to provide answers to all of your auto financing questions, including:

Ready to buy a car? Apply for financing today to get the terms and rates that are best for you. Please feel free to contact us online or call us at (800) 200-5551 to learn more about the car finance solutions we have to offer you today!