Absolutely. (You can even get a car loan if you don’t have a driver’s license!) Certain lenders specialize in working with customers with a bankruptcy in their past. If you have poor credit, follow these steps to get a great rate on a car loan:
If you’re currently in Chapter 13 bankruptcy, you’ll likely need to get permission from a lawyer or trustee before you take on more debt. You may need to wait until you’re out of bankruptcy before applying for a loan.
Try to apply the maximum amount of money you can to a down payment. Aim for at least 20% of the value of the vehicle on a newer model or 10% for an older vehicle.
Take a look at your credit report and make sure everything is accurate. Inaccuracies can result in higher rates.
Get pre-approved for credit from an independent financer like Green Light Auto Credit. Going onto the lot with financing already secured lets dealerships know you’re serious.