If you need a car immediately, it’s possible. We work with dealers who offer fair rates and can connect you with one if necessary. However, here’s the catch:
Higher Interest Rates
Lenders may see you as a higher risk, leading to more expensive loans.
Example of Loan Impact:
Loan Amount
Interest Rate
(Pre-Bankruptcy)
Interest Rate
(Post-Bankruptcy)
Monthly Payment
$15,000
$15,000
5%
5%
15%
20%
$358
$398
This is why waiting, when possible, can save you money and stress in the long term.
Why Waiting Is a Better Choice
Here’s why holding off on buying a car until after your bankruptcy is discharged is often the smarter move:
Better Credit Score
We help our clients rebuild their credit—for free. Many clients achieve credit scores over 700 within a short time.
Save for a Down Payment
A larger down payment means a smaller loan, lower interest costs, and more manageable monthly payments.
Stay on Budget
Waiting gives you time to plan and avoid loans with payments that could stretch your budget too thin.
Smart Tips for Buying a Car
When you’re ready to purchase a car, follow these tips to make the best decision:
- Stick to Your Budget:
Buy what you need, not what a dealer wants to sell you. Keep it modest and manageable. - Choose Reliability:
Opt for a dependable, low-maintenance vehicle. Luxury features often come with higher repair costs. - Improve Your Credit First:
Pay bills on time and keep credit balances low. These habits can help secure a loan with better terms. - Compare Loans:
Shop for financing through banks, credit unions, and dealerships. Beware of high-interest loans with unfavorable terms. - Seek Expert Help:
At Robert J. Adams & Associates, we can connect you with trusted dealers and lenders who understand your situation.
Why Work with Us?
At Robert J. Adams & Associates, The Bill Slayer, we go beyond bankruptcy filings. Here’s how we support you:
Rebuilding Credit:
We provide free guidance to help you restore your credit and achieve financial stability.
Finding the Right Car:
We connect you with reputable dealers and lenders who offer fair terms to those recovering from bankruptcy.
Financial Planning:
Our team helps you create a budget and make smart decisions for your future. When you call us, a lawyer answers—not an assistant or an automated system.
Final Thoughts
Yes, you can buy a car after Chapter 7 bankruptcy—it just takes smart planning.
If you can wait, you’ll likely secure better loan terms.
If you need a car immediately, we’ll help you find a reliable option at a fair rate.
Ready to take the next step? Call Robert J. Adams & Associates, The Bill Slayer, today. Speak directly with a lawyer who will guide you to financial freedom.