Just filed for bankruptcy. How soon can I expect to be able to finance a car again?

I just filed for chapt 7 and I'd like to know how long it will be before I can finance a car. Will I have to wait until it is discharged? Anyone have experience in this?

Just filed for bankruptcy. How soon can I expect to be able to finance a car again?
I claimed about four years ago...Wait till its discharged, then get a copy of your credit report that way if you need to dispute anythig then you would do it beofre you go out and try and finance a car. Hope this helps. From what i remember getting the official discharge letter dint take very long.





good luck to you
Reply:Seven years for an almost reasonable rate. Some lenders will finance you today at high interest rates that you wouldn't believe.
Reply:Normally you will have to wait until you get your discharge. The lenders will not loan you any money while the BK is still open because you could turn around and include the new loan in the BK as well. You will pay a higher rate but shop around because the rates can differ a lot depending on your circumstances and the lender. About a year after my BK was discharged I got a loan on a new car through a credit union at 6.75%. I put down $7500 on a 30K car so the lender was not taking a big risk though. Good Luck
Reply:Shouldn't your lawyer have explained this to you? It'll be years. Personal bankruptcy isn't a good thing to do.
Reply:I filed 2 years ago and immediately started getting offers in the mail. I still get them. The interest rates are usually crappy but it's a start, you can refinance later.
Reply:Just because your old dues have been cleared, it does not imply you go berserk with loan applications. Exercise restraint while getting new loans or credit cards. If you take it easy and make timely payments, credit repair after bankruptcy will far simpler. The key is to pay on time all throughout. This will smoothen the process of credit repair after bankruptcy. Of course, you will have to pay higher interest rates than you paid previously. The fact is credit repair after bankruptcy is a slow process and many lenders will consider you a risky applicant. However if you stick to this approach, you will get better credit later on.


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