Filing for bankruptcy is often the last option that people look at. It is but a logical thing – no one wants a bankruptcy on his credit record. After filing for bankruptcy, one’s financial status may get better, but the going will definitely not be easy.
Now, what if you need to purchase a car after you have filed for bankruptcy? This is not an uncommon case, as having your own vehicle is a necessity in most places. Is it possible to apply for a car loan and get approved if you have just recently filed for bankruptcy?
The answer is not clear-cut, unfortunately. The fact is that you may actually receive some offers for loans after you have filed for bankruptcy. Often, though, these loans are not specifically designed for purchasing a car. These loans may be for small amounts, and are designed to assist those with bad credit slowly rebuild their credit.
Financial experts suggest that to make the best out of the situation, you ought to try filing for a car loan after six to 12 months of filing for bankruptcy. The reasoning is that within this period of time, you will have somehow gotten back on your feet. That is, you will have had a job for at least six months – a job that will prove that you can pay for your car loan.
More so, experts recommend that you take up on bad credit loan offers that come your way. These little loans will help you prove that you can handle your finances – that is, if you make sure that you do not miss any payments. After six months or so, your chances of getting a car loan will be much higher despite your recent bankruptcy.