Question by  Teresa24 (28)

Is it possible to get a car loan during a chapter 13 bankruptcy?


Answer by  technogeek (6640)

Yes, it is possible to get a car loan, you will just have to deal with a higher interest rate than you might be used to.


Answer by  alicia47 (227)

It is not possible to get a car loan through bankruptcy. You are getting rid of your debt and the courts will nto allow you to get any new loans until you have satisfied the obligation of your prior debts. You should not even be considering this while going through the bankruptcy process


Answer by  tamarawilhite (17883)

It is possible. However, the interest rate will be very high, often in excess of 10%. A better alternative is to seek a personal loan from a family member or even seek one through charity.


Answer by  Roland27 (16334)

Not really. When you're filing for bankruptcy your lawyer will tell you that you should only spend money on your every day purchases and not do anything elaborate. Not to mention you probably won't be able to get a loan since your credit is shot.


Answer by  John (9008)

While any bankruptcy proceeding is happening, you are prohibited from getting any new loan or entering into any new debt. This could invalidate your bankruptcy and discharge.


Answer by  Caenaise (165)

Yes, it is. Lenders will make a loan to you, but at a much higher interest rate than you would get outside of bankruptcy or if your FICO score was higher. Make sure the payments are affordable for you given your budget and plan payments. The Chapter 13 Trustee and/or the Bankruptcy Court must approve the loan before you apply.

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