Will filing bankruptcy keep me from buying a new car?

Answer by  patti (29325)

Cash for Clunkers ended in August 2009. You may be able to purchase a new car, but expect to pay a greater down payment and pay high interest.

Answer by  patti (29325)

In May 2010 there is no "cash for clunkers" program. The program was a disaster and was discontinued. Bankruptcy won't keep you from purchasing a new car. You will likely pay maximum interest if you can secure a loan, but the bankruptcy itself does not impeded your ability as a consumer, especially if you can offer cash up front.

Answer by  Darry (3853)

The act of bankruptcy does not preclude you from buying a new car, however, you will have a very difficult time getting a loan. You will pay VERY high interest.

Answer by  Dean (4035)

"Cash For Clunkers" was a fiasco that was put out of its misery in August 2009. Bankruptcy does not preclude your rights to be a consumer. Your credit history will probably result in high interest rates and increased downpayment, if you are able to secure a loan at all. But you certainly are free to buy a vehicle.

Answer by  noey1958 (1405)

Yes it will. But the cash for clunkers program has long been expired. The only possible way to buy a car now is to go to a buy here pay here lot. Many are overpriced. You can generally keep your car in bankruptcy though.

Answer by  Latin4 (11170)

Your lucky you have a car to trade. Yes, this will keep you from purchasing a car. Be thankful you have one to begin with.

Answer by  pious57 (112)

Filing bankruptcy will not keep you from buying a new car. But if u go for buying that on credit terms, they may not be interested in you. Also if your creditors come to know that you have bought a new car in cash, they may file a suit against you. You have to play safe.

Answer by  withluck (1745)

You will have to check with the auto dealers regarding their financing qualifications. You may be still be able to buy a new car, but interest rates will be higher.

Answer by  Liz59 (10966)

Yes, I believe it will. If you are under bankruptcy, then you basically do not have any assets. So I believe that buying a new car is far away from the moment.

Answer by  Roland27 (16334)

You aren't going to be able to get credit without someone co-signing on your loan. When you file bankruptcy you are cleared of your debt but you are also cleared of credit. You don't have bad credit, just no credit. You may be able to participate in this program if you find a cosigner with good credit.