Your score may be too low immediately after chapter 7 to get approved for a car, but you may not have to wait as long as you think.
The following will help you get a car after bankruptcy:
- Many online articles claim removing a bankruptcy from your credit is impossible, but it can be done (fastest option is to work with a credit repair company)
- Open two credit builder cards and a credit builder loan. These will help re-build age of accounts, positive payment history, and credit mix (1 year for results)
- Ask for help. A co-signer can make all the difference if you’re unable to delete the bankruptcy.
How long after bankruptcy can I buy a car and how do I do it?
Depending on the steps below, it could take anywhere from 3 months to 3 years.
Firstly, you want to start rebuilding your credit immediately. Getting a credit builder card (secured card), a credit builder loan, and getting on friends’ and family’s credit cards as an authorized user, can help significantly. Especially after one full year of positive payment history and aging of your secured card.
Secondly, a co-signer can make all the difference. Of course, not all of us have a co-signer willing to help us in a time of need, and if you did you probably wouldn’t be here!
Thirdly, you always want to try to delete the bankruptcy from your credit. This is possible, but not easy to do and not guaranteed. Many people turn to bankruptcy removal companies to help assist them.
Lastly, be patient. Rebuilding credit so you can get an auto loan or qualify for an auto refinance takes time. If you mix the above strategies and stay the course, you will get there.
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (866-718-6029) or setup a consultation with them. They also happen to have incredible customer service.