If I File for Bankruptcy How Can I Go About Getting a Used Car? – Miss M
 | By Steve Rhode Ask me your question. |
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Miss M wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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“Dear Steve,
If I file for bankruptcy, how can I go about getting a used car? That is, if bankruptcy can clear the debt I owe with my current car note. Am I able to refinance or get approved for another loan if I’m looking to trade-in my car with a negative turn-over balance? I was thinking about turning in my car for a newer used vehicle because I cannot make the current payments seeing that I owe the auto company all this back pay. Please help.
Miss M”
Dear Miss M,
If you trade your car in and roll the debt into a new loan you will be way upside down in the new loan. It is not something that I would recommend.
If you need to go bankrupt then do that. There are plenty of “Buy Here, Pay Here” dealers that will sell you a beater car and take payments from you. Once you get your credit back in shape you can go any by a new or used car again.
Big hug.
Source: If I File for Bankruptcy How Can I Go About Getting a Used Car? – Miss M
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Often people who have been through a major economic setback such as bankruptcy fear they will never establish good credit again. Federal law allows negative information to remain on your credit report for seven or even ten years (for bankruptcy).Cleaning up a blemished credit history will take time, but which persistence and a focused strategy, within a year you can restore your credit. Lenders, credit card companies, and solicitors will begin contacting you again. Be wise about the credit you decide to establish and make sure your current situation can handle such credit. Your first step involves reviewing your credit report for any outdated or inaccurate information. If accounts you have paid in full are still listed as unpaid on the report, immediately notify the credit bureau.
Car lenders are usually the first ones to try extend credit. Becareful and good luck!!!!
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