Whilst filing under chapter 7 will show on a credit report for a period of not less than 10 years, buying a car after bankruptcy remains possible. Bad credit isn't an indefinite bar to getting a loan, it is simply indicative of the risk posed to that lender. It helps them to decide how much should be lent and the rate of interest.
Buying a Car After Bankruptcy
The longer the period that elapses between discharge and applying for credit, the more likely a loan is to be accepted. Approval for a bad credit bankruptcy car loan is vastly more likely if payments on other credit commitments have been made punctually subsequent to discharge.
Free Access to Credit Reports
Approval is a lot easier if a credit report is free from inaccurate data. Get free access to credit reports from all three major credit reference agencies and be sure to get any inaccuracies corrected before applying for a bad credit bankruptcy car loan.
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