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Buying a car after bankruptcy

Chapter 7

Automobile financing is generally available immediately after you receive your discharge, but interest rates for the first year tend to be high. After a year, rates go down significantly and continue to improve as time passes.

Chapter 13

A Chapter 13 Bankruptcy – which is typically used to pay back debts – such as past due mortgage payments and taxes – usually lasts from 36 to 60 months. Even though you are in an active bankruptcy, you may be able to finance a vehicle after the confirmation of your Chapter 13 Plan

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