Living With Bankruptcy - How Long Before You Can Buy A Car After Declaring Bankruptcy

When you're living with bankruptcy in your past every decision you make becomes a bit more complicated

. How long before you can buy a car after declaring bankruptcy? Well, that depends on how on top of improving your situation you are immediately after everything has been finalized. If you are really on top of your finances you can get auto financing within a year.

Shortly after all of the paperwork has been finalized you need to get a copy of your report and look it over for mistakes. Is everything that was supposed to be included marked that way? If things are marked overdue or late you'll want to contact those companies and ask them to change it. You may have to do this repeatedly--if it's not taken care of after the first call, or if during the first call the person you are talking to is unhelpful, ask to speak to a manager and also send them something in writing.

This is very important because all of this effort in the first place was about getting rid of these debts, and you don't want to be both living with bankruptcy and debt in your past.

Once this is done hopefully you are able to get a secured credit card from the bank and use it responsibly, paying it off in full each month. You can use this positive payment history to show your potential lender that you have been trying to improve your situation and are dedicated to building a good credit score now.

After about a year you can start looking at your auto financing options. Your interest rates will still be very high at this point, but on the positive side this will give you the opportunity to build up a history of positive loan payments, further improving your credit score. Make sure you read through the terms and conditions before signing anything to avoid getting into something you're unprepared for.

When you go to apply explain to the lender, briefly, how you came to have these past problems and why they won't be an issue now.

While living with bankruptcy things can be a bit more complicated, but not impossible. You have to wait a while before you can buy a car after declaring bankruptcy, but you can use that time to build up your credit and get yourself ready to find a good deal.

by: Jennifer Quilter

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