Bankruptcy and buying or leasing car?

Question

Which is easier to do after 3 years from having filed bankruptcy, buy or lease? Also, does giving $5000 down make it easier to buy or lease a vehicle?

Answer 1

Bankruptcy itself after 3 years won't be too big of a problem as long as:

1. You have re-established credit.
2. You did not have a car included.

If a lender sees you had a vehicle included in your bankruptcy, then they will be far less likely to approve your loan. $5,000 helps on a purchase, however for a lease things are different. People can be rejected for a lease with 100% down . It doesn't make sense, however it's just the way things happen sometimes. Good luck.

Answer 2

i filed bankruptcy about 3 years ago, and i just got a car loan with 13% apr, which is really good! the more you can give at the time you buy or lease a vehicle, the lower your monthly payments will be. that doesnt affect your ability to get a loan though.

it's generally easier to get a lease with bad credit but if you filed your bankruptcy a few years ago, and have been working at rebuilding your credit, it can also be easy to get a loan, which is what i just did. when i leased my first car, my credit was pretty bad (b4 the bankruptcy).

Answer 3

You should be fine check your credit report if you had a car when you filed it will say it was included in a bankruptcy even you reaffirmed the car. Keep in mind as well if you did keep the car after the bankruptcy the company you had the loan with no longer has to report your payment history tothe credit bureaus. Many people get cars after bankruptcy some less than a year after being discharged,it can be done but the intrest rate is not gonna be pretty.

Answer 4

You have to build up a new credit rating first.
Get small loans and pay them back on time (not early).
Like try to get a 90 day loan from Beneficial. But make the loan for no more then you can pay off for sure.
Then move up to a better loan company (one that charges less interest).
Because the real purpose of these loans is to build credit, put the money into the bank and do not use it. This can become a nest egg to use for purchase of a new car.

Answer 5

3 yrs after BK, not much hope of getting a lease, unless something MAJOR has changed in the last couple of years. Getting a lease usually requires excellent credit, and no real issues.

Answer 6

Couple of themes right here. Are you submitting for financial ruin 7 or financial ruin 13? one million. extra often than not, you may the two "assume" or "reject" a employ in financial ruin. in case you assume the employ, you may keep it and proceed to pay in accordance to the term. you may't regulate the pastime cost of a employ in financial ruin. 2. because of the fact you're leasing the vehicle, the vehicle isn't yours. subsequently, the final rule for exemption limits for vehicle does not be desirable. in case you have been to finance the vehicle, that is unclear there could be any fairness in it, so back, the exemption cut back does not count. 3. I oftentimes see consumers with the flexibility to finance/employ a vehicle approximately 3 years after financial ruin 7 at a real looking pastime cost. in spite of the incontrovertible fact that, in case you have sturdy credit now, that's advisable to contemplate financing the vehicle so which you do not could difficulty approximately paying for yet another vehicle after the employ term. Disclaimer: regrettably, that's impossible to offer criminal suggestion over the cyber web, no count how properly researched or written. formerly consistent with any innovations I supply, touch a lawyer to debate your particular situation. i'm a San Francisco financial ruin lawyer. the innovations given is consistent with California regulation.

Answer 7

PROBABLY A LEASE BUT YOU WILL NEED A LARGER DOWN PAYMENT.