How to Purchase a Car After Bankruptcy. If you have claimed bankruptcy and are concerned because you believe you will not be able to purchase a car for the number of years the bankruptcy appears on your credit, don't despair. It may take a little more negotiation and the approval process may take longer, but you can purchase a car after bankruptcy.
Wait until the bankruptcy is discharged. Most lending institutions will not go near you until then.
Pay your bills on time. After the bankruptcy has been discharged, it is time for you to start over. You will have to prove to the lenders that you are creditworthy.
Know what is on your credit: Make sure the accounts that were supposed to be closed as a result of the bankruptcy have actually been closed. Additionally, submit a letter of explanation to the credit reporting agency. If you claimed bankruptcy as a result of extenuating circumstances, it may paint your financial situation in a better light than if you claimed bankruptcy because of money mismanagement.
Decide what you can afford. Realize that your car loan will carry a higher rate of interest, thus causing your monthly payments to be higher due to the bankruptcy.
Contact a car loan specialist. There are lenders who specialize in finding car loans for people who have filed bankruptcy. Lenders have the connections that you don't. Take advantage of those connections.
Refinance your car loan a year or two after your car purchase. By then, you should qualify for a lower interest rate.