Refinance Your Car Loan After Bankruptcy

You bought a car after bankruptcy and getting on the road came at the price of a higher interest rate than you would have liked. But you’ve been keeping up with payments since then and now your credit is improving, so you’re eager to find a more affordable loan to save some hard-earned money.

Does that sound like your situation?

If it does, you could be on the right track. Plenty of people are able to refinance a car loan after bankruptcy by taking advantage of a lower interest rate as they continue to rebuild and move forward. In addition, refinancing is easy, so customers can quickly start enjoying the benefits of their new loan.

When is the right time to refinance a car following bankruptcy

A positive credit history and credit score have a big effect on whether you’ll qualify for an auto loan and, if so, the interest rate offered, says the Consumer Financial Protection Bureau. And the longer that history, the more information there is to potentially improve how you’re seen as a credit risk

But in deciding when to refinance your car after bankruptcy – whether it was Chapter 7 or Chapter 13 bankruptcy – and for how long you may want to build credit, also consider what you’re currently paying on your loan versus what you may save by refinancing now. Other changes, like a drop in market interest rates, may also affect the timing of your decision.


Learn more about how to refinance a car loan.

Applying online takes just a few minutes, it’s free, and you’ll get an instant decision.

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How to refinance your car

To refinance, you’ll want to follow a few simple steps.

  1. Contact your lender to get the payoff amount on your current note.
  2. Look up the value of your vehicle in order to check you don’t have negative equity
  3. Check your credit reports for errors and dispute them if necessary.
  4. Apply with a number of lenders, such as RoadLoans, to find the best potential deal.
  5. If approved, compare the offers to your existing note using an auto refinance calculator. See what you may save on the monthly payment and total interest charges.
  6. Select the best offer and contact the lender. At RoadLoans, we’ll take care of the whole process for you.

5 Reasons to refinance with RoadLoans

  • Skip your auto payment for up to 60 days*
  • Lower your monthly payment*
  • Lower your annual percentage rate*
  • Switch to a leading lender
  • Quick and easy process

You may be surprised at just how easy the auto refinancing process is, even after bankruptcy. RoadLoans is the trusted, direct-lending platform of Santander Consumer USA, and part of global banking group Banco Santander. We have years of experience helping customers of all credit types find the financing that works for them.

Our secure online application takes a few minutes to complete and we provide instant decisions. Approved? Download your documents, sign and return to us – we’ll handle the rest.

Refinance your car loan today

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These statements are informational suggestions only and should not be construed as legal, accounting or professional advice, nor are they intended as a substitute for legal or professional guidance.

RoadLoans is not a credit counseling service and makes no representations about the responsible use of or restoration of consumer credit.

* View disclosures and offer information.