GITNUX MARKETDATA REPORT 2024

Statistics About The Average Interest Rate Car Loan After Chapter 7

The average interest rate on a car loan after filing for Chapter 7 bankruptcy is typically higher than the average rate for individuals with good credit.

Statistic 1

"Pandemic-related car loan rates after bankruptcy dropped slightly to 16%."

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Statistic 2

"Roughly 22% of people can expect their interest rate to be above 15% after declaring bankruptcy."

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Statistic 3

"Approximately 60% of those who get a car loan after bankruptcy pay an interest rate above 10%."

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Statistic 4

"Borrowers who wait two years after bankruptcy can have their interest rates drop by around 10%."

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Statistic 5

"More than half the people who declare chapter 7 bankruptcy can get a car loan within a year of filing."

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Statistic 6

"Subprime auto loans make up about 20% of total auto loans, which includes loans made after bankruptcy."

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Statistic 7

"Lenders report that about 15% of car loans after bankruptcy are charged off as bad debt within the first year."

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Statistic 8

"Nearly 50% of people with a prior bankruptcy have a VantageScore credit score below 600 when applying for a car loan."

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Statistic 9

"Borrowers with lower credit scores – from 500 to 600 - could only receive auto loans with annual percentage rates (APRs) on used cars at an average of 17.08%."

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Statistic 10

"Approximately 60% of prime borrowers can expect to see their interest rate double after declaring bankruptcy."

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Statistic 11

"Nearly 30% of post-bankruptcy borrowers assume a joint auto loan."

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Statistic 12

"Almost 40% of people after a bankruptcy pay an interest rate around 20% for their car loan."

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Statistic 13

"People with bankruptcy who wait a year before getting a car loan can reduce their interest rate by approximately 10%."

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Statistic 14

"Approximately 33% of people after bankruptcy have their car loans extend beyond 72 months."

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