Car lease after chapter 13

[Lawns1]

Hello!

I am about 2 months away from a 100% paid discharged chapter 13.  I have a used car that is needing to be replaced and I want to look into getting a Tesla after the bankruptcy is over.  Income is not an issue, $150,000 alone.  Credit scores during the 13 are Equifax- 630, Transunion 602, Experian, 623.  I am expecting a little bump in those after the 13 discharges as completed.  

I am expecting to have a rough start interest rate until the bankruptcy drops off and I am looking for some feedback on a couple options below.

Purchase or lease

Not opposed to purchasing the car, just looking at monthly payments and financing potential on a $48,000 car.  Anyone have any experience with it being easier to purchase or lease 3 months after a Chapter 13 discharge?  Which would give me the better interest rate and chance for approval?  14 years employment history at the same place and no changes to income.  

I searched around but didn't find answers in the area I was looking for.

Thanks for the time everyone!

[hoosier64]

Tesla is different from the other auto manufacturers, so their financing options may also be different. Typically, it requires better credit to lease than to purchase with a loan since leases are usually financed through the manufacturer. Most third party lenders do not finance leases. When you are financing a vehicle purchase through a loan, there are more potential lenders, some of which specialize in subprime lending.

High income helps with approval for vehicle financing, but having a decent downpayment will have a bigger impact and can also help you get a better rate.

[Shooting-For-800]

FTR your BK date is the file date not completion date.

GL!

[Lawns1]

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@Shooting-For-800 wrote:

FTR your BK date is the file date not completion date.

GL!

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That is correct. 

[StartingOver2023]

Did you end up getting the Tesla?