For many, the unfortunate reality of a recent bankruptcy filing looms over like a blemish on the otherwise pristine face that is credit records. Even if you've managed to dig yourself out of debt and start fresh, having filed for bankruptcy can create a host of headaches for you down the road when it comes time to do things like apply for a loan for a car purchase. Fortunately, a history of bankruptcy doesn't have to impact your car ownership options in a terminal way – there are ways to make sure that you can still drive away with a car of your own.

Keep your expectations realistic
While Edmunds indicated that credit unions and even banks aren't opposed full-stop to approving car loans for those who have been through bankruptcy, it's important to not shoot for the moon when you're shopping on the lot. Your best bet is to keep your expectations realistic and modest. BankRate.com stated that most financial institutions will likely balk at approving more than a $15,000 loan for someone coming out of bankruptcy which, fortunately, leaves open a whole host of options in the used car market.

Take interest
One major thing to keep in mind is that while you can still get approval for a car loan after bankruptcy, you should expect to pay more. The difference in interest rates between someone with a good credit score and someone with a bad one can be severe. According to Edmunds, those on the lower end of the credit spectrum could be looking at monthly interest rates of between 15 and 18 percent, versus the 3 to 4 percent that those with good credit are accustomed to. Even better, these monthly payments can help you beef your credit score back up and may even allow you to refinance your loan for a cheaper rate down the road.

Additionally, your previous payment and employment history will come into play. Dealers will be put at ease if they note that despite your bankruptcy you've been fastidious about making monthly payments on time. Conversely, while unemployment or poor repayment history may not shut you out completely, dealers are more likely to look for a larger down payment when you buy.

If you're in the market for a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team that is dedicated to helping you afford the used car, truck or van that's right for you.