I Was Made Bankrupt Over 4 Years Ago. Can I get A Car Loan?

I was made bankrupt over four and a half years ago and have not applied for any credit or finance since. I have been fully discharged and was wondering how i would go about getting a car?
Asked by Graeme
March 1, 2012
Hi Graeme, thank you for your question.

The good news is that you have been discharged and haven't applied for any other credit as the more credit searches you have done against your name the worse your credit score becomes. I take it that you are employed with a full UK licence too?

If so, I'm confident we could get an approval for you as the bankruptcy was such a long time ago. However, this will still be recorded on your credit profile so the rates you receive will be higher than those seen on the high street. How much are you looking for and over how long?

Electoral roll history and a deposit would help matters also but these are not mandatory. Please make an application for an instant decision and once accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 11 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 9.9%, an annual interest rate of 9.9% (Fixed) and a deposit of £0.00, the amount payable would be £136.44 per month, with a total cost of credit of £1,686.40 and a total amount payable of £8,186.40. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Bankruptcy related questions

Hi, I'd like to know what finance arrangement could be explored for a Campervan VW T2 worth £35,000? What deposit would be needed and how long the terms would be? Can you advise. Regards, Wendy

Asked by Wendy Freeman
March 1, 2012

Hi Wendy, thank you for your question.

A 10% deposit would certainly be sensible and you can finance teh remaining amount over 4 to 5 years if you wish. You can also settle the agreement early if you wish to. The rate and repayments all depend upon the lender we can get you approved with. The better the credit history you have the more flexibility & options we have.

Please make an application and once approved you can choose a campervan from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I am interested in buying a Talbot compass motorhome from a local small car dealer. It is an older motorhome vehicle registered on 27/05/94 with low miles for its age (61,000). It is on the forecourt for £4995.00. I can put £1000 deposit leaving the r

Asked by Gary A
March 1, 2012

Hi Gary, thank you for your question. The good news is that we do have specific lenders that help to finance motor-homes. The only issue I can foresee is the age of the motor-home that you are looking at. However, It does seem to have low mileage and you do have a decent deposit so there is hope. We also specialise in helping individuals with a less than perfect credit history. Please make an application and if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 24 People

Hi, I am looking for car finance for roughly £3500 - £5000. I can obtain a deposit of about £400. Last look at my credit score It was 763. I have an old default which has been settled and is due to be dropped off my credit file in December this year (2012

Asked by Sarah
March 1, 2012

Hi Sarah, thank you for your detailed question. With a fair credit history and a score of over 700 we should be able to get you approved for £3500 to £5000 with no issues at all. The good news is that your default is settled and you've had no missed payments in the last few years. The fact that you also have a £400 deposit and you're employed full time is great news. Please apply when you get chance. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi. I am looking to get credit for a new car. I wonder how I will get on. I want to buy a car worth £16700 and put down £5000 deposit. I have a salary of £52k per year. My credit report reads 371 with equifax which I believe is average. I moved house in D

Asked by Liam Simpson
March 1, 2012

Hi Liam, as you have a large deposit, a good income and some current clean credit i'm confident we'd get you approved for the amount you need. Please apply when you get a moment. Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 3 People

Hi, I am looking to get car finance on a BMW worth around £22k. Its called PCP (BMW Select). I have a £5000 deposit to make and the payments are around £280 p/month. My income at the moment is up and down around £800-900 net but in about two


March 1, 2012

We work with a panel of different lenders and some of them are able to help customers with a fair credit history get car finance. We can’t guarantee that we’d be able to help you get a car loan as everyone’s circumstances are different and we’d need to look at your individual details to find out if we can match you to one of our lenders. Get a quote to find out more. Representative APR 24.9% with fair credit.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I have a couple of questions about finance for a car for about £5-6k and I can get a deposit of around £1k if needed.

However, I do have a three outstanding defaults. 2 are due to expire in the next couple of months and was for about £20

Asked by Gavin Newb
March 1, 2012

Hi Gavin, thank you for your detailed question!

The good news is that we do have lenders on our panel who help people with past defaults get car finance. As you're self employed we'd just need to see 3 months bank statements proving your income. Hopefully this won't be a problem.

Your credit score does seem quite low however, this may be down to the recent credit searches on your profile so don't worry too much about this. Having a £1k deposit will certainly help matters so please place that down on the application form.

All in all from what you have said i'm confident we could get you approved for £6000 - we can't guarantee but we'll certainly try our best. We also have the most lenders on our panel than the majority of brokers.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, I have recently started my own company. Before that I had a salary more than 70K. Now my company invoices are almost 11k per month. My credit score in last year June was 451, which was good in Equifax record. Now I needed a car loan of 15k. I also wan

Asked by Sam
March 1, 2012

Hi Sam. Many finance companies require that you be self employed for a minimum of 12 months. However here ar CF247 we deal with most lenders on the market and work with many lenders who don't require that. Your credit score is good and I am confident that we will be able to do something for you. Please make an application when you are ready so we can get the ball rolling :) Thanks Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hiya, I had a ccj which has recently been removed and now my credit seen by lenders is 683 and credit seen by landlord and employees is 826. I have a defult on my file which was put on my file 3 years ago. I currently drive a 57 corsa which I would like t

Asked by Elizabeth
March 1, 2012

Hi Elizabeth, Thank you for your question. Here at CF247 we deal with most lenders on the market and many of these lenders will finance people who have previously experienced credit issues. We would need to see an application to have a closer look at your profile and assess which would be the most appropriate lender for you. We have been able to secure previous customers in similar situations to yourself up to £25,000. However there is a chance that you will require a deposit. I hope this helps.Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

I have a credit rating of approx 750 (fair) with a minor default (£300 from a student overdraft) I'm looking for a loan in the region of £7000 and have a P/X and approx £1k deposit. I have recently been declined by a high street bank. I dont want to re ap

Asked by Tom
March 1, 2012

Hi Tom, It tends to be harder to get approved for a personal loan from the bank than it is to gain vehicle finance as with vehicle finance the loan is secured against the vehicle so if something were to happen whereby you couldn't make your payments, the finance company would just take back the vehicle. With banks they have no asset to take back. Thus it may be worth making an application with ourselves. We deal with many lenders and have a high acceptance rate. Thanks Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

I have a fair credit rating of 761 but limited credit history. I have only held a bank account for about a month and didn't have one previously. I have a Kia Picanto 2004 model to be traded in for about £1000 in cash. Would i need a guarantor or can i get

Asked by Chelsea Reynolds
March 1, 2012

Hi Chelsea, how old are you? Based on your fair credit score we should be able to help and the fact you have a decent deposit strengthens your chances.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

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