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

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Bankruptcy related questions

Hi, I'm almost out of my 12 month bankruptcy period. I am self employed (with a regular income) and would like a van loan. I have a little bit of clean credit to my name and i am on the voters roll now too.

Asked by Guy Burt-Davies
March 1, 2012

Hi Guy, thank you for your question.

The good news is that we do have lenders on our panel who finance vans for ex-bankrupts.

It also sounds like you’re getting your credit history back on track so that’ll certainly help our case.

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

Hi there, Could my sister who has an excellent credit rating stand guarantor for me or would it be better if she just bought a vehicle and i give her the money?

Asked by Paul Thompson
March 1, 2012

Hi Paul, thank you for your question.

Your sister could be your guarantor (as long as you have her permission) which would improve your chances of an acceptance but she couldn't buy the car for you.

As the car is for you personally it means you have to be the registered keeper and named on the insurance policy. If accepted this will improve your credit score too.

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

Hi My husband and I were made bankrupt but have been discharged since 2009. We were told we could get a small loan for a car from carloans4u.co.uk but was turned down.Our car is old and needs too much doing to it.i dont no why we were turned down as i am

Asked by Mrs H
March 1, 2012

Hi Mrs. H, I completely understand that you don't want to apply as it will reduce your credit score. However without seeing an application it is impossible to say whether we would be able to gain an approval for you. Being an ex bankrupt obviously reduces your chances of an approval as you are seen as higher risk, but as long as you are showing effort to improve your score then we should be able to help. We do deal with many of the same lenders as carloans4u but we do have additional ones who may accept you, If you do make an appliation we will run an initial credit check so our underwriters can see where we think you would be approved based on your credit profile thus avoiding adding numerous searches to your profile. I hope this helps, Rachel

Hi - I was made bankrupt due to a business failure in March 2009 but have been ins full time employment ever since. Can I get car finance?

Asked by Ray
March 1, 2012

Hi Ray, we'll certainly try and help and we do have lenders that will take on ex bankrupts but the interest rates will be quite high (34.9% approx) as you'll be seen as a higher risk to the lenders. Can you prove your income and are you on the electoral roll at your current address? If so make an application and we'll go from there. It'll also help if you have a deposit of some kind. Thanks, Rachel

Me and my partner were forced to go bankrupt last oct because of bad advice with our finance...however we have still managed to hang on to our car.unfortunately we are going to hand it back to the higher purchase comp as it is far too much now to run as w

Asked by Natasha
March 1, 2012

Hi Natasha, i've got to be really honest with you here. We won't be able to help unfortunately. The only advice i can give you is to save up about £1000 cash and get a good reliable run-around for a year or so in which time you can repair your credit history. Good luck. Kind Regards, Rachel

Hi, I was made bankrupt in Feb 2009 and released in December 2009. I need to get a small loan for a car, about £3,500. I am in full-time, permanent employement and could get a reference from my employer.

Asked by Mike Sebbage
March 1, 2012

Hi Mike, we have helped many people in your position in the past as we have lenders on our panel who help people with past credit issues.

I wouldn't worry too much as the bankruptcy was 2 years a go now but it all depends upon how you've run your credit since then. Do you have a small deposit as that would help the situation?

It's also great that you're in full time employment as you'll need to prove your income with payslips. A reference isn't required. 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

Hi Rachel, will Ford give me finance as I am a discharged bankrupt of four years?

Asked by Mandy Hanton
March 1, 2012

Hi Mandy, thank you for your question.

You can certainly try to get car finance from Ford however, i do know that they tend to help people with good or immaculate credit histories.

If you try and get declined by Ford for credit please make an application with us as we do help people who have been refused elsewhere. Once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Do you provide loans for a used VW Campervan conversion?

It is worth £39,000 and was a pre-registered van this year, so is basically new. It is being purchased from the company that converted it, not a dealership.

Asked by Lisa Neser
March 1, 2012

Hi Lisa, thank you for your question.

We can indeed finance motrohomes and campervans. We can also pay the supplying vendor for you once approved so the fact that it's not from a dealership doesn't matter so much. The lenders we deal with are flexible and so will accommodate most vehicle types.

As the amount you wish to borrow is high would you have a deposit to go into the deal? I only ask as this looks favorable from the lenders perspective. We can move quickly and once approved we do provide a no obligation quote. Please make an application when you are ready. Kind Regards, Rachel

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

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