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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Get a Car Loan While In Bankruptcy

Hi Edwin, i'm currently into my 5th month of my bankruptcy.

I have just ordered a cashplus prepaid MasterCard mainly for the credit builder facility. Should i activate the credit builder option now while bankrupt or wait until i'm discharged in 7 months?

I know it's a little early but i will be looking for car finance in about a year if possible, so trying to prove myself to potential lenders as early as possible.

Posted by Mark on

Answer.

Hi Mark, thank you for your question.

Unfortunately you can't apply for any credit until you have been discharged from your bankruptcy. However, when this day comes activate the credit card and its builder facility as soon as you possible can.

After you have been discharged from bankruptcy the more credit you can re-build before you apply for car finance the better. Please try and keep ALL payments up to date and setting direct debits up for all your outgoings is a good habit to get into so that you never forget to make payments.

As long as you have a UK licence and are employed we have a chance of getting you accepted. Please apply when you are ready to do so and once approved we provide a no obligation quote and you can choose a car from any dealer nationwide. Kind Regards, Edwin

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Question.

Hello, We have just paid off our IVA 3 years early but it will show on our records for another 4 years.

Will we be able to get finance for a car before it comes off our credit file?

Posted by Susanjones on

Answer.

Hi Susan, thank you for your question.

We can indeed secure car finance for people who have been in IVA's in the past. We have a few specialist lenders that can potentially help. We can't guarantee an approval until we've seen your credit profile but as long as you have a UK licence, are employed and have a UK bank account we have a good chance.

Please make an application and once accepted we provide a no obligation quote and you can buy a car from any UK dealership. Kind Regards, Edwin

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Posted by martin davies on

Question.

Hi, I was bankrupt over 6 years ago and subsequently discharged after a year - but yet even now nobody will give me a loan. I've been accepted for an Aqua credit card with no problems, but otherwise nobody will touch me, despite being a 'good boy' 5 years after discharge. Please Help!

Posted by Duncan godfrey on

Answer.

Hi Duncan, Thank you for your question!

Good news, we do have lenders that help people that have previously experienced bankruptcy - provided that it has now been discharged. Are you paying your current bills on time? If so then great! We can certainly try our best to help.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Posted by Robert dobson on

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