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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Hi I am a discharged bankrupt and was wondering if you offer guaranteed car finance?

Hi, I am a discharged bankrupt and was wondering if you could guarantee me finance for a car around 1500 pounds?

Posted by Alan James on

Answer.

Hi Alan, thank you for your question. We'll certainly try our best to help you out.

Unfortunately, we can't guarantee we can get you accepted for car finance as all of the lenders that we deal with have certain criteria. However, we have helped many people in the past that have been discharged from bankruptcy get car finance. What car did you have in mind?

Once approved with us we provide a no obligation quote and you can buy a car fromany dealer nationwide. Please apply when you get a minute. Kind Regards, Edwin

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Question.

My husband was declared bankrupt just over a year ago but is now discharged. We had no joint loans or cards together and I have always maintained the payments on my credit cards and credit agreements. The only thing that we have had in oint names was our mortgage which I have also maintained perfectly. I have applied ofr a personal contract hire plan and they have turned me down saying I should look at my credit history, Howvever all my payments are up to date and never been missed. can you help?

Posted by Hils on

Answer.

Hi Hils, thank you for your question and sorry to hear of your husbands bankrupcy. If you have maintained all of your payments including your joint mortgage then i see no reason for you to be declined. There are many reasons you may have been declined though. A lender may think you're over committed with current financial agreements etc and you may not have hit the necesesary requirements to be approved with a high street lender but that doesn't mean we won't be able to get you approved. Have you checked your credit profile on Experian? Are you 100% that your husband didn't apply for loans or credit cards in your joing names. If that hasn't happened then i wouldn't worry too much. Your husbands credit won't have any effect on your ability to obtain credit. The lending agencies will just see that you're associated to your husband ut they will be able to see that you're a good payer. How much do you need for car finance? Kind Regards, Edwin

Posted by on

Question.

i will be discharged from bankruptcy on 23 feb 2012 and am in need of another car. would you be able to help me out with this. i am in full time employment with my present employer for 15 months and steady employment/.self employment for the past 15 years( 5 years self employed between 2004 and 2009, financial problems from this lead to my bankruptcy)

Posted by Andy R on

Answer.

Hi Andy, we'll certainly try and help and we are the specialists in obtaining car finance for those with an adverse past. Do you have a deposit at all as that would help your chances of being approved. If you do please place the deposit amount on the finance application form. We have helped discharged bankrupts get car finance before but we can't guarantee an acceptance because every case is different. Please apply and i'll look out for the application. Good luck. Edwin

Posted by on

Question.

i was early released from bankrupsy 8 years ago..but its still on my credit file,i dont know how to have it removed,i have a mobile phone contract and pay all my household bills by direct debit..can i getcar fianance with you?

Posted by Jayne on

Answer.

Hi Jayne, you can't remove your past from your credit profile unfortunately. However, the good news is that most lenders only look back over the last 5 years credit history. If you've been paying your bills on time over the last 5 years since you came out of your bankruptcy then there should be no reason at all as to why we couldn't get you approved for car finance. Thank you, Edwin

Posted by on

Question.

Hi, in June 2009 I declared my self bankrupt. I've currently been discharged from bankruptcy for 2 years this June. I'm looking to get a new car & I'm in full time employment and was wanting to know if I can get credit for a new car? I have a car I can part ex too, it's got a low mileage for its year a '51 plate 307 with only 77,000 on the clock. Hope you can help, thanks Chris.

Posted by Chris Archer on

Answer.

Hi Chris, we'd certainly love to help and we can also take your part exchange as full deposit if we can get you approved. How is your credit looking at the moment? What active agreements do you have and have you been paying them on time over the last 6 months? Do you have a UK bank account and can you prove your income with payslips? Lastly, how much are you looking to borrow? Thanks, Edwin

Posted by on

Question.

Hi Edwin, yes I have a bank account I'm currently private renting at the moment and pay all the household bills. I have a mobile phone which I pay monthly and also credit for a Telly which I finish paying in April this year. I have 2 bank accounts one for me and my wife which is joint and another in my name which I transfer money into each month to pay the bills. I have regular payslips as I work for the AA as a windscreen fitter. I was looking to borrow £4500-£5500. I'm not sure how my credit rating is at moment as I've not really tried because of the bankruptcy. Thanks chris

Posted by Chris on

Answer.

Hi Chris, it sounds like you're in a much better place now than in the past. It's certainly worth a go in my opinion. We have many lenders on our panel so hopefully one should fit the bill. Each case is different so we can't guarantee an approval but if you do get accepted up to £5500 shouldn't be an issue whatsoever. I look forward to receiving your application. Kind Regards, Edwin

Posted by on

Question.

Hi, I have been discharged from my bankruptcy for the last three years, obviously my credit rating is poor but, I need to change my car as it's getting old. I am a personal assistant for a private hospital earning £25,000 per annum and i have one credit card with a credit limit of £500.00 which i always pay the balance on each month. I would have a deposit of approx £1500.00 to put down but am looking at cars in the region of £5-6,000. Could you help please, thank you?

Posted by Julia on

Answer.

Hi Julia, apologies for the delayed response. Yes - in a word we should be able to help you as your bankruptcy was 3 years ago now and due to the fact that you have a small credit card and a large deposit. Do you have any other live agreements other than your credit card? What about any small loans or store cards? I take it you have an active bank account too. Are you on the electoral roll as that is important when applying for finance? If we do get you approved the £5000 to £6000 shouldn't be an issue. Please make an application when you're ready. Kind Regards, Edwin

Posted by on

Question.

Hi, i was declared bankrupt in jan 2010 and was discharged in jan 2011. I am looking to buy a car for no more then £2000.00. I work full time and earn around £25k and i own my own home although there is no equity in it. Do you think you will be able to help? I dont want to apply and then mark my credit file as i have just completed a full clean up of my credit file. Thanks

Posted by Jonny on

Answer.

Hi Jonny, i can't guarantee anything without seeing your current credit status and to do that you have to make an application and we need to run a credit search. Do you have any active credit/loan accounts that are paid on time each month? Also, are you on the electoral roll and can you prove your income with payslips? Lastly, the minimum advance we do is £3500. Kind Regards, Edwin

Posted by on

Question.

Hi, I have just come out of a 3 year payment into my bankruptcy. I got released early in Sept 2009 but have been paying a monthly ammount till this month. I work full time and rent a house would I be able to apply for car finance?

Posted by Jamie Barker on

Answer.

Hi Jamie, yes - you can apply for car finance. Whether we'll be able to help you or not depends upon your current circumstances but please apply and we'll try our best to help. Regards, Edwin

Posted by on

Question.

I declared myself bankrupt in June 2009 because of a marriage breakdown and negative equity in my property. I received an early discharge on 17/02/2010. I have just checked my credit report and several of the accounts included in my bankruptcy are still showing as default and with an outstanding balance. These accounts should all show as \'satisfied\' and with a \'nil\' balance. Please advise if i should wait until i have got my credit file updated before applying as i believe my credit rating and score will be much better when i have done this. Regards, John

Posted by John Wakenshaw on

Answer.

Hi John, yes - please wait until your credit profile has been updated before applying otherwise you'll just get declined. Sorry to be blunt. Regards, Edwin

Posted by on

Question.

Hi Edwin, I declared myself bankrupt in 2006. They say that your record will clear after six years. We are now in 2012 and under the impression that I will be able to get credit again. Can you pleae advise me on how I stand. My car is broken and I don't want to buy second hand cars anymore and thought that it would be more practical and convinient (not breaking down). To get a brand new car will be more convinient but I won't be able to afford to buy it outright. As I will need finance for a brand new car will my bankruptcy be a problem even though it has already been 6 years? Please advise. Many thanks

Posted by Anna Kriesel on

Question.

Hi, I was discharged from bankruptcy at the beginning of March 2012 and wondered if you could provide finance for a vehicle? My salary is £65,000 per anum, I have no other finance therefore affordability is not a problem. I would have around £3000 deposit and would only be looking to borrow maybe £5000 - £7000, is this something you could help with? Thanks.

Posted by Jo on

Answer.

Hi Jo, we'd love to help and the fact that you're IVA has now finished and you have a very large income we hopefully should be able to sort something out. If you are approved the £5000 to £7500 won't be an issue. I look forward to receiving your application via our site :-)

Posted by on

Answer.

Hi Anna, as you're bankruptcy was over 6 years ago it should have cleared from your credit file as lenders only really look back over 5 years to be honest. Do you have any form of clean current credit and would you be able to stump up any form of deposit? We supply nearly new cars that are still within manufacturers warranty - is this something you'd consider? We can also take your current car in part exchange :-)

Posted by on

Question.

Thanks for the reply, I haven't been in an IVA it was bankruptcy which I was discharged from in march. What are the lending criteria? Is it based on a credit score as this would be no good for me where as if it's based on affordability then its no problem with £65k salary and maybe a 50% deposit, but this is irrelevant if it's a simple credit score as I would fail? Is it worth applying? Many thanks

Posted by Jo on

Answer.

Apologies for the mishap there Jo. We do have one lender that i'm thinking of that would suit your circumstances perfectly. The approve people with large deposits and don't take a massive amount of notice of credit scores. So, yes - it is worth applying. Edwin

Posted by on

Question.

Hi, I was made bankrupt Oct 2009 and discharged 7 months later. I would be looking at borrowing £8k with a £2k deposit if possible. I work full time. I have been issued with one credit card to help build my credit but my question is, how do I update my credit rating? i.e a previous post by John Wakenshaw stating nil amount? All I keep getting is credit ref agencies wanting me to pay a monthly cost to keep an eye on it i.e Experian etc, can you advise and would you consider me? Many thanks for your assistance.

Posted by June on

Answer.

Hi June, yes we would consider you but couldn't guarantee an acceptance until we've managed to look at your credit profile. The great news is that you now have a small credit card where hopefully you've been making your minimum monthly payments on time. Can you prove your income and are you on the electoral roll? If so, we should be able to get you the £6000 required as the £2000 deposit is a big bonus from the lenders point of view (it's less of a risk). The only way to rebuild your credit profile is to keep up to date with your current commitments and by taking out a small loan and credit card to build back up your rating. Obtaining car finance and keeping payments up to date will go a long way to rebuilding your credit history. Edwin

Posted by on

Question.

Hi, I declared myself Bankrupt in October 2009 and was released in October 2010. I would like to buy a car. I have 2 cars to trade in as a deposit. A 57 plate high mileage Skoda that has just had a brand new MOT and a Mazda MX5 which is about 15 years old. I have been employed with the same company for 17 years and have a salary of between 65 and 70 thousand per annum. I have no other debt other than a clothes account with a £200 credit limit. What can you do for me??

Posted by Neil Carey on

Answer.

Hi Neil, first things first we need to get you approved. We can help ex bankrupts so please make an application on our site and we'll go from there. We can't guarantee an acceptance until we've seen your credit profile. Have you applied at any other lenders? If we do get you approved we'll be able to take your 2 part exchanges in swap :-)

Posted by on

Question.

Hi, I'm interested to know if i would be eligible for a car loan now of say £6000. I was declared bankrupt almost 6 years ago now and have been discharged almost 5 years. I have no outstanding credit anymore but i do have a next card which is paid off in full and i also pay my bills by direct debit each month. Would i be eligible and would it be at an extortionate rate?

Posted by Karen on

Answer.

Hi Karen, welcome to the CarFinance247 Q&A. It sounds like you've got yourself back on track which is great news. We also do have lenders which help ex-bankrupts so i'm confident we can get you approved as you were discharged over 5 years ago now. If approved the £6000 wouldn't be a massive problem and the interest rate would be between 12% & 18% depending upon what lender we can get you approved with. Kind Regards, Edwin

Posted by on

Question.

Hello, I was discharged from bankruptcy in May 2009. I am in full time employment and I pay my bills & council tax etc via direct debit. I have had one or two short term "payday loans" in the past which i have been paid before the appointed due date. Could you advise me who to approach for car finance as i have been turned down in the past. The amount i require is £6000 over two or three years. I am a married, a tenant living at the same address for over 5 years. Thank you

Posted by Stephen on

Answer.

Hi Stephen, i hope you're well and apologies for the delayed response. As you were discharged some years ago i'm confident that we can get you approved as long as you've had a pretty clean record since you were discharged. Also would you be able to stump up any form of deposit as this would help your cause? Can you tell me where you have applied and then been turned down as this will aide me as to whether we'll be able to help or not? If we can get you approved then the £6000 shouldn't be a problem :-)

Posted by on

Question.

I am just out of bankruptcy as of April and wondered if i could get a small loan to buy a car as my one has gone to the scrapyard in the sky. I am an OAP on £880/month and have a deposit of £1800

Posted by Stuart Simpson on

Answer.

Hi Stuart, are you employed or are you living off your pension? If you're just living off your pension and you have bad credit then we'll really struggle to get you approved. Please confirm. Thank you, Edwin

Posted by on

Question.

I live off my pension and my finances are conducted through my bank. I have strict control of my finances and do not drink or otherwise i'd lead a wild life. So I would be able to pay for a loan and this would be over a short time (12-18 months ) hope you can do something for me. Thanks

Posted by Stuart Simpson on

Answer.

Hi Stuart, as much as i'd like to help i don't want to waste your time. Unfortunately as you've had a bad credit history and currently live off your pension we wouldn't have a lender to help you. I'm sorry about this. Have you tried your bank or other personal loan companies?

Posted by on

Question.

Hi, I have been discharged from bankruptcy and it will be six years in October since my bankruptcy hearing. We are without a car at present and we're hiring one at the moment but it costs a lot of money on a long term loan. I am looking to put a small deposit down and buy a second hand car on finance. Is this possible with my credit history? And if so who would you recommend?

Posted by Arabella on

Answer.

Hi Arabella, as your bankruptcy was 6 years ago i'm confident we can do something for you as long as your current active credit accounts are up to date. Is this the case? If so we can help you and the fact that you would have a small deposit would help matters. Please apply on our website when you're ready. Kind Regards, Edwin

Posted by on

Question.

Hi, I have been reading your Q&A section and was quite amazed by it as not many companies offer such assistance which helps in many ways. I was bankrupt in 2008 and discharged after 6 months. Now i have a job with reasonable pay and have been continuously in work for nearly a year and a half. I have also kept my repayments with my only credit card and not gone over my overdraft with my bank. I am hoping to buy a nice car - either a Mercedes, Audi Q5 or BMW but i'm too scared to apply as i might get declined. I saw your blog and am hoping you can help. Thank you and i'm looking forward to your response.

Posted by Muhammad Khan on

Answer.

Hi Muhammad, thank you for your question. We can potentially help but if you need to finance a large amount you'll need a large deposit. How much do you need and how much deposit do you have? Once i know this information i'll be able to guide you further.

Posted by on

Question.

Hi Edwin, Thank you for your response. I probably will have a £1000 deposit and if you can suggest what will be a reasonable amount for a used car, as it doesn't have be to cars I mentioned above as I just would like to know what are my options for £350 a month. I am more careful now then ever before so will only take out what I can afford. Thanks and looking forward to your reply.

Posted by Muhammad Kha on

Answer.

Hi Muhammad, with a £1000 deposit and a monthly budget of £350 we could potentially get you in the region of £8000 to £10,000. Please apply when you're ready and then we'll discuss cars etc but before we do that it's important we can get you accepted :-)

Posted by on

Question.

Hi Edwin, thank you very much for taking time to answers my questions so quickly, it's much appreciated and it gives me a good idea of what I can go for. However, as you mentioned first I need to be accepted by the finance company - so do you think I will still have problems in getting finance even though it's been few years?

Posted by Muhammad Khan on

Answer.

Hi Muhammad, i can't give you a definitive answer until we've seen your credit. We'll only carry out one credit search on you before making our decision. I can't promise anything at this stage.

Posted by on

Question.

Hi, I was discharged from bankruptcy last week and want to start to rebuild my credit rating and wondered weather car finance may be a way to help me do that! I love my current car but it is 12 years old and not very economical.

Posted by Teresa Paris on

Answer.

Hi Teresa, we'd love to help and there may be a chance that we can you approved as we have a few lenders who help ex bankrupts. How much were you looking to finance? Are you on the electoral roll and can you prove your income with payslips etc? Lastly we can use your part ex as a deposit so that's good news. Kind Regards, Edwin

Posted by on

Question.

Please can you help? My husband and I are discharged bankrupt this August. His car is 10 years old and he needs a car for work. We need to get finance however having been made bankrupt we are having trouble. My father who does not drive has offered to get the car finance in his name or act as guarantor please may we have your wisdom?

Posted by Julie on

Answer.

Hi Julie, does your father have a driving licence at all? If so, it may be worth your father getting the car finance for you but the car would have to be registered in his name. You and your husband could be named drivers on the insurance policy for car insurance purposes etc. If he hasn't got a driving licence then i'd say it's best for him to act as a guarantor for either yourself or your husband (whoever has a higher income and credit score). I hope that helps. Regards, Edwin

Posted by on

Question.

My wife and I were both declared bankrupt in June 2009 & discharged June 2010. We both now have credit cards. My income is £100k. We have a deposit of around £10k and would be looking to buy car around £30k. What would interest rate be?

Posted by Michael on

Answer.

Hi Michael, as you are now free from your bankruptcy and have a very large wage and deposit there is a chance we can get you approved. However, due to your bad credit history you'd get a rate between 15% and 20%. We'd have to get you approved first so please make an application when you can. Kind Regards, Edwin

Posted by on

Question.

Hi, I came out of bankruptcy two years ago and I am looking to get a newer car. I have a car to trade probably worth about £4000 and am looking to buy a car between £7000 to £8000. Thanks for your help

Posted by John Malcolm on

Answer.

Hi John, thanks for your question. With such a large deposit in your part exchange i'm confident we could secure you the finance required. Is there any finance outstanding on your part ex? If so, how much. If not, please apply asap and we'll get you into a newer car in no time. I take it you can prove your income with payslips etc and can you confirm you're currently on the voters register? Edwin

Posted by on

Question.

Hi, I am trying to get a new car but I'm a bit worried about the impact on my credit file. I was declared bankrupt in 09, discharged in 10, I have no other debts and sadly no deposit as I was cleaned out by divorce. Will you be able to help with a car? Many thanks Lanie

Posted by Lanie on

Answer.

Hi Lanie, we'll certainly try. Please apply on our site as we do help ex-bankrupts get car finance. Are you employed and are you on the electoral roll? Edwin

Posted by on

Question.

Hi there, I was discharged from bankruptcy in March 2012. I am looking for car credit for a car around £2000 - £2500 and I dont really have much deposit. Can you help? Thanks

Posted by Kirsty on

Answer.

Hi Kirsty, we can certainly try and we do have lenders that help people in your position so please make an application when you have 5 minutes :-)

Posted by on

Question.

Hi, I declared myself bankrupt in March 2010 due to my business hitting hard times. I came out of bankruptcy in March 2011 and contributed £22000 towards my debtors. All defaults (5) are now satisfied on my report and since then I have opened 3 O2 phone contracts. I have not missed any payments in 18 months including the mortgage. My credit score with experien is 968 excellent. Does this mean I can get good rate car finance or car finance at all? I'm slightly confused due to my history?My partner is the the worker and I look after the kids but get income from house rental and renting chairs out in hair salons totalling £300 p/week but the only outgoings I personally have total £120 p/week. I am looking for £10000 and can put a £2500 deposit on over 3 years. Is this a possibility, or is the credit score misleading?

Posted by Damian on

Answer.

Hi Damian, even though your defaults are settled they will still show on your credit profile so i'm sorry to say you won't qualify for a good rate of finance. However, as you have had a clean history for the last 18 months and have a good deposit we may be able to help. Please make a joint application on our website (as you don't work) and provide me with the reference number. KInd Regards, Edwin :-)

Posted by on

Question.

I have been discharged from my bankruptcy for 5 yrs and my car is on its last leggs and i was hoping that someone would be kind and give me credit but it is not the case. Could you shine some light on this?

Posted by Mark on

Answer.

Hi Mark, where have you applied so far and been declined? We have many lenders on our panel and we'll certainly try and help you if we can. Looking forward to your response. Edwin

Posted by on

Question.

I have spoken with you before. At the time I needed to improve my credit report due to outstanding debt. I've been discharged from bankruptcy but debtors hadn't updated the credit report. My score is now 805 and the defaulted accounts have now been settled. I work for a company that pays cash. Although this wasn't a problem before. I sent you a letter from my employer confirming earnings and provided bank statements which you said were fine. So, now i've done what was requested. Do I need to call to re apply? Thankyou.

Posted by Katie on

Answer.

Hi Katie, well done on improving your credit score / rating. Please apply on our website and then provide me with your reference number. Have a great weekend. Edwin :-)

Posted by on

Question.

I desperately need finance to buy a car, I understand that I have a bad credit score due my bankruptcy, I was discharged of bankruptcy in September 2010. I have permanent job with over £35K salary, I can pay about £3-4K deposit, looking for a car around £8K. Can you help me please?

Posted by Mohammad on

Answer.

Hi Mohammad, as you have a good income and a large deposit i think we may be able to help even though you've been recently discharged from bankruptcy. Please apply when you get a few minutes and let me know the reference number. Thank you.

Posted by on

Question.

Hi, I have been discharged from bankruptcy about a year and a half ago-had several ccjs,defaults etc. I am a dentist in full time employment with a average salary of £10k per month. I would like to buy a car for £21k, i have a £12k deposit. Can i get credit? Many thanks, Gerry

Posted by Gerry on

Answer.

Hi Gerry, with such a large deposit and a large income i'm extremely confident that we can help you get the finance you need. Please apply when you get 2 minutes and let me know your reference number. Kind Regards, Edwin

Posted by on

Question.

Hi, i've been discharged for 3 years now and my credit file is still on the very poor side. I do have a credit card and phone contracts and a few other things that are all up to date. My car has died and i wanted to know if there was a chance of getting credit? I work full time and earn £21.000 a year. I also don't have a deposit this close to Christmas.

Posted by Cass on

Question.

I was discharged from bankruptcy in April 2008 and need to borrow about £11k for a car. I have a deposit of £1500 - do you think this is possible and what can I expect the monthly repayments to be if I do it over 5 years please?

Posted by Jonathan on

Question.

Hi,myself and my partner would like to buy another car,the problem is that i'm on an IVA and my partner has a good credit history but only a provisional license,can we apply for car credit?We have a car to exchange and £500 deposit,we earn a combined wage of £50k and she owns two houses. Please help!

Posted by Richard Seeley on

Answer.

Hi Cass, from what you have said we do have a chance of getting you approved for £4000 to £5000 approximately. Please apply when you get 2-3 minutes. Have a good weekend. Edwin

Posted by on

Answer.

Hi Jonathan, if approved £9500 that you need over 5 years would be approx £280 per month. As you have a deposit and the fact that you were discharged from bankruptcy over 4 years ago i'm confident we can get you approved. Please apply when you get a few spare minutes. Regards, Edwin

Posted by on

Answer.

Hi Richard, i'd get your partner to apply as she has the better credit history and we do have lenders that help people with provisional licences. Your partner would have to have good credit to get approved though. If this is the case please apply when you get chance. Regards, Edwin

Posted by on

Question.

Hi, I declared my self bankrupt in Jan 2010 but got a 7 year restriction order. I now have a credit card that I repay on time each month and have my credit limit increased from £500 to £1000 and recently to £2000 as I manage the account well. I am on the electoral role, have an active bank account and earn £25000 per year. I would be looking to purchase a car for around £8000 and have a deposit of £1500

Posted by Andrew D on

Answer.

Hi Andrew, we'll certainly try and help. You tick all the boxes as you have a big deposit, a good income and some active clean credit so i'd like to think we can get you approved but i can't promise anything until we've seen your credit profile. I look forward to receiving your application. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, really hope your able to help, I'm due to be discharged from bankrupcy in feb 2013, I'm in full time employment, pay all my bills via dd with my bank, I don't have any active loans or credit cards at this time, I earn 45k a year, my question is my vehicle is coming to the end of its personal lease, which I have maintained, on time every month, ( does this count for active accounts?) however I want to now buy the car I have, fords will not finance it for me due to my bankruptcy, am I able to obtain a loan of £3000? To buy it from the lease, ( I have this vehicle on ford options), I have a deposit of £800. Can you advise me please?

Posted by Sam on

Answer.

Hi Sam, Unfortunately for us to finance you your bankrupcy would need to be discharged over 12 months ago. However if you could put an application through with a guarantor we may be able to help. The most important thing is that you are trying to improve your credit score. I hope this helps. Edwin :)

Posted by on

Question.

I was discharged from my bankrupcy in June 2008 (4 years, 7 Months) ago. I have been building my credit for the past year by having a credit card that i pay off the full balance every month. I have now attained a good credit limit with this provider. . I earn approx £35,000 with over time per annum. I live in rented accommdation and have no dependants. I am looking to purchase a new car quite urgently and would like to borrow in the region of £7,000 to £8,000 pounds over no more than a four year period. Would i be an eligable candidate? what would i be looking at in terms of monthly repayments and the amounts in total i would have to repay? How soon if accepted could the finance be available? Thank you in advance. Sam.

Posted by Samantha on

Question.

I filed for bankruptcy in January 2009. I was discharged in Jan 2010. I am self employed aged 73. I earn over £40000/year with no current debts. I want to change my vehicle. My 4x4 is valued at £8000 I wlll use that as deposit against a 10 plate VW Tiguan with 26000 mile on.Can you help?

Posted by Alex on

Answer.

Hi Samantha, Thank you for your question. As your bankruptcy was discharged over 12 months ago we can definitely look to help you. It sounds like you are really working to improve your credit score which is exactly what our lenders will be wanting to see. I believe that we will be able to help and should be able to obtain you an approval for your desired amount. However it is possible that you will require a deposit of at least £500. If this is possible please put an application through so we can look to place you with an appropritate lender. It is hard to say what the monthly payments would be, the lender would set this and the term. Once we have you approved everything can be done within 5 working days. I hope this helps. Kind regards, Edwin

Posted by on

Answer.

Hi Alex, As you were discharged over 12 months ago there should be something we can do to help. However what do you mean by you have no debt? Does this mean you have no active credit? If so then this isn't necessarily an issue but it can help to have credit which is being kept up to date as it shows lenders that you have learnt from the bankruptcy and are showing intent to improve your credit profile. It will definitely help that you have a large deposit. Please put an applicationt through so we can try and place you with an appropriate lender. Thanks, Edwin

Posted by on

Question.

Hi there I have a bad credit history, declared myself bankrupt a 1yr and a half ago, havent taken out any thing in my name since then will i be able to get a car finance of £3000 ? thanks

Posted by Kerry on

Answer.

Hi Kerry, thank you for your question. Unfortunately you would need to have been discharged from your bankruptcy for at least 12 months. Once this is the case I would advise you look to take out a small piece of credit such as a small credit card and keep up to date on the payments. Similarly if you are not already I would advise you get yourself registered on the electoral roll at your current address. Once this is the case we may be able to help you. Thanks Edwin

Posted by on

Question.

Hi, I was discharged from bankruptcy in 2010, I am now retired with a good pension. My wife has an excellent credit rating but has no income of her own. We both have full licences. can my wife, who is 60 years old get car credit or lease, based on her rating but my income?

Posted by Eric on

Answer.

Hi Eric, Unfortuantely not your wife would need to be employed in order to be on the application. It may be worth putting an applicatyion through in your name as we deal with many lenders who will consider financing ex bankrupt customers. I hope this helps. Thanks, Edwin

Posted by on

Question.

Hi, I was declared bankrupt in 2007, and discharged in 2008. My 2001 Ford Ka needs replacing and I wondered with this as part ex, along with a deposit of £2000, could I get finance in a car for roughly £5000-£6000.

Posted by Michelle S on

Question.

Hi there I have a credit score of 976 (Experian) but unfortunately have an old bankruptcy from August 2007 due to financial difficulties with an ex at the time. I need to replace my car and was wondering what sort of loan you could offer me (pref no or small deposit). thanks

Posted by Mel on

Answer.

Morning Michelle, This is definitely a possibility. The lenders we work with who will finance ex bankrupt customers just require that the bankruptcy was settled/discharged over 12 months ago. They also want to see that you are trying to improve your credit. The lender who I would be looking to get you approved with will actually lend up to £25k but do require a deposit. So from what you have told me I am confident that we will be able to place you with this lender and get you the £5-6k that you require. Cheers, Edwin

Posted by on

Answer.

Hi Mel, Thank you for your question. We should be able to do something for you. You are clearly trying to repair your credit profile as you have a high score. The bankruptcy does limit the number of lenders we can look to approve you with but it is definitely a possibility.However it is likely that you will need a deposit. The size of this will depend upon the amount you want to borrow.The lender I would be looking to get you approved with will actually lend up to £25k. If you make an application we will hopefully be able to place you with one of our lenders and your personal finance advisor will be able to tell you exactly what deposit (if any) you would require. Thanks, Edwin

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Posted by Christopher on

Answer.

Hi Christopher. Firstly you do have a good credit score thus showing intent to improve your credit profile since your bankruptcy. We may be able to help, however your bankruptcy will need to have been settled/discharged over 12 months ago. is this the case? if so then we should be able to do something. Please make an application when you are ready so we can see what would be the best option for you. Thanks, Edwin

Posted by on

Question.

Hi Edwin, I am a discharged bankrupt from 2009. My credit score with equfax is 462. Am I able to get finance for a car. Deposit of approx �800. On electoral role. Employed income of �34k, tenant. What would my chances be like? Thanks in advance

Posted by Paul on

Answer.

Hi Paul, Well you have come to the right company!Here at carfinance247 we do deal with most of the lenders currently on the market and do manage to secure the majority of our customers an approval including those who have previously been bankrupt. As long as the bankruptcy was settled/satisfied over 12 months ago and you are showing intent to improve your profile we should definitely be able to help.It may be worth making an application so we can see how we can help. Edwin

Posted by on

Question.

Thanks for the reply Edwin, On checking my credit report there are a couple of creditors which are not marked as being settled despite being included in my original bankruptcy in 2009.they are with the same company so hasn't updated their records. Do I need to get these marked as settled before I can apply? Regards Paul

Posted by Paul on

Answer.

Hi Paul, They don't necessarily need to be shown as settled but it would help. Credit agencies usually update profiles every 30 days so maybe get them shown as settled and apply a month later. I hope this helps. Edwin

Posted by on

Question.

Hi my husband and i have been discharged fom bankruptcy for a year now notice my score is only 420 and alot of creditors involved in bankruptcy have not updated there records yet i have been on with chasing them up ,to get them to amend them but dont to be having much joy with some. Could we do a joint application? We have a car to trade in worth roughly £1000 and about £1000-1500 in cash i think we would be looking for about £5000 fiance. We would be looking to do this in march sometime do you think it would be worth us doing a joint application? Thank you tracey

Posted by Tracey on

Answer.

Hi Tracey, We should definitely be able to help. A number of our lenders will finance customers who have previously been bankrupt as long as it was discharged over 12 months ago. Having a joint applicant doesn't necessarily guarantee finance but it can definitely help. Please make an application when you are ready and try and persevere with your creditors and get them to settle off your accounts included in your bankruptcy. Credit agencies usually update their systems every 30 days so if you are willing to wait until march then they should be updated on your profile. I hope this helps. Edwin

Posted by on

Question.

Hi, I have been automatically discharged from bankruptcy after the one year period. Discharge date was 01.12.2012. My name from the insolvency registers has also now been removed after the 3 months period. I have already applied at the court for a discharge certificate and would be receiving it any day now. I intend to purchase a car with approximate value of £10,000 to £12,000 with putting down a 10% deposit. I am aware that various companies are accommodating people in my situation and I am also aware that the finance rate will be higher due to my circumstances. Can you please let me know if were to apply with your company what will be the interest rates, monthly payments and max time of instalments sat 48 to 60 months. Thanks. AJ

Posted by Aj on

Answer.

Hi Aj, Unfortunately we would not be able to do anything for you at the moment until you have been discharged from your bankruptcy for over 12 months. Would you have a partner or someone who could look to take the finance out for you? I am sorry that we could not help at this moment in time. Thanks, Edwin

Posted by on

Question.

Hello Edwin, In 2009, following the death of my husband, I took out a Debt Relief Order as I was unable to cope with payments owing. It is something I am beginning to regret, but found it to be the only way to handle my finances. This was within the first year of the DRO starting, and was intended to last a year then the order would be satisfied, like most bankruptcies. I was wondering if I would qualify for car credit? I do not owe money to anyone (no credit cards, loans, etc) and pay all household bills and rent on time. I work full-time and a car is necessary to get me to and from work. My car is now 11-years-old, and regular repairs are becoming far too costly for it to be viable. Any advice would be greatly appreciated.

Posted by Pamela on

Question.

Hi, I was bankrupt 3.5 years ago, have had no credit since but was wondering if I could borrow £10k over 5 years to buy a new car. I will have 2-3k deposit and earn 29k per annum. Much point in applying?

Posted by Georgina on

Answer.

Hi Pamela, sincere apologies for the delayed response and thank you for your question. I'm sorry to hear about your husbands death too and the issues you've had since. Anyway, now that you're back on top of your debt and the fact that you have a full time job i'm quietly confident that we could help - we can;t guarantee anything unfortunately without seeing your credit profile. However, please apply when you feel ready and we'd be happy to help where possible. Have a good weekend. Kind Regards, Edwin

Posted by on

Answer.

Hi Georgina, I hope this response finds you well. I'm confident we could get you approved as it has been some time since you were discharged from bankruptcy and you have a good level deposit and income. Please apply when you feel ready. Kind Regards, Edwin

Posted by on

Question.

I made myself bankrupt in 2008, discharged in 2009, and I am wondering if I would be able to get help buying a car, I'm in full time employment, but only have a small deposit. Thank you in advance for any help.

Posted by K Healy on

Answer.

Hello "K Healy" - thank you for your question. As you were discharged from your bankruptcy 4 years ago now i'm hopeful that we can get you approved for car finance. The good news is that you're employed and hopefully have been paying any new credit arrangements on time to build up your credit score. I wouldn't worry too much about having a small deposit. Please apply when you feel ready - it is a no obligation service so it's totally up to you to decide to go ahead or not. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I have recently applied to 24/7 car finance and was rejected as I still had active defaults on my credit file. Naively I have not checked my credit since my discharge from bankruptcy in February 2010. I have started to clean up these defaults as they all relate to my bankruptcy. My credit score on experian is excellent at 970. I understand why I would be rejected because a lender would assume I still have these debts, I was advised not to reapply for 3 months, my question relates to this. Once my files have been updated would I not be able to reapply? I have been told this should take no more than 30 days to complete the update and for these to be marked as settled. Financially I have never been in a better position, I earn £35,000 a year with no loans or credit cards. I have £1,500 to put down as a deposit on a car and a was looking to buy a car for£8,500 so wanted a loan of £7k. Do you think this would be possible? What would the monthly payments likely be if spread over 5 years.Thanks for your time. Mark

Posted by Mark H on

Answer.

Hi Mark, thank you for your feedback and apologies for the delayed response. As you have a good income, a large deposit and are starting to clean up your credit profile there should be no reason why we can't get you approved once Equifax and Experian have updated their records. I'd only advise re-applying once these 2 credit agencies reflect the changes. Good luck. Kind Regards, Edwin

Posted by on

Question.

Hi there, My husband and I were declared bankrupt in March 2010 and discharged March 2011. My husband earns approx £30,000pa and I have been employed for 3 months (have just received a permanent contract) and earn a minimum of £6,000pa. We have had 4 addresses since 2006, have recently moved again and are waiting to go onto the electoral register. Husband's credit file is all green since the BR, I haven't looked at mine yet as I have forgotten my log in (oops) but I can't imagine there to be anything sinister on it. We have a deposit of £1000, a monthly surplus after living costs of around £700 and were wondering what the chances of being approved for £8-£9,000 over 4 years would be, or if you had any advice on how best to proceed before applying. We are unsure if it would be best for it to be in solely my husband's name or if because both of us are earning if it would be beneficial to have both of us down? We have had no credit since being declared BR in 2010 but all utilities etc are up to date. We're in Scotland if that happens to make a difference? Many Thanks

Posted by Megan Brown on

Answer.

Hi Megan, thank you for your question. After taking all your comments on board it'd be best if you made a joint application when you are both on the electoral register at your new address. This way both incomes can be taken into account. I do believe we'd have a good chance of getting you approved for the amount you need too as you have a large deposit and plenty of disposable income. The fact that you're in Scotland doesn't matter at all :-) Please apply when you feel ready. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, i was discharged from my bankruptcy in April 2012.

I've been keeping up to date with my finances ever since and my Experian credit score is 763. I was given a £500 credit card that's just been increased to £1500 as I've been so good with it.

Experian suggested i apply for a loan with Carloans4u but they refused me point blank. I work 20 hours a week earning £6562 a year but also get a tax credit top up of £7836 a year. Do my tax credits not count when it comes to getting finance? Can you help?

Posted by Keris Barnard on

Question.

Hello there, I was declared bankrupt in 2011 and discharged early 2012, due to a relationship breakdown.

I have always been in employment, I now own my own business and earn £6k plus per month. I don't want to pay out a large sum of money for a car but would like to use the option of leasing instead.

However, after my first enquiry I have been rejected through Mercedes. Would this situation be something your company could help solve? Thank you

Posted by Neil Davison on

Answer.

Hi Keris, a very interesting question!

We can indeed help ex-bankrupts get car finance and we do have different lenders on our panel than Carloan4u so there is a chance we can get you accepted. Also, as you have some recent clean credit and some income this will certainly aide our chances.

Our lenders do also take into account tax credits when calculating your affordability. Just make sure you place your total income down on the application form. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Answer.

Hi Neil, thank you for your question.

You have a fantastic income but unfortunately as you have only recently been discharged from bankruptcy you'll find it impossible to lease a car from a manufacturer.

We also don't offer lease deals. We can however, offer car finance for a nearly new or used car of your choice. Would you consider financing a car rather than leasing? This was you'll also build back up your credit score.

If so, please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I went bankrupt in Jan 2011 and was discharged Jan 2012 (over 2 years ago), my husband went bankrupt in Oct 2009 and was discharged Oct 2010 (3 1/2 years ago).

We each have a credit building credit card in which we have never missed a payment and we have had regular increases of credit offers. However, we did try and obtain credit on a TV around 8 months ago in which we were immediately declined. We appreciate this could have been due to the bankruptcy, however how would we go about getting a car loan up to approx £10k please?

We also own our own business in which is small however growing with an turnover of £68k and increasing each year but income was approx £6.5k each and we do get tax credits at the moment. We are going LTD and we were wondering if we are able to get a loan through our business as the car would also be for business use, or would it have to be through ourselves? What documentation is required? Many thanks, Nicola

Posted by Nicola Yates on

Answer.

Hi Nicola, thank you for your question.

The good news is that we do have lenders on our panel who help ex-bankrupts get car finance and as you and your husband were discharged a few years ago now and have had some clean credit history since i'm confident that we can help.

The loan would have to be in your names personally and not the companies unfortunately. We'd potentially need to see 3 months bank statements proving your income along with your driving licences and a proof of address.

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, Edwin

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