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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can i Get Car Finance After My DRO - Debt Relief Order?

Hi Edwin, My Debt Relief Order (DRO) is due to finish in April 2013. I will have £1000 as a deposit plus a part exchange of a car worth around £1000.

Will i be able to get help with finance after the DRO has finished? Thanks

Posted by Sammy J on

Answer.

Hi Sammy, thank you for your question and apologies for the delay in responding.

The answer to your question is Yes, we'd love to help. The fact that you'll have a £2000 deposit is also a massive help. I take it you have a full UK licence, can prove your income and are on the electoral roll (this isn't mandatory but does help)? Lastly, have you kept your current active agreements up to date payment wise? If so, we'll have a reasonable chance of getting you accepted.

If approved we provide a no obligation quote and you can buy a car from any UK dealer. Please make an application when you're ready. Kind Regards, Edwin

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Question.

Hi, thanks for the reply! Doesn't the debt relief order stay on your file for 6 years? I'm on time with all my utility bills, sky and mobile contract since the Debt relief order took a lot of pressure off me. I can't make an application until next year when the DRO is completed as you're not allowed a car on finance. How does your finance scheme work? Do I need a gaurontor? Is te interest majorly high? Thanks

Posted by Sammy J on

Answer.

Hi Sammy, you are correct in saying that the DRO will stay on your file for at least 5 years before dropping off. The good news is that you're now paying your bills on time however, bills such as utility & sky don't get recorded on your file.

You wouldn't necessarily need a guarantor but it could improve your chances of being approved. I'd also advise to have at least a 10% deposit to place into the deal. The interest rate you receive will be dependant upon the lender we get you accepted with and your credit profile. Kind Regards, Edwin

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Question.

Hi, I have just been turned down for a £4000 loan with Car Loan Warehouse towards a motor home. I have a deposit of £500-1000 as well. I had a DRO in march last year now finished. It was due to unemployment for 3 years. I now have a full time job, a steady income and my wife has income from lifetime award disability living allowance. Would you be able to help me please before I apply thank you.

Posted by Matthew K on

Answer.

Hi Matthew, as you're now in full time employment, had a decent deposit and your DRO has been completed i think we have a reasonable chance of gaining an approval for you.

As long as you can prove your income, have a UK bank account, some current clean credit and are registered on the electoral roll at your current address we should be ok. 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

Posted by on

Question.

I currently have a DRO on my credit report. Since then I have managed to get a contract phone, which I have been paying on time for the last year. I was also accepted on a credit card and have been paying for just over a year.

I start a new job this week as a self employed taxi driver. Am I able to get finance on a vehicle.

Posted by Kevin Fenwick on

Answer.

Hi Kevin, thank you for your question.

It certainly sounds like you're getting back on track and as you have some current clean credit this will certainly go in your favour. As you will be classed as self employed we will need to see 3 months bank statements before we could get a deal completed. If you don't have these yet please apply when you can have these available.

If approved you can get a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

I have just come out of a DRO, and haven't yet tried for credit. I do not work at present, but wish to start but need a new reliable car in order to do so.

So my question is would I be able to get car credit somewhere? I also have an old car to part exchange.

Posted by Danielle on

Answer.

Hi Danielle, thank you for your question.

We can help people who have completed their debt relief orders but the vast majority tend to be employed. There is a chance we can get you approved but we'd need to show bank statements to the lender detailing your income to show you can afford the monthly payments. I take it that you are currently on benefits?

Please make an application and we'll try our best to get you accepted. We deal with many specialist lenders so we have the greatest chance of getting you approved. If accepted we provide a no obligation quote and you can choose a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

What's happens if you need a DRO but have a car already on finance and need the vehicle for work? Can you still keep the car and finance in place?

Posted by Danny Smith on

Answer.

Hi Danny, thank you for your question.

As far as i'm aware you will be able to keep your car and finance agreement in place as you need your vehicle to get to work and earn money to pay your debts off.

You should be fine but double check with the company you're looking to use. Kind Regards, Edwin

Posted by on

Question.

I need to get a car on finance and looking into DRO, will I be able to do this? I need a car due to being on PIP, and not able to walk far and can't get a disability car. I don't have to put deposit down.

Posted by claie burton on

Answer.

Hi Claire, thank you for your question.

Providing you are paying your current finances on time, and got back on top of your finances, there is a possibility we may be able to help you, despite the DRO.

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 Michael Hughes on

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