I need to buy a car on finance, which i will need for work and getting my children to school, how do i go about this as i have only been bankcrupt for about a year?
If you have been discharged from your BR then you do not need to declare that you were BR unless the finance company ask. You should be automatically discharged 1 yr after you were declared BR although some people receive early discharge and the OR/RTLU would have informed you about this.
If you are not BR then your credit file still won't look particularly good but it is just a case of applying for a loan/finance and seeing what the finance company say. Some companies may not be willing to provide finance to you and others may but only with a high interest rate. It's just a case of shopping around as was the case before you were BR but now you will probably find your option limited to a high interest loan.
Have you looked into leaseing a car? That may be a better option.
Why do you need such an expensive car? Could you not scrape £500 or so together and buy a cheapy from Auto Trader or Ebay? Our last cheapy is still going strong 18 months later and I am saving money so we can get pay a bit more next time and gradually work up to a newer car.
I need to buy a car on finance
Posted - 18 May 2009 : 08:53:17
