Car Finance After Bankruptcy
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Struggling To Obtain Car Finance After Bankruptcy?
If you’re having problems with debt, declaring yourself bankrupt can seem like an end to what seems a never-ending cycle. You have the option to apply for bankruptcy if you’re unable to pay back your debts. When a bankruptcy order is over you, it can feel like a weight off your shoulders, that you can finally make a fresh start. The pressure will be taken off you, as you no longer have to deal with your creditors and they have to stop most types of court action to get their money back. In most cases, the money that you owe can be written off.
Declaring bankruptcy can seem like the ideal solution if you are struggling with debt. However, it can seem daunting if you’re trying to obtain car finance after bankruptcy. It’ll no doubt mean you have no deposit. Alternatively you could be in a debt management plan or an IVA, if so you may be looking for debt plan car finance.
Don’t Strike Out The Option Entirely
As well as seeming like the best solution for you, filing for bankruptcy and wiping out your credit score (as well as your debts) can be stressful. That stress can be exacerbated when you’re trying to make a major purchase like buying a car. You may feel like you’re fighting a losing battle, as you won’t be considered for car finance after bankruptcy. However, the good news is that obtaining car finance after bankruptcy is possible in many cases. You’re certainly not alone when it comes to going through the bankruptcy process and there are plenty of lenders that are ready and waiting to consider your application for car finance.
So if declaring bankruptcy has left you feeling a bit deflated and like you have no options left when it comes to finding a car finance deal, don’t panic – we are on hand to help.
We work with providers that are experts in arranging debt plan car finance and bad credit car finance. They understand that everyone’s credit history and circumstances are different, which we believe makes a real difference.
How Bankruptcy Affects Your Credit Score
Bankruptcy can have a detrimental impact on your credit score and can lower it significantly,, however there’s a chance that after bankruptcy, it will improve if you use credit responsibly.
The short term issue with this is that lenders are likely to use your credit score as part of their criteria when determining whether you qualify for finance, or not.
Fortunately, there are providers that have extensive experience in helping provide people with car finance after bankruptcy.
Work on Improving Your Credit Score
There is no specific time that you should wait before you apply for car finance after bankruptcy. You’d be surprised that you don’t necessarily have to wait years for your ideal car on finance, but we recommend taking some time rebuilding your credit score before applying for car finance. After all, a positive credit history will show in your credit score and ultimately improve the chances of you being successful in applying for car finance after bankruptcy.
However, regardless of the damaging effects that bankruptcy can have on a credit score, car finance after bankruptcy is still well within your reach. There are bad credit car finance providers out there that are willing to find loans for you, despite the difficulties that you may have faced in your past.
You are not the first and you are certainly not the last person to have gone through bankruptcy and wanting to apply for car finance.
Things to Consider
Before you apply for car finance after bankruptcy, there may be a possibility that you might face increased interest rates, due to the fact that lenders perceive you as high risk. Some providers might require a higher initial deposit. However, this will reduce the total amount of the loan, meaning that there’s a better chance of you getting approved.
How Much Can I Borrow?
Want to find out how much you could potentially borrow for car finance after bankruptcy? By utilising our car finance calculator, you can find out just how much you could borrow, the cost of your monthly payments based on your budget and the rate and term.
All Hope Is Not Lost
Just because you have a less than perfect credit score it isn’t the end of the world when it comes to obtaining car finance after bankruptcy. There are providers that can help applicants struggling with bad credit car finance to help get them the keys to drive away happy in their new car.
Many providers will work tirelessly to find the best no deposit car finance deals to suit your requirements and budget, to save you a taxing job.
Bankruptcy doesn’t have to mean the end of the road for car finance.
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