getting a car loan when discharged...

fairihell

Just to double check that the chance of getting a loan for a car after discharge (not homeowner and discharged less than a year) is impossible?

OH just been offered a job on much better salary with a car allowance but we have no means to buy the car..... any thoughts/ideas? he would need the car to do the job... company don't do company cars either...

skylight

Getting any sort of credit after BR is difficult- car finance will be nigh on impossible without large deposits/guarantors. THe closer to your BR date the less likely you will get credit.

You can make things better by cleaning up your credit file (there is a long thread here on how to do that) and depending on how you feel about it, actually getting a small amount of credit and keeping it up to date etc.

fairihell

hi any other thoughts on this?
DH has to be able to have a suitable car to be able to take the job nad it is on alot more money.... anyone actually got a loan of any kind within a year of discharge? he should get a large annual bonus so be able to pay any loan off in full within a year...

philnicandamy

Skylight really summed it up to be honest....best thing to do is contact a few companies & see what they suggest

it'll be VERY difficult to be honest while the bankruptcy sits on file for 6yrs

Brock_and_Roll

Does it have to be a flash/decent car to do the job? i.e. would he lose sales/reputation if he turned up in something old? If not a car like my £500 Toyota Corolla with 50k on the clock would do - it would travel to the moon and back in reverse and still do 40mpg. After 6 months he should have saved to buy a better car.

No chance of a loan as a recent BR.

tigerfeet2006

Could he try leasing a car?

philnicandamy

may fail a lease agreement as well tiger (they more often than not credit check)

alastairq

The choice of car itself can often overcome the prejudices involved with not having new car ownership.

Cheap though a car may be..[see Brock n Roll's post above, for example]...provided it looks clean and tidy, any concerns over whether it is suitable can be overcome.

It may also be worthwhile considering a very cheap, older, larger car?

Simply for work....biting the bullet with higher fuel costs...but still able to give a good impression...which..it appears...seems to matter too much these days?

philnicandamy

alastairq wrote: »

.but still able to give a good impression...which..it appears...seems to matter too much these days?

that counts me out then with a Citreon :eek:

alastairq

philnicandamy wrote: »

that counts me out then with a Citreon :eek:

strangely....re-cycled Citroens don't even rate as bacofoil.....


[whereas, my late-lamented old Volvo is probably now sitting in a hundred kitchens as new washing machines.....]

philnicandamy

alastairq wrote: »

strangely....re-cycled Citroens don't even rate as bacofoil.....


[whereas, my late-lamented old Volvo is probably now sitting in a hundred kitchens as new washing machines.....]

Hmm the "10" reg plate will probably be worth more than the car then....:cool::cool::cool: