Disharged from bankruptcy and applying for loans

bekki38

Need some advice and help!!!!

I am looking to get a loan of £1000. My car has just gone to car heaven and needs replacing.
I have been discharged from my bankruptcy for 2 years, does anyone know of where I could get a loan, that is not a stupid APR rate????

Many thanks

sniggings

bekki38 wrote: »

Need some advice and help!!!!

I am looking to get a loan of £1000. My car has just gone to car heaven and needs replacing.
I have been discharged from my bankruptcy for 2 years, does anyone know of where I could get a loan, that is not a stupid APR rate????

Many thanks

your best bet I would think is a credit union,it may mean waiting a few weeks as most like some savings in first but I would think it's your best option,I'm in one and it's great,what ever savings I have in I can bought 3x that amount for 1% interest,you could try a garage as some do their own credit or may be a bit easier on the credit checks than some other places,I know I got passed just before going BR at Ford for a 2nd hand car at about 4% interest and that was with a bad credit rating,just remember tho that a search on your credit rating will show and can count against you if there are afew showing on there.good luck.

adiyaya

I am in the exact same boat as you. My poor car is nearly dead. I have tried everywhere and only had luck so far with Cargiant. I have read good and bad things but the interest is unbelievable. I may check out credit union

forgotmyname

Loan for a car could be back on the road to ruin...

£1000 car may need as much again on repairs to keep it going. You maybe
lucky but can you afford a large bill and the monthly repayments?

Old cars can rust and newer cars can be be a bottomless pit, One guy on the club forum thinks
his fuel rail sensor is faulty. £400+ from the dealer for a new one, An aftermarket one is £233.

The boys with the plugin boxes need to think twice before killing that with an ebay special box of tricks.

gingeralan

bekki38 wrote: »

Need some advice and help!!!!

I am looking to get a loan of £1000. My car has just gone to car heaven and needs replacing.
I have been discharged from my bankruptcy for 2 years, does anyone know of where I could get a loan, that is not a stupid APR rate????

Many thanks

Without sounding condescending. Could you not try and save the money? I have been searching for cars worth around 250 quid to take part in an event called Barcelona bangers. Of you just need a cheap nail to get you to and from work, you don't need to spend a grand, and you can just use the cheaper car till it dies then just get another.

I found an amazing BMW 7 series 1991 3 litre v8 for only 250. There are many cheaper to run cars, I found no end of fiat secentos for around this figure.

It may take a coupe of months but surely you can use the bus or cycle for a little while.

sundays

You normally need to be in a Credit Union for about 3 months min before a loan can be agreed.

Easiser said than done but trying to save might actually resolve the problem as you may become more cost savvy about getting places.
i think you will still get nobbled with high intrest rates.

bekki38

Hi Guys

Thanks for all your replies. In the end I decided not to go for a loan, credit card etc.. Having not had debt for nearly 3 years decided that I didn't want to be in debt again.
Had some money saved, around £700. There are alot of cars out there for that price, I wanted one that fell into the cheaper tax bracket. Did manage to find one in the end and did it without a loan!
Am very pleased with myself!

Many thanks

gingeralan

bekki38 wrote: »

Hi Guys

Thanks for all your replies. In the end I decided not to go for a loan, credit card etc.. Having not had debt for nearly 3 years decided that I didn't want to be in debt again.
Had some money saved, around £700. There are alot of cars out there for that price, I wanted one that fell into the cheaper tax bracket. Did manage to find one in the end and did it without a loan!
Am very pleased with myself!

Many thanks

Well done!

It always feels better when the car is actually yours. Good luck and hope it all works out for you.

oplus

You could try contract hire but if you have failed to save anything in the past what chance is there that you will be able to pay off a loan?