been bankrupt,trying to get a loan....

mickey66_2

hi i went bankrupt in 2008, im now out of bankruptcy but obviously my credit rating is still bad,i assume.During the bankruptcy i still had my mobile phone,which was on contract and always paid it,recently ive managed to get a credit card(vanquis),and pay that ok.
Ive been looking at getting a used car and contacted a used car dealer who deals with people with bad credit,sure enough he said he can get me a loan for upto 5k(not sure of the apr at the mo,wont be low though i bet).Im now thinking that if he can get me a loan could i sort one for myself? as i really didnt think i'd be able to get credit just yet.
are there any companies out there that could help?
cheers
Mick

marleyboy

I'd be weary about accepting loans from some backstreet second hand car dealer. You might find their late fee's collection options are not quite as pleasant as you think.

stephane_2

Very unlikely that you would get a loan from a main lender.....

DCFC79

mickey66 wrote: »

hi i went bankrupt in 2008, im now out of bankruptcy but obviously my credit rating is still bad,i assume.During the bankruptcy i still had my mobile phone,which was on contract and always paid it,recently ive managed to get a credit card(vanquis),and pay that ok.
Ive been looking at getting a used car and contacted a used car dealer who deals with people with bad credit,sure enough he said he can get me a loan for upto 5k(not sure of the apr at the mo,wont be low though i bet).Im now thinking that if he can get me a loan could i sort one for myself? as i really didnt think i'd be able to get credit just yet.
are there any companies out there that could help?
cheers
Mick

Id take what he says with a pinch of salt.

Maybe try your own bank, they know your finances more than this car dealer.

Have you factored in cost of insurance etc.

Maybe also consider lowering the amount you want to borrow.

Maybe try your local credit union.

Tixy

Did you ever check your credit files and do a post bankruptcy clean up of them?

mickey66_2

Tixy wrote: »

Did you ever check your credit files and do a post bankruptcy clean up of them?

no,as i wouldn't know where to start!:(

Tixy

Start here Credit Reference File Clean Up Post Bankruptcy

It may be ok, but its worth getting copies and checking before attempting to get a large credit item.

mickey66_2

Tixy wrote: »

Start here Credit Reference File Clean Up Post Bankruptcy

It may be ok, but its worth getting copies and checking before attempting to get a large credit item.

cheers for that i'll check it out;)

SeanG79

Are you a home owner or a tenant and what sort of deposit relative to the purchase do you have.

The fact that you have the Vanquis card will help provided you are not only making the minimum payments.

Are you a home owner or a tenant as this will make a difference, especially in terms of the rate you will be offered and which lenders will consider assisting.

I have had recent interaction with someone in a similar situation, they were discharged from bankruptcy ± 2.5 years ago but since has had a credit card paid spotless in full each month and is a home owner and they were approved with finance, the lender wasn't high street, but reputable none the less and an APR of ±18% (high yes, but its all relative). the vehicle was £10k and they put down 20% as deposit.

There are lenders out there may assist with out being of the "loan-shark" type...