Cheapest loan after bankruptcy

nazd

Possibly been covered elsewhere but help needed anyway. I went bankrupt in 2011 and was cleared in May 2012. I have applied for a loan for a car but have been met with high interest rates ending in double the loan value. I know bankruptcy means high rates and it's acceptable to a certain degree but is there any cheaper loans out there I can't see? Please help, the bankruptcy was through my ex who left me with 2 kids ( no complaints) but financially I suffered and now trying to work my way through life to get back on top.

Thanks in advance for any help

Naz

imoneyop

With a bankruptcy on your credit file, you're not likely to find any lenders willing to offer you a "cheap loan". Your best bet might be car finance rather than a loan, as at least the lender will have the security of the car to fall back on and therefore might offer lower rates.

nazd

That's what I am looking at. Tbh even then it's hard to get finance. I can understand but I do want to build back my score bcos it was very good. Just don't want to pay hugely over the odds as that takes away anything i work for.

Apples2

There are much better ways to build a Credit File than spending out on hugely overpriced cars.

No matter what option you manage to find, you will pay dearly, massively dearly for a car woth a fraction of what you will be paying for it.

Save up for a few months and go into bangeromics, pay with cash.

For your Credit File, a Mobile Phone contract, a Credit Card (Aqua/Vanquis), use it often and clear it every month.
Your Credit File will start to fill up with well managed accounts.

It takes time, an overpriced car is not the best method and seldom works out for people in your position.
The car will be no more reliable than any other, Warranties are useless. The likelyhood is very high that you will still be paying for it when it is off the road broken or a distant memory.

nazd

I have a credit card and phone contract which have been running all the way through the bankruptcy. I do however need a car for work so it's my only option and fingers crossed I find one with no problems

DCFC79

You asked the same question earlier on in the month, here for info.

nazd

Minds been messed up thanks for that completely forgot about that

Clive_Woody

nazd wrote: »

I have a credit card and phone contract which have been running all the way through the bankruptcy. I do however need a car for work so it's my only option and fingers crossed I find one with no problems

You could look at leasing a car, but I would assume that they also may carry out a credit check.

You might want to look at the Bankruptcy boards to see if anybody on there can offer advice from their experience.

dealer_wins

The cheapest loan after bankruptcy is the loan you never take again.

The key to success in life is learning from your mistakes, so save up for anything you want to buy.

It will save you £1000s in interest!!

DCFC79

nazd wrote: »

I have a credit card and phone contract which have been running all the way through the bankruptcy. I do however need a car for work so it's my only option and fingers crossed I find one with no problems

Is this a job that you currently have that needs a car or a job you have applied for ?