Life after br 6+ years

miss_sparkle

I was looking for some advice / experiences of what it is like finance wise after the Br actually drops off your credit file? I know mortgages are different but what about things like car finance etc, do you have the same chance of getting it as anyone else after your br is no longer showing on the cr file?

My boyfriends br drops off in 2 weeks and he is on the search for a new car, he is after a BMW x6 it is 35K, he is hoping to go with the BMW dealer finance, do you think there is any chance of him being accepted?

He has a good job, take home pays between £1000 - £1500 a week, he has no missed payments or default etc in the last 6 years, has a mortgage with no late payments.
He has £7k deposit to put down.

He seems to think it will be fine but I'm not sure

Thanks

battyboimatt

It amazes me the first thing x bankrupts want to do when it drops off their credit file is go and get a 30K car loan lol,

If he is on such a good wage of £1000 - £1500 then what was he's need to go Bankrupt in the first place ? debt ?

I would advise your parter to stay clear and get his sensible head on

wharty

You wait 6 years and then want to finance a 35k car? Why not save up for 28 weeks and buy it outright????

save 1k per week for 28 weeks and include the 7k and it's job done and no finance.

woodformoretrees

Oh, OP!!

Teen_the_Drama_Queen

I echo what 'battyboimatt' says

miss_sparkle

Well he went BR because of an x business partner that well and truly stuffed him up, he committed fraud and has spent the last 4 years getting free board at hm prison service.
My partner had no choice and was advised that he would have to go BR but that was before I knew him.

He already has car finance on another vehicle which he has had for 3 years, but he needs to change his car now and his payments will reduce anyway with the smaller apr %

But I do understand what everyone is saying, it is a joint car & as I have children we need a bigger one.
It was just a question about if he would be accepted or it going in my name, I also have a good job and we are both on top of our finances now and know how much we can & can't afford.
We would rather get finance and put some savings down rather than paying for it with all our savings and have nothing left in the bank.

macbabypam

At the end of the day, you can both do what you want, it's your choice and you life. I think when people reply on this forum, we are all very nervous at the suggestion of large amounts of debt as most of us have been through BR and would never want to end up that situation again.

Personally, I don't think a gun to my head would make me take on £28000 debt for a car. I appreciate you need a bigger var for your family needs but there are cheaper models than BMW.

Anyway that's my opinion, you must do what you think is right.

NorthernOne

This always makes me laugh why people have to have the most expensive stuff/brand which is normally is only to impress other people. Some good suggestions in this thread about saving for only a small time to but outright or even get another brand.

Some people just never learn from bankruptcy.

No one knows if he will be given BMW finance as I would expect the criteria would be high so when its asks have you ever been bankrupt then answering yes would be an automatic decline I would suspect with BMW.