Possible to Lease after Bankruptcy?

Jono987

Hi all, i was made bankrupt december 2016 and discharged december 2017.

I was wondering what my chances are of leasing a car? I have a new job (my second new one since bankruptcy) and a considerable amount of disposable income now.

I have a decentish car but fancy giving it to my partner and leasing myself a new one, however i realise theres a good chance i wont be able to.

Just wondered if anyone else had managed to?
Thanks!

DCFC79

Jono987 wrote: »

Hi all, i was made bankrupt december 2016 and discharged december 2017.

I was wondering what my chances are of leasing a car? I have a new job (my second new one since bankruptcy) and a considerable amount of disposable income now.

I have a decentish car but fancy giving it to my partner and leasing myself a new one, however i realise theres a good chance i wont be able to.

Just wondered if anyone else had managed to?
Thanks!

The internet says you can.
Its up to the providers to choose if they accept you.

Jono987

DCFC79 wrote: »

The internet says you can.
Its up to the providers to choose if they accept you.

Thanks, i did a quick google but most results were from what looked like US website.

Not interested in doing it if i have to pay silly interest or whatever as would just result in potentially getting back into money problems.

I did contact Lingscars but she said she couldnt until 6 years had gone by unfortunately.

WhenIam64

leasing myself a new one

If you can do it why not.

But do you realise the underlying costs in terms of finance costs plus depreciation? They used to say that owning a speedboat was like standing in a shower and tearing up £20 notes. It's not that far short with Personal Finance car contracts.

It is of course a personal choice.

BoGoF

Good to see you have learned your lesson by not getting things you really don't need......

Jono987

Or maybe i learnt my lesson by furthering my career and earning roughly double what i did before?

There seems to be a massive stigma against lease cars on this forum, whereas in actual fact they can be a great choice for some people. My new job will require around 20k miles per annum, the idea of paying a few hundred a month and not worrying about repairs / maintenance / warranty issues for two years and getting to drive a brand new, safer car seems a good one to me.

BoGoF

What makes you think you won't have repairs or maintenance to deal with on a lease car. Yes you can pay extra to have it.....but is it value for money... doubtful.

But if you want to pay 'a few hundred' a month to rent a car for 2 years......

Jono987

I simply wanted to know if anyone had experience of doing it after BR. Not interested in arguing the pro's and con's of it.

WhenIam64

I simply wanted to know if anyone had experience of doing it after BR

Can't speak from personal experience but finance will always be available at a cost with a particular LTV on an saleable asset. What deposit can you produce?

Credit scoring has been replaced by "personal pricing" - the APR you will pay based on your personal financial history. Buy now (pay more) or build up a credit profile (pay less)

Jono987

I have around 5k i could put as a deposit however would only really like to lease if i could potentially get it for the same price a 'normal' person could if you see what i mean.

I guess most lease companies would credit score me and run a mile - and cant really argue against them. I have found some lease companies that specialise in bad credit but again they raise their rates up to threefold what normal lease companies charge.

Probably best to wait till at least 6 years and go from there. Dont want to risk applying and lowering my score with a rejection.

JCS1

Don't forget to do a credit file clean up too