Car Finance After Discharge

I was declared bankrupt in 2018 due to illness and being unable to work for 3 years (and having an insane amount of debt!). I'm now back on my feet physically and financially but need a car. I have £5000 which obviously could get me a car but I really want to get an electric car so would need to get some finance of around £5000 to make this possible- I can afford this as I now have a good income and very small outgoings. I tried to get a phone contract at the start of the year and this was declined so I'm aware I'm still viewed as risky. I have done some soft searches and there seems to be an option for finance with cazoo and I'm waiting for an outcome of another soft search.
I thought I would post here in case anyone has any experience of getting some car finance with a history of bankruptcy?

Comments

  • sourcrates
    sourcrates Posts: 28,530
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    Well I wish you luck with it friend, but please don`t hold your breath.

    I was declined car finance (few years ago now) with just one default on my credit file, no other negatives.

    Lending criteria has tightened up even more since then, you may not be lucky with a bankruptcy still on file.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • stanger66
    stanger66 Posts: 33
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    If you work see if you employer do salary sacrifice scheme? 
  • weekari
    weekari Posts: 36
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    stanger66 said:
    If you work see if you employer do salary sacrifice scheme? 
    I haven't heard of this. I'll have a search and see. Thanks
  • benbay001
    benbay001 Posts: 408
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    Not much choice in electric cars at £10k, almost entirely 10 year old Nissan leafs. What happens in the (not impossible) situation where it needs a new battery at another £10k?
    Im A Budding Neil Woodford.
  • weekari
    weekari Posts: 36
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    benbay001 said:
    Not much choice in electric cars at £10k, almost entirely 10 year old Nissan leafs. What happens in the (not impossible) situation where it needs a new battery at another £10k?
    It's a Nissan leaf I'm looking at. I've weighed it up, I'm just looking for advice for finance options.
  • Mart7379
    Mart7379 Posts: 207
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    Have you considered leasing a vehicle. I don’t know what the criteria is in terms of credit checks. I’m guessing it’d be the same as if you were attempting to get a standard HP package 

    I’m recently discharged (since April) and interested in buying an electric car but Don’t think it’s even worth looking just yet. 
  • weekari
    weekari Posts: 36
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    Mart7379 said:
    Have you considered leasing a vehicle. I don’t know what the criteria is in terms of credit checks. I’m guessing it’d be the same as if you were attempting to get a standard HP package 

    I’m recently discharged (since April) and interested in buying an electric car but Don’t think it’s even worth looking just yet. 
    I haven't looked into it much, but it's probably worth a look to see if there are better options for me. Thanks.
  • sammy32683
    sammy32683 Posts: 82
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    Just for info I think if you can be sensible try and get a credit card as that may help improve your credit. I got one after discharge from Zopa which now was a £1000 limit and have two phone contracts both tesco, one is mine and one is partners. I also looked at car finance and on clearscore I'm pre-approved for large amounts on still fairly high interest 9% and also on a personal loan with lenadable. I haven't taken any of that out but just use of the credit card spending £50 and paying off every month seems to have helped. Obviously we won't get good interest or mainstream credit until after the BR drops off but there are options now if you are sensible. 
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