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?

Replies

  • sourcratessourcrates Forumite
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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.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • stanger66stanger66 Forumite
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    If you work see if you employer do salary sacrifice scheme? 
  • weekariweekari Forumite
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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
  • benbay001benbay001 Forumite
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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.
  • weekariweekari Forumite
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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.
  • Mart7379Mart7379 Forumite
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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. 
  • weekariweekari Forumite
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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.
  • sammy32683sammy32683 Forumite
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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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