Car Finance After Discharge

36 Posts

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?
I thought I would post here in case anyone has any experience of getting some car finance with a history of bankruptcy?
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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.
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.