Car finance recommendations, Discharged Bankrupt Plz ?

ness455

Hi everyone,

My car is on its last leg and I need to buy a new one. Does anyone know of any companies that give finance to a discharged Bankrupt without having high APR's?

How can I find out from a finance company whether it's worth proceeding with an application before giving details. I.e. how can i find out what criteria must be met before an application would be successful?

Any experience would be appreciated.

Regards

philnicandamy

depends how long you've been discharged? there are companies out there but to be honest the APR will be sky high for at least 6yrs till the BR drops off your credit files

ness455

philnicandamy wrote: »

depends how long you've been discharged? there are companies out there but to be honest the APR will be sky high for at least 6yrs till the BR drops off your credit files

Thankyou, I have been discharged for 1 year. I would rather not get finance, but have no spare money to buy a new car and as I travel 40 miles a day for work. I have no choice.

philnicandamy

after only a year you still will struggle....the bankrpucty wont drop off your credit file for 6yrs as I said there are places out there but the interest will be sky high and the way things are with credit crisis anyhow its dificult to say the least....I take it no spare cash at all? could you not ask a family member to help with a cheap run around? other than that someone suggested saving with your local credit union ? they offer cheap interest loans after you've been with them saving for a while

tigerfeet2006

Credit union is a good idea Phil.

Ness the other thing you need to do is your credit file clean up now you are discharged.

http://forums.moneysavingexpert.com/showthread.html?t=677875

ness455

tigerfeet2006 wrote: »

Credit union is a good idea Phil.

Ness the other thing you need to do is your credit file clean up now you are discharged.

http://forums.moneysavingexpert.com/showthread.html?t=677875

Thankyou, I have begun a credit file clean up, but having with problems with Link Financial who subsequently bought a debt after bankruptcy and have put a default against me,:mad: but thats another story altogether. I will ask family first as suggested. will keep my fingers crossed.

tigerfeet2006

Even if you manage to get a loan from a family member I would suggest you open a credit union account as a safety net for when the unexpected happens. I opened mine this week . Have a SO going into it for £10 a week, so it will quitely plod along with out me worrying about it.

bizarebazaar

There is no help whatsoever in these posts, dont the posters think that these options have already been considered!
I'm in the same pickle, still undischarged though, no I dont have family, and no I dont believe in credit unions, what the posters dont mention is that you have to save a significant amount of money which amounts to a very large percentage of any loan you would apply for! Credit unions is for people that can save money regularly, not for people that dont have money.
I desperatly need a car, I have 4 children to bring to school a long distance away.
There are ''finance'' companies scamming people like me, promising loans, then charging £55 to £100 + to ''process'' the application for loans that never come through.
I'll name the scam ''finance'' companies. City finance, otherwise known as Citibank.
Yes finance...who are part of yes car finance
Link finance/credit
All 3 have conned me out of money to the tune of the figures mentioned above.
It looks like if you are bankrupt or with CCJ's you are stuffed no matter what, and these criminals STILL want more of the money you dont have....with no laws to prosecute them.
If I find out one can get a loan or car finance without being scammed I will tell you. But its seriously doubtful, I have been looking for 2 months and still no luck.

bizarebazaar

Please no more advice about family or credit unions

Bethankim

Sorry your having a hard time of it Biazrebazare,
but i think people have been helpful t the OP, but it is the reality if being a bankrupt, im not sure why you dont like credit unions because actually they are very good and have been set up specifically for poeple with poor credit to access a finacial service.

You dont have to save large amounts even £5 a week will show your saving, and im on a tiny amount of money and some weeks i struggle - but i think that £5 is the money i ut away for christmas. Ihave checked and now im dischared, and once my credit file is cleaned up i can acess a small loan at some point if i need it, because im now discharged.

rather than paying a company all this money out to be kncked back then use it dofferently..but to say its already been considered by the OP when in fact they hadnt considered it is not really fair.

I can understand your frustration, but please dont have a go at people,all of us who spend our time regualrly day in day out trying to help do it because we want to not because we have to.

jellygirl_2

Just a quick question - can someone open a credit union account whilst still BR? I should get auto discharge in March this year but wonder if I can start saving with them now it will help me as my car is over 10 years old and Im gonna need another one at some point soon. thanks.