Can I still get car finance if I’ve been made bankrupt?

If you are in the middle of bankruptcy, unfortunately, there is not much that we can do to help you until you emerge from bankruptcy. Once your bankruptcy has ended and you’ve been discharged, you will be able to apply for finance again and we may be able to assist you in financing a new vehicle.

Bankruptcy usually lasts 12 months and once you become discharged you normally emerge debt free. You don’t necessarily receive proof that you have been discharged from bankruptcy, so you may need to contact the court that dealt with your bankruptcy to receive proof of discharge.

If you have been made bankrupt, your credit score will be severely negatively affected, so it is best to rebuild your credit score over a period of months. We recommend building your credit score for a minimum of 12 months before you start applying for finance again. At first, you may find that you are severely restricted in the types of credit you can get, however, it is necessary so that lenders will consider financing you in the future.

If you have been made bankrupt and refused financing, there may be other ways to approach financing a new vehicle, such as using a guarantor on your loan. Contact our friendly team who will be happy to assist you.

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