lol now i had a disagreement at work 2day. now the argument was a guy from a reps dept told me how he knows someone that was bankrupt and still managed to get car finance!! lol now i aint the most clued up on this but i would imagine that you cant get any finance when bankrupt! so i then said he was talking poops lol ( nicely put for the forum purpose lol ). He then said no i aint so it escalated into an argument so he told me he's gonna prove this to me ? how i dont know lol but am i wrong in this lol as he will rub it in for years lol

so long story short can u get finance when bankrupt for a car?

all the best

scotie
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http://www.insolvencyhelpline.co.uk/bankruptcy/what_is_bankruptcy.php

This should answer your question.

Your colleague is correct, you can obtain car finance if you are made bankrupt, however it is on the discretion of the lender.

If you do manage to get car finance, be prepared to pay a huge rate of interest as you will be at the highest level of risk.
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Dane - P.

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I am a car salesman and deal with people who have been bankrupt or blacklisted.

The 4 major banks have their own finance companies who provide low cost loans to certain people (depending on your credit history), we call these "prime finance companies".

There are plenty of finance companies that will provide car loans for those who haven't got such a great credit score or have been blacklisted etc. We call these "sub-prime" finance companies. Most car garages are reluctant to use these companies as they take our finance commission away and we have to provide all sorts of proofs from the customer and send them away, overall, very chewy to get the money from the finance company and we get paid next to nothing for all that graft! They also charge a whopping interest rate so you can expect to pay up to nearly 50% APR!!!!

So the answer to your question is yes, you can have car finance even though you are bankrupt, BUT, you will find yourself going bankrupt again after you pay back all the money!

Hope this helps.

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