Specialist Assistance to Secure Discharged Bankrupt Car Loans

We do have lenders that will approve car loans for discharged bankrupts, subject to meeting certain criteria. A 12 month timeframe after discharge is a minimum requirement for most lenders. Lenders also like to see that since declaring bankruptcy, an individual has not acquired a poor credit history and has made moves to improve their credit position.

Lenders will also want to be assured of a resolution in the circumstances that led to the bankruptcy. Applicants will need a stable income and stable residential situation and be able to demonstrate with documentation, that they have the capacity to meet vehicle finance repayments.

Self-employed persons who are unable to provide full documentation can speak with us about Low Doc Business Vehicle Financing.

Documentation required for discharged bankrupt car loans includes:

• Payslips for 6 months.
• Bank statements for the past 6 months.
• Details of credit card, loan and other debts.
• Details of assets.

While the prospect of taking on motor vehicle finance as a discharged bankrupt may initially sound daunting and overwhelming, looking to the medium-longer term, the prospect can be a positive. Securing a car loan and diligently meeting the repayments schedule provides the ideal opportunity to rebuild the credit score and profile.

Making payments on time is reported to credit agencies and can go a long way to lifting that credit score and the opportunity for better interest rates. After building a good repayment history over the first period of a car loan term, say 12-24 months, discharged bankrupts may consider refinancing their loan to achieve a better interest rate for the remainder of the loan. This can work for some, but be mindful that the vehicle, even if purchased new, would be considered used and the relevant interest rates for second-hand vehicle would apply. Fees and charges would also apply to finalising the original loan and early and establishing the refinanced loan.

Meeting loan commitments also builds equity in the vehicle and along with an improved credit position, greater prospects for future loan applications. Start rebuilding your credit by contacting us to discuss your car loan opportunities for discharged bankrupts.

• Rebuild credit with good payment record.
• Newer vehicle, suitable for security for lower rates, manageable repayments.
• Consider medium-long term option to refinance.

Discharged bankrupts do not have to go it alone when seeking motor vehicle financing. We’re specialists in working with car buyers in all types of circumstances to secure the most suitable, affordable car loans. Buyers appreciate the understanding nature of our brokers, the individual and personal approach and our no judgement attitude.

Having our brokers source you the best vehicle financing from across our 80+ lenders does not affect your credit history. But it does mean you have experts working in your best interests to find you the most suitable lender and the most workable solution.

Contact us for a quick quote or a confidential pre-application discussion around your individual options.

• Experts to find you the right lenders.
• No judgement attitude and approach.
• Personalised service.