Car loans for discharged bankrupts throw up many hurdles. It can be hard to get finance approved. Often finance companies may focus more on your past credit history than your future earning potential or current financial situation.
It shouldn’t be this way.
If you’ve already received a loan rejection or two, don't worry. The chances are, you're simply looking in all the wrong places.
There are some great car loans out there for discharged bankrupts. You just need to know where to look. It's that simple.
So, to help you on your journey to finding the right car loan specialist, here are our golden rules.
1. Find a car loan specialist that’s all about second chances
To avoid getting stuck in a cycle of loan rejection, find a flexible lender that specialises in car loans for discharged bankrupts.
With over a decade of experience, Rapid Finance has built a reputation of matching clients with the right lender. If you are looking for finance for discharged bankrupts, you might be after a bad credit car loan. Rapid Finance may help you with:
2. Be honest about your circumstances
Being honest about your circumstances can make a huge difference to your loan application. Providing false information could damage your chances of success when applying for a loan. Even if you are not successful in your first loan application, being honest about your situation may put you in a better position to apply in the future.
Rapid Finance will ask you a set of questions to evaluate your circumstances, such as:
- How long you’ve been in a new job or business
- How long you’ve received a regular wage
- How long you’ve been living in your home
- If you have an existing rental agreement for at least 12 months
If they can see you have a regular wage, live in a stable residence, and have strong earning potential, this may help your chances of a successful loan application.
3. Make sure they offer powerful features
Make sure all the latest loan features are available to give you maximum flexibility these include:
- Interest reducing loans
- Making extra repayments without penalty,
- No deposit, up to 100% finance
4. Proven track record
When choosing a finance company ensure they have a proven track record securing car loans for discharged bankrupts.
Julia’s story is a great example.
That's when she tried Rapid Finance. With the right loan specialist, she was able to secure a bad credit car loan quickly, easily and tailored exactly to her needs. The difference was the approach Rapid Finance took.
Rapid Finance were able to show that:
- She had long term employment and was financially stable
- Her previous novated lease statements could be used as a reference for good credit
- Her future earning potential was more relevant than her previous credit history
Instead of painting Julia with the same tar brush, Rapid Finance could see that she ticked all the boxes to secure a bad credit car loan.
Finance for discharged bankrupts helps you set a course
As well as catapulting you back into the market, a new car may also bring you freedom, flexibility and the ability to set a different course.