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Compare car loan for discharged bankrupts rates in 60 seconds

  • Comparison rates from 3.83% p.a*
  • No credit score impact
  • Offers across 60 Australian lenders
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Australia's Money Matchmaker matching you with your best loans across multiple lenders
My matching process checks multiple lender rates at once, making it super fast to shop around.

Why Money Matchmaker™

1
Money Matchmaker puts you in control of your loan choices
You're in Control

No obligations, just the facts, make an informed choice

2
Money Matchmaker saves you time looking for your loan
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Get matched with real loan offers from up 60 lenders

3
Money Matchmaker shows you personal loan rates unique to you
It's Personal

The rates are based on who you are and where you are at in life

“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela

Car Loans for discharged bankrupts

Written by

Shaun McGowan

Trying to get a car loan once you’ve been bankrupt can feel like a daunting task.

Even if you’ve made amends and recovered financially, trying to prove this to a lender can make a car loan application feel more like an interrogation.

Thankfully, you’re not alone. Around 10,000 Aussies declare bankruptcy every year and, if you’re one of them, getting a car loan isn’t as hard as you might think.

Here’s how you can do it.

How to get a car loan if you’ve been bankrupt

If you’re still going through bankruptcy and haven’t yet been discharged, it will be very difficult to get a car loan. There may be very rare instances where it’s possible, but this is almost never a good idea.

Wait until you’ve been discharged, and you’ll find your options increase greatly.

Once you’ve been discharged, you’ll be able to start repairing your credit score and looking for lenders that you can qualify with.

The most important aspect to remember when it comes to qualifying is in convincing the lender that the issues that brought on your bankruptcy are in the past, and that you can be trusted to repay the money.

It’s really that simple; once you’ve been bankrupt, lenders think it’s really risky to lend you money. Your one job here is to convince them that you’re not as risky as they think.

How your credit history affects your loan options with Money Matchmaker

Ready to see if you qualify? Use the Money Matchmaker™ now to see if you can qualify for a car loan - no obligation and no impact on your credit score. We’ll compare the best loans we can find from our available pool of lenders, personalised entirely based on a few simple questions, and you can see exactly how much you’ll pay with each lender.

Choosing a car loan when you’ve been bankrupt

Once you’re ready to start comparing car loans, you’ll need to be aware that (even if you’ve completely moved on from bankruptcy) your credit score will still be in the lower digits.

The lower your credits score, the tougher it will be to find a great deal. This isn’t because they aren’t out there, but because you’ll need to pay closer attention to things like:

  • The amount you borrow. The lower the amount you request from a lender, the more likely it is you’ll get approved, and the better chance you have of comfortably repaying the loan.
  • The interest rates. Like the amount you borrow, interest rates fluctuate depending on how risky you appear to the lender. The shorter the term, and the lower the amount, the better your interest rates will be.
  • The fees. Interest rates aren’t everything though, and you’ll need to pay very close attention to any fees that might be included in your loan. Where possible, try and negotiate these down or remove them entirely - you don’t want to increase your debt if you can avoid it!

Ready to find your car loan?

The easiest way to find a competitive car loan from lenders if you’ve previously been bankrupt is to simply use our Money Matchmaker™ engine.

We’ll show you the best deals we can find, with no obligation or impact on your credit score. If you’re ready to compare lenders for ex-bankrupt car loans, get started today.

Meet Money Matchmaker™

"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. When you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I'll use the information to help my team of loan experts find you all the loans you're eligible for."

Money Matchmaker

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About the Author

Shaun McGowan from money.com.au

Shaun

McGowan

Shaun McGowan

Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Disclaimer

Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the Money.com.au website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.