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Written byShaun 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.
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.
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.
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 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.
"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."
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.