Discharged bankrupt car loans

Understanding what it means to be discharged from bankruptcy will smoothen your car loan application process. This basically means you have been released from all responsibility from existing debts for a period of 12 months or more. This will allow you to apply for a discharged bankrupt car loan, or a bad credit loan even if the bad mark on your credit file has not been erased.

Being discharged from a bankruptcy means a second chance to start afresh with your finances. However, to get things right the second time around means seeking professional advice to avoid making the same mistakes. You can speak to a financial advisor or a broker when it comes to knowing what options are available for you and what you can comfortably afford without straining your finances. Seeking professional advice can help you find an option that can boost your credit score in the long run.

What to watch out for as a discharged bankrupt

Although you may have access to purchasing an important asset such as a car, there are certain traps to avoid to avoid accumulating more debt that could push you back to square one. Applying for a range of small loans can seem like a safe thing to do when you have just recently been discharged from a bankruptcy, but this could be a costly mistake that can affect your application and credit file. It could also make you come across as an irresponsible borrower who needs small loans to stay afloat.

How to improve your chance of approval

There are a wide range of things on how to improve your loan application. This is where thinking like a lender helps. You're going to need proof of a steady income, no arrears that still need to be paid or overdue bills and avoiding applying for credit too many times in a short period. It's possible to call in and ask a broker or lender what their requirements and how you can improve your chances.

The types of car loans you can choose from

Secured car loans

All car loans are secured, meaning the car you buy is used as collateral for the loan. This brings with it lower rates and higher borrowing caps than unsecured loans.

Fixed rate car loans

The most common form of car loan, this is a standard product with a rate that's locked in from the start of your term until the end.

Variable rate car loans

The interest rate on these loans remains open to fluctuation, meaning your repayments could change over time. They're less widely available than fixed rate car loans.

Green car loans

These loans are designed for environmentally friendly cars like EVs, hybrids and fuel-efficient models. Their rates are discounted compared to standard car loans.

Car loan refinancing

Not a product in itself, but refinancing is when you switch from your existing loan to a new one. This can either be with a different lender or the same one on updated terms.

Business car finance

If you're buying for your business, there's a range of other finance options, including chattel mortgages and commercial leases.

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