Car Loans After Bankruptcy
Unfortunately bad things can happen to good people. The loss of income through redundancy, accident, sickness, business difficulties or over commitment can lead to a bankruptcy decision. It is best to review all options available to you and seek legal advice before declaring bankrupt as this can have an impact on your ability to gain credit in the future.
If you have taken steps and declared bankruptcy, generally you will need to wait until you have been discharged prior to obtaining new credit. Once the bankruptcy has been discharged, there are a few steps to follow in order to achieve a positive outcome for your car loan after bankruptcy.
Check your credit report with Veda (mycreditfile.com.au) as this will show you any outstanding debts that may not have been included in the bankruptcy. Lenders will view your credit report when assessing a loan application and any unnecessary credit enquiries or listed defaults may have an impact on your ability to gain new credit.
Supplying supporting documents when applying for a car loan after bankruptcy will increase your chances of gaining a suitable answer from lenders and financiers. Most lenders will request the following:
3 Months Bank Statements
Proof of any Centrelink Income
Rental Lender or Mortgage Loan Statement
Loan Statement for current credit after bankruptcy
If you have the ability to arrange for a voluntary repayment to the creditors, this can be a better option than declaring full bankruptcy. It is advisable to review all options available to you and seek legal advice on what is the most appropriate solution for your individual needs.
iCREDIT can help you find, compare and choose a car loan after bankruptcy that’s suitable to your needs and affordability criteria. Contact us on 1300 350 118 or email@example.com to discuss your car loan comparison needs.
This article contains information on car loans after bankruptcy.
This information provided is a guide only. It should not be treated as financial advice and does not take into account your personal circumstances, financial needs or loan requirements. If you have any specific questions about financial matters or government legislation, you should consult an appropriately qualified professional or government department. iCREDIT endeavours to ensure the information is accurate at time of publication, however cannot guarantee the ongoing accuracy this information.