Discharged Bankrupt Car Finance
Are you recovering from bankruptcy and need a car loan in Australia fast? Apply for a no deposit car loan today even if you are discharged bankrupt financially. We have been helping 1000’s of everyday bankrupt Australian’s acquire car loans while bankrupt with bad credit. Auto Credit Now understands that some people just have had unfortunate setbacks in life and need a helping hand to get back on the road and back to work.
Going through the process of bankruptcy can be very stressful and taxing mentally and financially. Have you been through a divorce? Loss of job? Or had a series of defaults that have led to discharged bankruptcy? Have you been told you’ll never be able to get finance for a car while bankrupt? Don’t settle for that incorrect financial advice as we can help you.
Many people aren’t aware that you can, in fact, get a personal car loan after bankruptcy by simply applying for car finance through Auto Credit Now.
Increasing your credit score through one of our car loans is a great way to start rebuilding your financial situation after going through a bankruptcy or personal insolvency.
Car Loans for Discharged Bankrupts
Declaring bankruptcy will always make it more difficult to get a personal car loan or business work vehicle loan in Australia. However, becoming informed on what your discharged bankruptcy car finance approval total equates to will provide a better insight into what kind of car you might be able to purchase. You might just not be able to afford that ferrari you always wanted straight off the bat but we can get you into an affordable new vehicle that is for sure.
Once you receive your car loan, maintaining a good payment history that is full of on-time payments will allow you to eventually establish a positive payment history on your credit file and ensure that future car loans will become easier to attain.
A discharged bankruptcy essentially prevents creditors from taking any further action, such as levying additional fees and charges, regarding debt collection.
In terms of time, getting a car loan after bankruptcy, even if you’re discharged bankrupt, will depend on whether you’re experiencing a chapter 7 or chapter 13. When dealing with chapter 7, you can expect your bankruptcy to stay open for 3-4 months.
Before you can receive a personal or business car loan from a standard auto lender, you’re going to need to have what’s called a 341 meeting with your creditors to discuss any existing issues regarding your current debts. This is why turning to bankruptcy car loans can help you get that car you need right away.
What happens after declaring bankruptcy?
What happens financially and from a legal standpoint after you declare yourself bankrupt will depend on the type of bankruptcy declared.
The 3 main types of bankruptcy are:
Chapter 7 Bankruptcy
In regards to Chapter 7 Bankruptcy you may be forced to liquidate certain assets (such as a house or card) to pay off all or at least a portion of your debt. Which assets are eligible depends entirely on your income level, but for the most part, this may be an option for you if you have little to no disposable income.
Chapter 11 Bankruptcy
Secondly, Chapter 11 Bankruptcy is basically the same thing as Chapter 13 Bankruptcy but is constrained to businesses. During a Chapter 11 Bankruptcy, businesses normally get to keep all of their assets and continue business as usual while coming to some agreement to either pay off their debts regularly or have them dismissed.
Chapter 13 Bankruptcy
Lastly, Chapter 13 bankruptcy is outlined by coming to an agreement once you qualify. This allows you to pay off your debts in a 3 – 5 year window, but this bankruptcy debt agreement may allow you to keep all of your assets while doing so. During this time, some of your debts may end up being discharged.
How to Check the Discharged Bankrupts list?
Check with your bankruptcy court clerk to know for sure if your bankruptcy has been discharged. Most commonly the clerk will send you a notification via mail and email informing you that your bankruptcy has been discharged and your bankruptcy period has ended.
How will Bankruptcy affect your credit score?
Bankruptcies can stay on your credit report for up to 10 years and will usually decrease your credit score 150 to 230 points. The drop is enough to take a good credit rating and turn it into a bad credit rating when being considered by a bank with a credit license. This dip in credit score is why Auto Credit Now is preferred by so many people seeking car loans after bankruptcy because we help everyone with a chance at getting a car loan
Apply for a Car Loan while Discharged Bankrupt
It might feel as though you’ve hit the end of the road, but there is light at the end of the tunnel – we can help you get behind the wheel and on the road in a late model vehicle with low repayments. Auto Credit Now can rebuild your credit rating while financing a car loan when you have been discharged from bankruptcy.
Complete the quick online application below or call us today to discuss your personal circumstances. Every application is individually assessed and we’ll source a dream car from our exclusive vehicle warehouse.
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Meet one of our happy customers
“At the start of last year I wanted to get finance for a car. With a not so good credit rating and very limited finances I found myself running up against brick walls, so to speak. I found Auto Credit Now and Glen while doing an online search. Glen was very professional, approachable and contactable anytime. I am now enjoying my new car and find it very reliable and hassle free.” – Patrick
Frequently Asked Questions
Auto Credit Now has our own exclusive vehicle warehouse. We only source quality, late model vehicle and every car must pass a rigorous safety check before the new owner gets behind the wheel.