Can you get vehicle finance when you have bad credit?

[gsfrontera]

Hi all.

A friend of mine is looking to purchase a new vehicle, but is concerned that he wont be able to get finance on it. The new vehicle is about 8k, and his current car is worth about 5k, which he will be putting in as part exchange, so he would need about 3k finance on an 8k car.

He is fully employed earning about 24k per year. His only problem is that he was made bankrupt last year due to his business, and was discharged in January this year (so nearly 12 months ago)

Ive told him to just go into the garage and ask if they can help, but he doesnt was to sit there all embarassed if they say no.

Is anyone in the trade who can give me an idea if he stands a chance.

Thanks.

[miniman]

There'll certainly be a way for him to get finance, the APR will reflect his situation though.

[POORCARDEALER]

Be up front with the garage.

Sub prime finance is hard to obtain but not impossible, he has a substantial deposit its worth a go.

[HarryW]

tbh, i3k If his current car is worth 5k trade in and the price to change is 3k I don't see that it is much of a trade up (say your 5k trade is worth 6k private sale and your 8k dealer car might be had for say 7k private, then it becomes a 1k price to change) and thus not worth getting yourself into debt for. Why not hang on to what he has?

[AdeD]

In the current climate and coupled to the fact that he's already declared himself bankrupt i would advise your mate against getting more finance. Plus as soon as he's bought it it's only going to be worth £5k'ish on a trade so he's going to be no better of!

Edited by AdeD on Thursday 9th December 18:08