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Does anyone know of a finance company that will lend money to a discharged bankrupt?

I declared myself bankrupt in June 2005 and discharged Feb 2006. Try as I may no one will touch me with finance for a car. Is their any company that will look at my situation and give me an honest answer rather than a ‘computer says no..’ standard reply. I have little debt now and have a large Company car allowance to pay for the loan repayment

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6 Responses to “Does anyone know of a finance company that will lend money to a discharged bankrupt?”

  1. Bart L said :

    6 months ago i would have had a different answer for you, but this credit/bank crunch situation has really messed things up.

    i would recommend trying local credit unions and local banks. they are usually more willing because youre located in their area and can have an ongoing relationship with them.

  2. taximomuv3 said :

    In this economy it’s hard for a person with good credit to get financing, so don’t feel bad. Try not to get sucked into anything beyond your means – car allowance or not – as NO ONE’S job is secure these days!

  3. RM said :

    You’ve proven that in a good economic time, two years ago, you were unable to pay your bills.

    So now, two years later, when the economy is bad and lending is tight- nobody is going to lend money to you in a large sum. You need 5-7 years after a bankruptcy to really become well qualified again. Keep building your credit and paying things on time and give it a couple more years.

  4. salam_shorrosh said :

    Take a letter on company letterhead that states the amount of the car allowance available and provides a contact person for verification. If possible, go to your company’s credit union or primary banker and show them the letter. This should at least get you considered if they can bill the company directly. They may want to title the vehicle in the company’s name so if you want to keep the vehicle after it is paid for, you will want to sign an agreement with your company to purchase the vehicle for $1.00. Check with an attorney to see if this qualifies as a “straw man purchase” which would be illegal depending on certain circumstances. In essence, you will have the company “co-signing” on the purchase with you. However, you need to be clear what will happen if you change jobs, get fired or laid-off. Best wishes.

  5. Middle-Age-Man said :

    Simply put. Yes..This is the way it is done..And please stop with the Ro-Bo sites VIOLET and WILLIAM. You need to build your credit worthiness again.And the top contributor is FULL OF CRAP.It doesn’t take 7 years.(EVER) to re-establish your credit. Start small with a couch or something do 90 days same as cash BUT WHO WILL REPORT TO CREDIT BUREAUS.Next to a buy here pay here car dealership WHO WILL REPORT TO CREDIT BUREAUS.Next you have paid at least a year timely on the car loan then, trade that in at a dealership with financing for C and D paper.Nobody will repair your credit other than you..Start now !!!!! I have sold dozens of cars and trucks to people this way.

  6. Paula O said :

    There are only two places that you can try and they might be able to hel, they are Citibank and Blackhorse finance. After a very long search they seem to be the only two companies that help people with previous bad credit records. Good luck.


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