Bankruptcy PCP car finance explained

If you have a bankruptcy in your credit history then you would have already known how hard it is to get any type of financial help. car finance uk picBad credit history can create several problems and if you have bankruptcy, things can be even more difficult for you.

However, with the rise in the number of sub-prime and bad credit lenders in the market, it would now be easier for you to find more finance options even with a bankruptcy.

You car finance options with bankruptcy

If you wish to purchase a car and have been looking around for car finance options with your bad credit, then you might have realized that it is actually very difficult to find a car finance program which would be available to you.

You should know that in most cases, you would not get any type of unsecured car finance program since the finance companies do not wish to take that kind of risk with your credit history.

With a bankruptcy in your credit history, you can only expect to find a credit program where you would not have the ownership of the car until you pay off the amount in full.

Such finance programs might be car leases, hire purchase and PCP car finance for those with bad credit. In most cases, the car finance programs that are available to those with bad credit would also be available to those with a bankruptcy since there would not be any type of credit check which would be conducted.

PCP car finance for those with bankruptcy

Bankruptcy PCP car finance is one of the best options for you if you are looking for a way to finance your car purchase. You would be able to pay low monthly installments which would be manageable for you.

However, with a bankruptcy, you would have to be ready to pay a higher deposit at the beginning of the term since the lender would want to avoid as much risk as possible.

Once you pay the deposit and sign the contract documents, you would be able to get the car of your choice. If, at the end of the term, you have saved enough money you can also make a lump sum balloon payment and purchase the car. This is a simple, straightforward method of car finance that will allow you to use the car of your choice and even purchase it if you want.