If you are bankrupt this does not mean you cannot work. In fact it’s recommended you continue working to pay off any debts that are remaining according to your plan with the creditors. Over your bankruptcy period attempt to pay all your commitments in a timely manner! You don’t want to add any defaults to your credit file, this will make it much harder to qualify for a loan when you are discharged. Bankruptcy usually lasts for 3 years unless it has been extended to 5 or 8 years. Although you will eventually get discharged, it will remain on your credit file for a few years after until it eventually drops off.

Many individuals want to get financed whilst they are bankrupt, this is not possible. Once you are discharged for a minimum of 12 months a financier will be able to help you, in the meantime do not apply anywhere. The more hits you have on your file the less chance you will have later on. It is recommended you have no more than four finance enquiries per year, financiers do not like a busy credit file.

When you are discharged and are looking at financing another car or boat there are many brokers that will be willing to assist you. These days there are financiers that are specifically in the market to provide second chance lending. Although they cater to assist individuals who have had a bit of a bumpy ride in the past, expect to received an interest rate that is slightly higher.

If you would like more information on how to go about getting finance after you are discharged contact Natloans on 1300 955 791 or have a browse on www.natloans.com.au

Technorati Tags: Bankruptcy, car finance, Interest Rates

Albrecht Bamler has reportedly been recorded during a phone interview saying, “It’s speculation, which we don’t comment on”.

This has raised the question that Daimler may be buying Porsche shares.

One has to remember that Daimler is the world’s second largest carmaker of luxury car and world’s largest truck maker.

Such a move could be interesting given the current global financial climate.

Technorati Tags: car loans, Porsche