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Answer for Only vehicle payment left. Can I apply for vehicle finance?

Hi there

Thanks for the question. Not sure how far you have come on your debt review payments on the vehicle, but there might be a thing or two to consider.

1. If you have caught up the arrears on your vehicle and you are able to carry on with vehicle payments outside of the debt review at the original contractual rates, a clearance certificate can be issued which should then enable you to apply for vehicle finance when trading in your old vehicle.

2. If you can sell the vehicle and use the funds to settle your vehicle debt that is remaining under the debt review you can also apply for a clearance certificate to be issued. In terms of the law you can then apply for vehicle finance again. This option however might be risky as there are no guarantees that the bank will in fact grant you any credit so quickly after a debt review. You’ll have to find out from them.

Which ever way you look at it, you will have to get a clearance certificate so that your credit profile can be restored.

Hope you manage to get it sorted.

Kind Regards