Bankruptcy loans are provided to those people who are having credit problems and are on the verge of bankruptcy or even after bankruptcy. These loans are sanctioned under the advice of bankruptcy experts. It is actually a relief to people in severe bad credit conditions (Bankruptcy information, 2007). The advice for this loan could be obtained online and after this there would be a short personal and confidential interview and based on this the loan would be sanctioned. The amount sanctioned and the interest rate would depend on the profile of the borrower.

It is possible to get personal loans, home loans and car loans after bankruptcy, provided the borrower has completed a stipulated period of time after bankruptcy. The car loans under this category are categorised as bad credit loans and would have a high interest rate compared to the usual personal or unsecured car loans. Such loans are available to buy a new car or a used car (Bad credit car loans can help with car loans with bad credit or after bankruptcy). Most of the lending companies offer loans to buy a car for a person with bad credit after bankruptcy. Since there is much competition between different lenders the interest rate would not be too high compared to the normal loans.

Thus it could be seen that a person in the UK could buy a used or new car soon after his bankruptcy when his credit score is still poor. These loans could be applied online and the interest is also not very high because of the heavy competition in this field.

Reference:-

Bankruptcy information (2007)
http://www.bankruptcy-uk.co.uk/bankruptcy-information.asp