Can you get a car loan while you're in a Part IX Debt Agreement?
The short answer is Yes, we can help customers who are in a Part IX Debt Agreement.
Part IX Debt Agreements were introduced for consumers as an alternative to full bankruptcy. They give the option for consumers to consolidate their unsecured debts. If you're currently in a Part IX, your options for borrowing are limited.
Firstly, if you're considering going into a Part IX Debt Agreement, we recommend that you get individual financial advice from a consumer advocate such as a financial counsellor. Financial counsellor's are a free service and can provide you with the different options before you go into a Part IX.
Responsive Lending has the option of three lenders which we can use for customers who are in a Part IX. While their criteria differs, the common factors are below:
- Need to be at least 1 year into your Part IX Agreement
- The payments to the Part IX must have been on time with no dishonours
- No defaults since the Part IX started
- Good bank account conduct - no dishonours or regular overdraws