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  • FIRST POST
    • BossKy
    • By BossKy 13th Apr 17, 10:10 PM
    • 23Posts
    • 3Thanks
    BossKy
    Have YOU managed to secure car finance?
    • #1
    • 13th Apr 17, 10:10 PM
    Have YOU managed to secure car finance? 13th Apr 17 at 10:10 PM
    Quick question(s) people - feel free to not answer any of the more personal...

    I want to hear from everyone with less than desireable credit - a default or 3 on file, CCJ(s), missed or late payments ECT.

    I am sadly one of the sun prime customers and hoping to finance a vehicle end of the month. Aside from finding the right car, you need to be able to pay for it first right? So whilst thinking about finances, I'm just trying to get a grasp of the market and where my hopes (if any!) may lie.


    Onto the questions....
    So my fellow sub primers, have YOU managed to secure a vehicle on finance with a sub-par credit history??

    What was the cost of the vehicle & did you put down a deposit?

    Who was your lender?

    How bad was your credit history?

    What was your APR?

    Any answers will be a HUGE help! Thanks a mill in advance!
Page 1
    • tykesi
    • By tykesi 14th Apr 17, 9:57 AM
    • 1,685 Posts
    • 2,299 Thanks
    tykesi
    • #2
    • 14th Apr 17, 9:57 AM
    • #2
    • 14th Apr 17, 9:57 AM
    Sounds spammy.
    £2017 in 2017 - £3238.42
    • shortcrust
    • By shortcrust 14th Apr 17, 10:06 AM
    • 1,260 Posts
    • 1,551 Thanks
    shortcrust
    • #3
    • 14th Apr 17, 10:06 AM
    • #3
    • 14th Apr 17, 10:06 AM
    Sounds spammy.
    Originally posted by tykesi
    I remember a thread where the OP forgot to change accounts before spammily replying to his own thread.
    • BossKy
    • By BossKy 14th Apr 17, 11:41 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    • #4
    • 14th Apr 17, 11:41 AM
    • #4
    • 14th Apr 17, 11:41 AM
    Haha I promise you no spam here

    I'm a writer and publisher so tend to be a little elaborate in my writing, my apologies.

    • Nasqueron
    • By Nasqueron 14th Apr 17, 11:45 AM
    • 4,179 Posts
    • 2,322 Thanks
    Nasqueron
    • #5
    • 14th Apr 17, 11:45 AM
    • #5
    • 14th Apr 17, 11:45 AM
    Someone will almost certainly lend you but at a silly high APR if you have a bad history
    • BossKy
    • By BossKy 14th Apr 17, 11:49 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    • #6
    • 14th Apr 17, 11:49 AM
    • #6
    • 14th Apr 17, 11:49 AM
    I'm sure someone will and I can imagine the apr will be ridiculous- just don't wanna go applying to any dealerships or lenders that are known to not accept sub prime. I want to go somewhere or to a lender that I am more likely to have luck and therefore not affecting my credit rating by a refusal ...

    Also wanna be realistic as to how much I realistically might be elegible for...
    • MadMat
    • By MadMat 14th Apr 17, 12:14 PM
    • 233 Posts
    • 107 Thanks
    MadMat
    • #7
    • 14th Apr 17, 12:14 PM
    • #7
    • 14th Apr 17, 12:14 PM
    I'm someone who fits what you're looking for. why do you want this info and what are you going to do with it ?
    • BossKy
    • By BossKy 14th Apr 17, 1:13 PM
    • 23 Posts
    • 3 Thanks
    BossKy
    • #8
    • 14th Apr 17, 1:13 PM
    • #8
    • 14th Apr 17, 1:13 PM
    Just gives me a heads up as to who is likely to accept me and how much I can expect to fork out APR wise - the biggest fear factor for me is to apply to somewhere and get rejected - therefore lowering my chances of approval!

    So I won't 'do' anything with the info, it's just helpful to know before I apply!
    • rtho782
    • By rtho782 14th Apr 17, 3:06 PM
    • 949 Posts
    • 638 Thanks
    rtho782
    • #9
    • 14th Apr 17, 3:06 PM
    • #9
    • 14th Apr 17, 3:06 PM
    My credit history isn't awful but it isn't long.

    I've had a mortgage for a year, my oldest credit card is about 2 years old. I am currently carrying about £4000 of non-mortgage debt, that said I have never missed a payment.

    I've recently gotten finance (PCP) on a Nissan Leaf Tekna, brand new, the repayments are £199 a month, no deposit, over 2 years, the APR is 5.94%, the lender is RCI, who Nissan use for their finance.

    Overall the repayments are cheaper for me than tax+fuel+MOT etc in my old car, and I can charge for free at work.

    I don't have any defaults or missed payments, so perhaps I'm not as sub prime as you're looking for.
    Deposit Saved since 01/12/15: £13,000 / £15,000 House Bought!

    Debt Cleared since 01/12/15: £6,000 / £7,500
    • camelot1971
    • By camelot1971 14th Apr 17, 5:40 PM
    • 427 Posts
    • 648 Thanks
    camelot1971
    If you have a CCJ and/or defaults, you are looking at 40% APR and a max loan of between £7k and £10k. You can also expect to pay a 20% deposit.
    • DCFC79
    • By DCFC79 14th Apr 17, 10:47 PM
    • 29,518 Posts
    • 18,661 Thanks
    DCFC79
    Isnt this thread the same as the other 1, basically asking the same info.

    What the other thread not tell you ?
    Je Suis Charlie
    • BossKy
    • By BossKy 15th Apr 17, 11:08 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Thanks this is helpful!
    • BossKy
    • By BossKy 15th Apr 17, 11:15 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Just wanted to approach the topic from a different angle to be honest. The other thread was more in relation to how far back lenders check your records, this is more direct and asking about how much I might be realistically looking at, plus ape info and potential lenders.
    • BossKy
    • By BossKy 15th Apr 17, 11:17 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Yeah probably not as sub prime as myself or what I'm looking for but helpful nonetheless- and congrats on the new vehicle!
    • MadMat
    • By MadMat 15th Apr 17, 5:38 PM
    • 233 Posts
    • 107 Thanks
    MadMat
    I have a five year old satsified CCJ on my history, and around 3 years of "good" history using subprime and rebuild cards as often advised on this site

    I recently got finance from Santander on a vehicle costing £19500 with a 10% deposit at 9.9% APR

    Finance was arranged by a broker whos name I can't remember, I was referred to them by the dealer - Cabdirect

    Mat
    • flightboy
    • By flightboy 15th Apr 17, 6:51 PM
    • 173 Posts
    • 102 Thanks
    flightboy
    I have 1 CCJ 3 years old and 3 defaults from 2 years ago with no credit cards and i applied after getting a promotion at work as i needed a more reliable car

    ended up being offered up to £8,000 but ended up with a £6,000 loan at 18.9% over 2 years ( could have been up to 5 ) and was able to find a car, tell them about it and collect within 3 days. Had it since October and have paid off over half already as they allow 3 extra payments per year up to £1000 a time so worked out ok for me when no one else would even look at me

    As long as you can pay it earlier i dont see a issue with higher APR if like me you have a bad credit history and really need a car
    • BossKy
    • By BossKy 16th Apr 17, 7:21 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Wow congrats and thanks for sharing
    • BossKy
    • By BossKy 16th Apr 17, 7:22 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    yep will certainly be aiming to repay sooner to avoid getting hit by the high apr as much as possible. Congrats on the vehicle.
    • forgotmyname
    • By forgotmyname 16th Apr 17, 10:22 AM
    • 25,276 Posts
    • 10,033 Thanks
    forgotmyname
    Sister had a bankruptcy and on her file and other debts that were not included in it.
    She got a car at a stupid interest rate, car was way overpriced also. Car needed major repairs long before she paid the loan off. (approx 18 months).

    She made the final payment and scrapped the car straight after.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • BossKy
    • By BossKy 17th Apr 17, 9:10 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Who is your lender ?
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