Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 2
    • Dandytf
    • By Dandytf 17th Apr 17, 12:17 PM
    • 837 Posts
    • 320 Thanks
    Dandytf
    Purchased a car-twice during existing DMP years-multiple defaults, no ccj's

    Moneybarn-prevous car.
    Blackhorse finance-this years car.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • BossKy
    • By BossKy 17th Apr 17, 12:27 PM
    • 23 Posts
    • 3 Thanks
    BossKy
    Purchased a car-twice during existing DMP years-multiple defaults, no ccj's

    Moneybarn-prevous car.
    Blackhorse finance-this years car.
    Originally posted by Dandytf
    what were the value of the vechicles? and did u have to put a deposit?
    • flightboy
    • By flightboy 17th Apr 17, 6:47 PM
    • 176 Posts
    • 102 Thanks
    flightboy
    what were the value of the vechicles? and did u have to put a deposit?
    Originally posted by BossKy
    My finance ended up being moneyway £6,000 KIA...but because i went via zuto they deal with the dealer direct you just pick the car and wait a few days and collect it signing the finance companies papers in the dealership

    If you pay a deposit you get a better APR apparently ( at least with money way, less risk i guess ) but they didnt ask for one from me i offered. As above tho pick your car dealer well! i went with kia for the 7 year warranty of which my approved used kia car had almost 4 years left on it at time of purchase
    • Dandytf
    • By Dandytf 20th Apr 17, 9:11 PM
    • 837 Posts
    • 320 Thanks
    Dandytf
    what were the value of the vechicles? and did u have to put a deposit?
    Originally posted by BossKy
    2011 clio-purchased2014 @26% apr approx7k approx 29kmiles traded in 2002 clio for 500 deposit
    2014 clio purchased 2017 @7.9apr7500k approx.26kmiles 650. deposit as prev car written off- not my fault thankfully

    Note the generous reduced apr this year -7.9% apr since 2014-29.6apr.
    That is in some part as I haven't missed ay credit payments at all for all unsecured lending since dmp2012.

    Both cars were purchased 48 month term,I wasn't planning a noher car this year unilan accident-shocked my incurance company wrot my 2011 clio off appart from body damage it was serviced every year with only 32k milesthe 1.2 engine was 'minted' as as this years clio -didn;t have much time to decide as I as most people need a car to travle to work-though love my 2014 clio loads of tech/sat nav/bluetooth etc and it's very comfortale both were 5 doord thoug this car is much smarter ad in some respect 'lighter' when opeing and closing doors in a tight car park-lots and lots of cars on the roads past few years, what a difference in trafic volume past 5 years.

    both cars were purchased from the same very reputable local dealership which is why I'll continue with their servies this years car I took a 3 year service plan-my way of thanking the salesaman who found a clio I would like and make use of.


    I've still until late 2019 before I can save my 180 p/month when dmp finishes.-The cost of 2011 short unemployment.
    Though it blackhorse this year, Moneybarn did offer uptop 10K@19.9 apr range whichI kindly declined for the better finance offer.

    Hope you find a car soon, don't think you'll be left without any choice-there must be thousands wh's circustances have changed past few years -took me 1-2 years before going dmp route thinkijng I'll nver be able to buy a car on fianance again-I didnt find out I was wrong until 2014-my 2002 clio@90k miles had served me excellent accross 3 jobs/various locations
    Last edited by Dandytf; 20-04-2017 at 9:32 PM.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • bazzyb
    • By bazzyb 20th Apr 17, 9:53 PM
    • 1,034 Posts
    • 3,182 Thanks
    bazzyb
    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.
    Originally posted by camelot1971
    This is not necessarily accurate as it depends on a lot of other factors, particularly how old the bad stuff is and if there is much recent good stuff.

    There are definitely lenders who will finance £20k with no deposit with a much lower APR with CCJs or defaults but it is not as black-and-white as that.

    OP, you may find it useful to apply directly to a car finance broker who will be able to work out the best lender for you and advise of criteria i.e. if you need a deposit and what your maximum budget would be with your affordability.
    • BossKy
    • By BossKy 26th Apr 17, 10:59 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    thanks all - applied at Zuto and was accepted by 2 out of 3 lenders for up to 15K - rate isnt too bad either, and works perfectly fine for me.

    Would highly recommend Zuto to anyone in the same position, great customer service and good range of lenders for most situations.
    • Chappaz
    • By Chappaz 26th Apr 17, 11:11 AM
    • 130 Posts
    • 57 Thanks
    Chappaz
    Car finance usually isn't too hard to find, particularly if it's hire purchase, because the car is an easy, high-value asset to take back if the borrower defaults.

    It's usually outside and within easy reach, and just needs to be popped into an auction. Car finance lenders are therefore generally a bit more relaxed as they know the asset is there to fall back on in 90% of situations.

    They'll still whack you with a fairly high APR though.
    • Fireflyaway
    • By Fireflyaway 27th Apr 17, 5:32 PM
    • 1,270 Posts
    • 1,288 Thanks
    Fireflyaway
    Had 2 defaults and behind on mortgage but was accepted with advantage finance. They were really nice to deal with. It was a £7000 mini. Monthly payments were £220 over 4 years so pretty high. Got rid after 2 years though.
    Previously with billing finance . stay away they were horrid! Rude and treat you like dirt and talk down to you.
    • Lau0707
    • By Lau0707 28th Apr 17, 3:42 PM
    • 73 Posts
    • 362 Thanks
    Lau0707
    Hi,

    I had a car 2 years ago on finance, second hand, 32% APR, high repayments last year, it blew up, and I was left with owing 4k, and 2.5k repairs on a car that wasn't worth it....

    Last March, I walked into Suzuki, thinking they can't help me, I walked out with a 0% 4 year agreement, they bought my outstanding debt from first response which settled at 2.9k, added it on top of my finance, and I got a brand new Suzuki Swift, with Black Horse. £1700 deposit, at the time, my experian credit score was poor.

    I don't know how it happened, but it did lol. I have been working on my credit score for 3 years now, and my defaults are due to drop off next year. Hope this helps.
    Focusing on Student Overdraft: April- £1350/ £1225.
    • Dandytf
    • By Dandytf 29th Apr 17, 1:32 PM
    • 837 Posts
    • 320 Thanks
    Dandytf
    Excellent, I hadn'y heard of Zuto until yor thread.

    If you dont mind me asking, what rate did you get, 'not too bad' -guess in 20's rate?

    Which car did you go for, nice to ear you got one of lifes essentials.

    Think I'll have a brosw of Zuto-for future reference.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • BossKy
    • By BossKy 15th May 17, 11:52 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Excellent, I hadn'y heard of Zuto until yor thread.

    If you dont mind me asking, what rate did you get, 'not too bad' -guess in 20's rate?

    Which car did you go for, nice to ear you got one of lifes essentials.

    Think I'll have a brosw of Zuto-for future reference.
    Originally posted by Dandytf
    Apologies for late reply - I went for a mercedes e220 coupe £12,000 - APR is 18% - fine for me. works out to around 300 or so a month over 4 years.

    hope that helps.
    • BossKy
    • By BossKy 15th May 17, 11:53 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Had 2 defaults and behind on mortgage but was accepted with advantage finance. They were really nice to deal with. It was a £7000 mini. Monthly payments were £220 over 4 years so pretty high. Got rid after 2 years though.
    Previously with billing finance . stay away they were horrid! Rude and treat you like dirt and talk down to you.
    Originally posted by Fireflyaway
    Hey, you say 'got rid' after 2 years but how so? If it was a 4 year contract did you end up paying outstanding balance and settling early? Or did you default? or hand the vehicle back under early termination clause?

    thanks!
    • BossKy
    • By BossKy 15th May 17, 11:54 AM
    • 23 Posts
    • 3 Thanks
    BossKy
    Hi,

    I had a car 2 years ago on finance, second hand, 32% APR, high repayments last year, it blew up, and I was left with owing 4k, and 2.5k repairs on a car that wasn't worth it....

    Last March, I walked into Suzuki, thinking they can't help me, I walked out with a 0% 4 year agreement, they bought my outstanding debt from first response which settled at 2.9k, added it on top of my finance, and I got a brand new Suzuki Swift, with Black Horse. £1700 deposit, at the time, my experian credit score was poor.

    I don't know how it happened, but it did lol. I have been working on my credit score for 3 years now, and my defaults are due to drop off next year. Hope this helps.
    Originally posted by Lau0707
    wow, thats great
    • Sparklestar1127
    • By Sparklestar1127 19th May 17, 5:41 PM
    • 26 Posts
    • 9 Thanks
    Sparklestar1127
    Barclays Partner Finance for an APR of 34.9%. Not responsible in my opinion and i'd never go there again. Only just got rid of them. Was my Husbands before we met and he had defaults at the time of application.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,078Posts Today

6,832Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin