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  • FIRST POST
    • BossKy
    • By BossKy 13th Apr 17, 10:10 PM
    • 19Posts
    • 1Thanks
    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
    • 500 Posts
    • 264 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
    • 19 Posts
    • 1 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
    • 171 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
    • 500 Posts
    • 264 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
    • 966 Posts
    • 3,141 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.
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