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  • FIRST POST
    • IIKazzII
    • By IIKazzII 17th Apr 17, 4:20 PM
    • 9Posts
    • 1Thanks
    IIKazzII
    New Driver - Can't Get A Car - Lease?
    • #1
    • 17th Apr 17, 4:20 PM
    New Driver - Can't Get A Car - Lease? 17th Apr 17 at 4:20 PM
    Hiya guys, I just passed my driving test so now need a car. We are a family with 3 young children, if not for that fact I'd be happy to go buy a £300 rust bucket, but we need something reliable, safe and decent. I went bankrupt 10 years ago, and even though discharged, I still can't get finance. I am also on disability so don't work. I tried with several no nonsense reputable companies (Concept Cars etc) and while they are willing to back me on finance, the pattern is they all want a Guarantor, and as far fetched as it may seem, there is literally nobody I know to ask. I don't have any savings and it would take me a good few months to save for a car within our requirements. If not longer.

    A friend recommended leasing a car. Is this a viable option? Or ridiculous? I contacted a company called CVS who have said after looking at my details they are more than happy to provide me with a Ford Focus if I pay £600 up front then about £190 a month for 2 years, at which point I hand the car back, or renew the lease and possibly get a new car.

    This seems to be my only option for a car, it's either this, or wait till after Xmas to buy something decent, by which time I'll likely need refresher lessons. Opinions?
Page 2
    • motorguy
    • By motorguy 18th Apr 17, 8:52 AM
    • 15,189 Posts
    • 8,600 Thanks
    motorguy
    If you have time to go view my other posts to try belittle me you need to get a life. If you read that post properly you'll find that I got into that situation not due to being a dreg, but situational error with disabled son having a rough time etc. If your going to try belittle me, at least do it properly. I'll note this down as an epic fail on your part. Find something else to do or move on.

    Back ON TOPIC:

    I can't afford a car outright as I have no savings, hence needing the finance, I can easily pay the loan, my council tax situation (not that it matters) ends in 6 weeks, so I wont be paying those at all anymore. Income is around £3000 per month. Looking at around £200 a month to spend on a car (not including insurance etc). Just wondered if anyone had good experience (or suggested) leasing. A friend suggested it, but since that more of my friends have said its a waste of time?
    Originally posted by IIKazzII
    Sorry, but i cant recommend that you PCP / PCH / Lease a car when clearly you have money problems that arent yet bottomed out fully.

    £600 ish would buy you a quite presentable car - I'd recommend a Ford Focus or if you need bigger, a Mondeo. You should get the petrol variants of those easily around that price.

    Set aside the £190 a month for a year into a savings plan, use that to maintain the car as and when, and see what you're left with after a year. I'd say you'll have £2,000 left.

    Get some savings behind you - your kids will manage just fine being driven about in an older car.
    You are not special. You are not a beautiful and unique snowflake.
    • IIKazzII
    • By IIKazzII 18th Apr 17, 1:13 PM
    • 9 Posts
    • 1 Thanks
    IIKazzII
    Thanks guys, no I am not in financial difficulty, as said in the council tax thread, I am paying that off at what some may consider a substantial amount £100 a week, and it's done in 6 - 7 more weeks. I am also disabled as is my son, hence the higher income of (it works out more like £2750 a month than £3k).

    I've never been a saver, hence having no savings, I went bankrupt about 15 years ago due to health etc, since then I've never been able to get credit, despite what people say your not clear after 5 years discharge, it stays with you forever. I have a credit builder Marbles card which is great, but it takes an age to build the rating back up.

    Most of the places I looked don't require a deposit at all, the CVS place wanted £600, I could save that within a couple of weeks to put down, but after friends advice and suggestions here I am now thinking it's a waste of time to lease. On with the searching!
    • bertiewhite
    • By bertiewhite 18th Apr 17, 1:40 PM
    • 482 Posts
    • 434 Thanks
    bertiewhite
    Don't you still need to pass a credit check when leasing a vehicle anyway?
    • motorguy
    • By motorguy 18th Apr 17, 2:22 PM
    • 15,189 Posts
    • 8,600 Thanks
    motorguy
    Thanks guys, no I am not in financial difficulty, as said in the council tax thread, I am paying that off at what some may consider a substantial amount £100 a week, and it's done in 6 - 7 more weeks. I am also disabled as is my son, hence the higher income of (it works out more like £2750 a month than £3k).

    I've never been a saver, hence having no savings, I went bankrupt about 15 years ago due to health etc, since then I've never been able to get credit, despite what people say your not clear after 5 years discharge, it stays with you forever. I have a credit builder Marbles card which is great, but it takes an age to build the rating back up.

    Most of the places I looked don't require a deposit at all, the CVS place wanted £600, I could save that within a couple of weeks to put down, but after friends advice and suggestions here I am now thinking it's a waste of time to lease. On with the searching!
    Originally posted by IIKazzII
    The unfortunate thing is, these places will charge you a fortune if they're going to take you on at all.
    You are not special. You are not a beautiful and unique snowflake.
    • forgotmyname
    • By forgotmyname 18th Apr 17, 6:44 PM
    • 25,434 Posts
    • 10,084 Thanks
    forgotmyname
    Don't you still need to pass a credit check when leasing a vehicle anyway?
    Originally posted by bertiewhite
    They will mainly check the ID and they will also want to see the OPs bank statements to see if they really can afford £200 a month.

    Your bank statement will tell them more than just a credit search.

    On top of that it wont be a new car but a used one, the website said a 2016 car, but what are the chances they will say their finances are worse than expected and then require a bigger deposit and more £ per month, and the car will be an older one?
    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.
    • mrmot
    • By mrmot 18th Apr 17, 8:02 PM
    • 187 Posts
    • 130 Thanks
    mrmot
    With your lack of driving experience, you'll be hard pushed finding a rental company that will rent a car to you.
    • RickRastardly
    • By RickRastardly 18th Apr 17, 9:49 PM
    • 32 Posts
    • 15 Thanks
    RickRastardly
    Save up and buy a cheapish car for about 1000 with 12months MOT. Wont be new, but most cars have been 4 or 5 Star Euro Ncap for the last 10 years if that's you're only concern with buying an older car. Besides if you're financial situation is a good as you say it is then in the 12Months while the banger has its MOT you could easily save up for a better car once you've finished paying off £100 p/w council tax rebates. that's 400 P/m X 12 = £4800 for a quite modern car that should last you for years.
    • Rain Shadow
    • By Rain Shadow 19th Apr 17, 9:31 AM
    • 1,672 Posts
    • 3,040 Thanks
    Rain Shadow

    £600 ish would buy you a quite presentable car - I'd recommend a Ford Focus .
    Originally posted by motorguy

    There are plenty out there of which this was the first I found.


    http://www.autotrader.co.uk/classified/advert/201704094234681?maximum-mileage=70000&onesearchad=Used&onesearchad=Nearly% 20New&onesearchad=New&make=FORD&model=FOCUS&sort=s ponsored&postcode=w1a1aa&radius=1500&price-to=1000&advertising-location=at_cars&fuel-type=Petrol&page=1
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
    • macman
    • By macman 19th Apr 17, 5:53 PM
    • 41,100 Posts
    • 16,850 Thanks
    macman
    As suggested above, if you can afford £400 a month then you need only to save for 2.5 months to buy a reasonable runner outright for £1K. Much better than heaping up further debt by taking a loan which, given your poor credit, will be at penurious rates.
    Your insurance will also be steep as a new driver (even a 'mature' one)-have you actually worked out all the overheads involved in running a car? You will also have no NCB to bring that cost down for now.
    No free lunch, and no free laptop
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