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  • FIRST POST
    • killersjess
    • By killersjess 17th Jul 17, 2:26 PM
    • 5Posts
    • 0Thanks
    killersjess
    Car finance & unstable address history
    • #1
    • 17th Jul 17, 2:26 PM
    Car finance & unstable address history 17th Jul 17 at 2:26 PM
    Hello,

    Bit of an uncommon one here as I can't find much online about it, sadly!

    Firstly, I'm in a pickle as my old 52 plate Astra is about to pack in and I need it for my commute to work. I can't get Hire Purchase finance on a car because I have had more than 3 addresses in 3 years so they won't even look at me... apparently - even though my credit history, apart from this, is pretty good all-round.

    I've considered my options - new credit card, loan, borrow off family etc., none of which are feasible for reasons such as ridiculous interest rates or probability of approval on certain things. This is all because of my poor/unstable address history. I have a credit card with around £1000 "spare" available to spend, but with a high rate on purchases, so I am avoiding this option at all costs. I also have no savings.

    I have checked both my Experian and Equifax credit profiles within the past week. Experian has me down in the poor (almost average) section and Equifax has me in the OK/stable/on the right track section.

    From what I can gather, again, this is all because I have moved house quite a bit over the past few years. I have had 4 addresses within the last 3 years, all down to circumstances.

    Does anybody know whether there are any car leasing/finance companies who will consider me without offering a silly rate? Perhaps with a more bespoke underwriting process which takes individual circumstances into account? I worked in car finance (brokerage) for a short period, and know that I would have no joy with a Hire Purchase contract, but no idea whether leasing works differently?

    Any guidance would be much appreciated

    Thanks
Page 1
    • forgotmyname
    • By forgotmyname 17th Jul 17, 3:31 PM
    • 25,716 Posts
    • 10,221 Thanks
    forgotmyname
    • #2
    • 17th Jul 17, 3:31 PM
    • #2
    • 17th Jul 17, 3:31 PM
    If you have not saved anything is HP really for you?
    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.
    • TadleyBaggie
    • By TadleyBaggie 17th Jul 17, 4:36 PM
    • 2,375 Posts
    • 1,714 Thanks
    TadleyBaggie
    • #3
    • 17th Jul 17, 4:36 PM
    • #3
    • 17th Jul 17, 4:36 PM
    Duplicate thread: http://forums.moneysavingexpert.com/showthread.php?t=5680710
    • Mercdriver
    • By Mercdriver 17th Jul 17, 5:57 PM
    • 1,373 Posts
    • 912 Thanks
    Mercdriver
    • #4
    • 17th Jul 17, 5:57 PM
    • #4
    • 17th Jul 17, 5:57 PM
    Do you have anyone who could be a guarantor that does have a stable address history?
    • Tarambor
    • By Tarambor 18th Jul 17, 4:45 PM
    • 1,174 Posts
    • 815 Thanks
    Tarambor
    • #5
    • 18th Jul 17, 4:45 PM
    • #5
    • 18th Jul 17, 4:45 PM
    Do you have anyone who could be a guarantor that does have a stable address history?
    Originally posted by Mercdriver
    That is the worst suggestion ever. Nobody on this forum should ever suggest someone being a guarantor, it is that bad and fraught with problems.

    If a loan company aren't prepared to take on the risk why is it fair to get someone to have a family member or friend do it for them risking the resulting breakdown in relationship that inevitably happens? There are enough horror stories on the Loans board of people who have been guarantors where its gone south for anyone to work out it is a bad idea.
    • Mercdriver
    • By Mercdriver 19th Jul 17, 12:07 AM
    • 1,373 Posts
    • 912 Thanks
    Mercdriver
    • #6
    • 19th Jul 17, 12:07 AM
    • #6
    • 19th Jul 17, 12:07 AM
    That is the worst suggestion ever. Nobody on this forum should ever suggest someone being a guarantor, it is that bad and fraught with problems.

    If a loan company aren't prepared to take on the risk why is it fair to get someone to have a family member or friend do it for them risking the resulting breakdown in relationship that inevitably happens? There are enough horror stories on the Loans board of people who have been guarantors where its gone south for anyone to work out it is a bad idea.
    Originally posted by Tarambor
    That's the hugest generalisation ever. For sure there are many situations where it doesn't work, but that doesn't mean it's always a bad thing. Not so many years ago it was quite routine for car loans to have guarantors.

    Just because it isn't right for everyone doesn't mean it isn't right for anyone.
    • Money saving maniac
    • By Money saving maniac 19th Jul 17, 12:08 AM
    • 366 Posts
    • 674 Thanks
    Money saving maniac
    • #7
    • 19th Jul 17, 12:08 AM
    • #7
    • 19th Jul 17, 12:08 AM
    With some companies you will be ok with a manual referral, in which case you need to show 3 months bank statement or similar to show you have the dough at the end of the month to pay. The finance companies want to lend to you if you can afford it.

    I would ring up the biggest car finance firms and ask to speak to the approvals department and have a chat with them.
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