Urgent help needed

jf1985

Hi,

I am after a loan of £10000 to buy a car. My current car has given up and was on finance anyway, this is due to be picked up as soon as I inform them with no further costs from that point onwards.

Unfortunately I have an ongoing dispute with a phone company regardign a default placed agianst me. this is currently being investigated however I am without a vehicle at present so just need to get a loan NOW.

I am a tennant, I earn fairly good money in a secure job and bar the default my credit score should be good.

I am having trouble finding a lender who will give the full £10000. I have spoke to yes loans who can get me between 3k & 7k but this is not enough.

I may be forced to take out two loans at this rate!

Can anyone offer any advice or point me in the right direction? The repayments are no problem, I pay £240 at present and obvioulsy this wont be coming out once i hand that car back. I can afford up to £350 per month and want to take it over 4 yrs.

Any help will be greatly recieved!!

~Beanie~

Can't you just buy a cheaper car?

If Yes loans won't lend you the amount you need then I doubt anyone else will, espeically with a recent default against you.

Have you tried your own Bank?

jf1985

I have tried my own bank however this was how I found out about the default, when I was refused. I thought I had a good credit score as I have plent of outgoings are paid on time and generally keep my account in credit even at the end of a month.

I was never contacted by o2 to let me know money was outstanding and have exchanged several emails and dtill doing so however at present this doesn't help me any.

I need the 10k to get a suitable car, I do alot of travelling etc.

I have just cancelled my application with yes loans as the loan they offered was at 60 odd percent apr!!

Do I have any options? Can I get the 10k anyway that you know of? Family is not an option. As I say the repayments are not an issue which is the most annoying part.

Any companies I should try etc?

swaninn

Have you tried approaching the dealership (if youre getting a car from them) for finance? Is youre previous car on dealer finance also? Sometimes the dealers have a better choice of car loans than the highstreet and i managed to get finance from Volkswagen finance even though I had been in a bit of trouble?

Yorkshire-lad400

Did you pay Yes Loans any money as an "admin" fee? If so contact me and I'll explain how you can get it back. Yes Loans aren't a loan company - they don't offer loans - they are loan brokers - but their sales monkeys always give the impression that it is they that are offering a loan (to hoik you in)- when the real offer comes through it is usually from someone like Welcome Finance for a lot less than you wanted AND with an APR in the region of 68%. Sometimes you don't even get an offer as by that time they have your £60 admin fee....
If you didn't give them any money or debit card detials consider yourself to be fortunate and walk away.

nembot

I think ~beanie~ has a valid point, if Yes won't lend you the money at their high interest rates - you'll probably only get the total amount from a lender with a ridiculous apr.

You can buy a perfectly decent car for 5k so it just doesn't make sense, spending 10k especially in these uncertain times - not to mention 10k over 5 years at approx 30%'ish apr would be around 19000?

standupguy

I am wondering why you believe there will be nothing more to pay on your existing car if it has "given up"?

swaninn

standupguy wrote: »

I am wondering why you believe there will be nothing more to pay on your existing car if it has "given up"?

that is a good point, surely you still have (dealer) finance on it?

jf1985

Yorkshire-lad400 - Yes I did pay an admin fee. I have also spent nearly half an hour on the phone with them trying to get a refund. I think I got there in the end and have been informed to send an emial in to clarify my request at which point the refund should be put into motion? is this correct? any advice appreciated pal!! and totally agree, they at yes couldn't be any less helpful, they sounded very younf and ill trained!

nembot-Are yes loans everybody's last choice then? do they not have a rival who they compete with? I'm touching wood whilst saying this but I am lucky enough to have a secure well paid job and can afford to pay what i would call high rates (up to 20% apr)on a loan of 10k over 4 years. If this isn't possible I may look at lowering my expectations however am reluctant to do so. No being a snob but just hoping i'll find a way to raise the 10k in a reasonable way?

swaninn - did you have a default? I did apply through the same company as I am currently but was turned down due to my default presumably.

am i going mad or is there a car supermarket that doesn't do credit checks? sure I saw something on tv?

jf1985

standupguy - the deal I have is one of these bubble deals. the car was worth 16k when I got it, I have now paid over half. I have rang the finance company re: this and confirmed that all i have to do is give written notice that the car should be picked up and thats it providing the car is in an acceptabel condition which it is as the issue will be resolved i'm having with it. unfortunately its just at the age where things are starting to go wrong.

nembot

Hi jf1985,

I certainly understand your point and it's probably just the crunch thats made it difficult for you, but saying that I'm no expert and i'll leave the more experienced people to provide the best input on where to try next.

There is however some advice I can give regarding car purchases, as an ex mechanic. We know that everyone can experience problems with any motor regardless of age, so buying from a garage is sometimes the more convenient option with the warranty and such. But with this comes the premium cost and often the price paid is considerably over what the car is actually worth.

If you know someone who is handy with the spanners, see if you can persuade/drag them to go to a fleet auction - you'd be amazed what's on offer and how shockingly low priced some cars are. Obviously not something you want to do alone (unless you have experience) but a few visits and get to know the guys on the lot, you can usually get a test drive of any motor you're interested in for a £10 backhander.

Helps avoid the purchase of an immaculate A3 (inside and out) with no 3th gear

Best of luck and hope you get things sorted.