Car Loan

srobrien

Hi Folks, I am in need of some advice.
I am looking to buy a used car and require around £10,000 finance.
Here is my current situation.

-I am 25 years old,
-In full time employment earning 42-47K Per year,
-Have 1 CC with Limit of £3500 and £900 used.
-Have 1 personal loan of £2000
-Have Mortage with £37k outstanding
-I have just settled the finiance on my existing car and looking to sell for deposit.
-On electoral roll.
-No CCJ's / Bankrupsy.

Problem is in Feburary 2005 I got in to arrear with my mortage due to being a student, but I have been up to date and on time with all payments since but it has left black marks on credit file. According to checkmyfile i am around 560 points with Equifax and Experian and 800 points on callcredit.

Soooo before I go trying every loan company under the sun can anyone point me in the direction of any companys who may favour my current financial situation in place of some old blotches on my credit history.

Thanks

R

CLAPTON

why not keep the current car
use the money you would have spent on the loan to pay off debt and then start to save
by 2011 you will have substantial savings and the credit file issues of 2005 will have dropped off your credit file.

srobrien

Hi

Well I want to change my car, I could easily pay off my debt but im not worried about it, I only have a small loan and i keep £900 on my credit card all the time to improve my credit score. Its all managable.

R

barclaysguy

Your best option is to speak to a main dealer, the finance companies the big brands are rumoured to have a lot of cash to lend out, and the reason why they are there is to get cars of forcourts. Saying that most would require a deposit, you could use credit card availble credit.

If you dont like that idea thought of asking your current loan provider for a top up?

srobrien

Thanks barclaysguy, I will have a deposit when i sell my car so its not a big problem. Was also looking at contract hire, some reasonable deals out there.

R

TechnoBadger

Are you the credit-worthy sort of person who may get a good rate from zopa.com?