Sourcing funds for a car from a sub prime lender

Brian_The_Lion

Hi,

I'm a discharged bankrupt, discharged in July 2005, 26 months after I went bankrupt in may 2003. The 6 years on my credit file is due to end soon, in May 2009.

I have been refused prime lender loans, Ive applied to two lenders over 4 months. But Ive also been refused from creditplus.co.uk for car finance.

As you can imagine Im downhearted at the moment...!

I'm seeking car finance for a sum between £3500 - £5000 and really don't know what the best option is. I understand that APR will be high regardless of what source I choose.
Does anyone have any experience or know which sub prime lenders would be my best option?

Or do you suggest that I wait until after May and get my credit file cleaned up in the hope that a prime lender may be more tolerant?

Thanks for any advice!

Rafter

In the current market, I think getting that kind of finance with a bankruptcy flag on your file will be tough.

Some sub-prime lenders, eg Welcome, aren't doing new loans at the moment so there is a big supply shortage in the market.

If you haven't already, suggest you try to get a sub-prime credit card from capital 1 so you can start building up some credit history again. Just pay the balance in full each month to avoid the nasty interest rates!

Otherwise, all I can suggest is buying a <£1000 car from savings for now and then upgrading when you can borrow what you need.

R.

Sunnie2812

Dont Go To Welcome Finance!!!

Brian_The_Lion

Rafter wrote: »

In the current market, I think getting that kind of finance with a bankruptcy flag on your file will be tough.

Some sub-prime lenders, eg Welcome, aren't doing new loans at the moment so there is a big supply shortage in the market.

If you haven't already, suggest you try to get a sub-prime credit card from capital 1 so you can start building up some credit history again. Just pay the balance in full each month to avoid the nasty interest rates!

Otherwise, all I can suggest is buying a <£1000 car from savings for now and then upgrading when you can borrow what you need.

R.

Done all of this already, got a monument card, paying off the balance each month, Bought a car for £650 12 months ago... this is upgrade time for me, but unfortunately still trying to overcome obstacles!