We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Financing a car with bad credit

ZARTAN
ZARTAN Posts: 12 Forumite
in Motoring
Does anyone have any solutions or ideas for a person with bad credit to finance a car?

Comments

  • Pew_Pew_Pew_Lasers!
    Pew_Pew_Pew_Lasers! Posts: 2,579 Forumite
    Yes, save up your cash and buy a cheap banger.
  • molby73
    molby73 Posts: 26 Forumite
    Pew_Pew_Pew_Lasers! wrote: »
    Yes, save up your cash and buy a cheap banger.

    Yep. Credit is still available to you but not at a reasonable rate. You'll pay way over the odds while the car depreciates in value. It's not worth 18-25%+ interest.
  • pianeet
    pianeet Posts: 518 Forumite
    yep as molby has said ,you will get someone to finance you but by eck you will pay for it,they will probably even stick anything you still owe on your old car onto the new finance,
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • bhavinshah
    bhavinshah Posts: 77 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Pew_Pew_Pew_Lasers! wrote: »
    Yes, save up your cash and buy a cheap banger.
    Agree with this.

    You have bad credit for a reason...the safest option is to save and buy a cheap car. Getting an expensive finance deal could send you into a spiral of even worse credit if you can't pay it off.
  • anewman
    anewman Posts: 9,200 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Yep 500 quid buys you more than you would think and if you can't get that together in a couple of months you probably can't afford a car anyway, and no doubt couldn't afford the repayments on finance. Save credit for a mortgage as unless you're extremely lucky the purchase of a place to live is the only thing you're likely to need any finance for.
  • harveybobbles
    harveybobbles Posts: 8,973 Forumite
    ZARTAN wrote: »
    Does anyone have any solutions or ideas for a person with bad credit to finance a car?

    Suicide, perhaps...?
  • hewhoisnotintheknow
    hewhoisnotintheknow Posts: 3,162 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    not what you want to hear, but save up and buy a car, you can by cracking motors for 1000 - 2000
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture