Car Finance Help - Bad Credit History

moonmonkey71

Hi All

I'd really appreciate some help and advice on the subject of buying a new car.

Basically I bought a nice car on finance a couple of years ago and I was really happy with the car and the amount I was paying each month even though I was paying a fairly high interest rate (which I was expecting as my credit history isn't great going back quite a few years). I bought the car from the Car Shop in Northampton and the finance was arranged through the RBOS.

Unfortunately my car was written off yesterday in a rather nasty accidednt and I now need to buy another one. No one was hurt in the accident apart from a couple of cuts to myself and the car was insured fully comp therefore I'm fairly confident that the insurance will pay off the outstanding finance (I'm just over half way through the payments) but I don't think I'll have any money due to me once the finance is paid off.

Can anyone recommend a finance company that will enable me to buy a new car fairly quickly?

The annoying thing is I was really looking forward to paying off the car and keeping it for a few years once I'd finished paying. I would have had 2 years left on the finance.

Hope this all makes sense - looking forward to hearing your advice

eira

You might have to argue the toss re the value of the car-check the value either online or in one of the car magazines

I had to buy a car with no credit at all-you can buy some amazing cars for very little money from the smaller dealers. I've had some really nice cars over the years

Rafter

Ask the finance company whether they would be prepared to transfer the finance to a new vehicle rather than insisting it would be paid off from the insurance proceeds?

R.

Mattchew

moonmonkey71 wrote: »

Hi All

I'd really appreciate some help and advice on the subject of buying a new car.

Basically I bought a nice car on finance a couple of years ago and I was really happy with the car and the amount I was paying each month even though I was paying a fairly high interest rate (which I was expecting as my credit history isn't great going back quite a few years). I bought the car from the Car Shop in Northampton and the finance was arranged through the RBOS.

Unfortunately my car was written off yesterday in a rather nasty accidednt and I now need to buy another one. No one was hurt in the accident apart from a couple of cuts to myself and the car was insured fully comp therefore I'm fairly confident that the insurance will pay off the outstanding finance (I'm just over half way through the payments) but I don't think I'll have any money due to me once the finance is paid off.

Can anyone recommend a finance company that will enable me to buy a new car fairly quickly?

The annoying thing is I was really looking forward to paying off the car and keeping it for a few years once I'd finished paying. I would have had 2 years left on the finance.

Hope this all makes sense - looking forward to hearing your advice

When you take out a car on finance they offer your some for of additional cover to cover the difference in depreciation and the insurers valuation. Check with the company if you have this as part of your repayment - you may have opted for it without knowing what it was you opted for?

PNPSUKNET

the insurance unless you you have gap will not cover the whole amount.

barclaysguy

PNPSUKNET wrote: »

the insurance unless you you have gap will not cover the whole amount.

wild accusation, they pay out what the value of the vehicle is valued out.

moonmonkey71

I really hope they do pay out what the car is worth! I checked the Parker's guide and I think it would be worth around 5100 in a private sale and around 6000 from a dealer. I owe about 4200 and have 575 excess on the policy so fingers crossed!

Rafter - I asked the finance company if they would finance another car but RBOS have been taken over and they won't be taking any new business as such however they recommended i talked to Halifax or Black Horse I think.

Anyway back to my original question - does anyone know of any reputable companies that would lend to someone with a below par credit history?

Thanks for all your answers so far btw!