Car credit for people with bad credit - advice wanted.

Markinoxon

Hi all,

My 1st post, and apologies if this has been discussed elsewhere.

I am after a car loan (say, £4500 on loan and £4500 deposit on top).

I have a poor credit record (discharged from bankruptcy about 18 months ago) but no problems since, I have 2 credit cards now, contract phone and am on the voters list. I have a good wage, low out-goings and no debt.

Does anyone know about companies who offer car credit for people with a bad credit record? I want to sort the credit and then choose my own car from a dealer of my choice.

I know the interest rate will be high but this will also
build my credit record.

Ideally, I am after specific companies to approach as well as general comments.

Thanks in advance.

Mark

PNPSUKNET

try close consumer finance

CHR15

You MUST know what's coming by way of advice!!

With bad credit, discharged BR etc the APR on anything is going to be ridiculous.

You have £4,500 sitting in the bank, that will get you a very nice car

Why would you want to rush into buying a £7,000 car only to pay about £12,000 for it with the interest considered???

Markinoxon

CHR15 wrote: »

You MUST know what's coming by way of advice........QUOTE]

Hi CHR15,

The first line of your post made me smile.
I do intergalactic mileage for work so would like a decent, reliable diesel at that sort of money.
Also, I doubt I'll be able to get a mortgage until my BR drops off my credit record (in the current economic climate) and think this will be a good way to build up and repair my credit record for my eventual mortgage application. Thoughts anyone?

I have looked at CreditPlus...anyone have experience of them?

Regards

Mark

PNPSUKNET

I tried cash plus, got a better way that wont cost you. Get a jdwilliams account they seem to accept anyone

solidsponge

why wouldnt £4500 get you a good diesel? Any honda for that price would do 200,000 miles, so probably would a vectra or any number of VW Golfs. So unless youre wanting something specifically getting one thats reliable is not a reason to spend double, it should be an outstanding car for £4500. I imagine youre going to buy an overpriced Audi

Bob_the_Saver

I guess my suggestion of a bus-pass is a non starter, see you in the bankruptcy
section soon no doubt.

PNPSUKNET

why not buy a repo from auction, british car auctions or premier car auctions in leeds are where the major finance houses send to. 0 miles they also have and they go for not much.

Thejagman

Hi.

Try First Response. I got car finance with them just three months after being discharged from BR.

Good luck

Thejagman

inmypocketnottheirs

Try https://www.britishcredittrust.co.uk