Options for new car- Refused credit

claire8370

Hello all

I applied for car finance through Vauxhall (£7000) and was rejected due to amount of addresses and one late payment with GE Money in last 2 months (their fault) Basically I am going into a really well paid job in the NHS and have a old Peugeot which is falling apart, the commute will be about 100 miles per day and job is based in community so lots of driving which by battered peugeot wont cope with, so I need something reliable , covered by warranty.

I didnt even ask her but my sister has asked if she can help as her credit rating is excellent.

I am thinking of these options but need some advice of which is best if any and are they possible

1. Try a loan with my own bank but not sure if I will be accepted.

2. Get car finance with my sister as guarantor (is this possible, I am 25, she is 24) and then if possible once I have repaired credit transfer finanace to my name?

3. My sister get a loan and then could it be changed into my name, or my sis get a loan and once credit is repaired me pay off her loan early with a loan I take out?Would this incur charges?

Any help would be great

jonesMUFCforever

Please say NO to your sister it will end in tears.
NEVER borrow or lend to friends and family.

If you cannot get a loan there is a reason for it - however unpalatable you might find this.

Does the NHS not have a scheme where they buy the car and you pay directly from your salary??

CLAPTON

why do you need an alternative car?
how many times has your existing one broken down?
even then, why do you need a 7,000 car?
there are lots of decent reliable cars around 2,000
warranties are usually worthless

better to save up like mad until you can afford another car.

but you can indeed ask your bank
getting loan from siblings is one of the best way of destroying a happy friendship (suppose she suddenly needs a loan for herself and can't get one because she already has a significant loan for you?)
you can't simply 'transfer' a loan from some-one to some-else by changing the name.

life is very simple .... save then spend

claire8370

CLAPTON wrote: »

why do you need an alternative car?
how many times has your existing one broken down?
even then, why do you need a 7,000 car?
there are lots of decent reliable cars around 2,000
warranties are usually worthless

better to save up like mad until you can afford another car.

but you can indeed ask your bank
getting loan from siblings is one of the best way of destroying a happy friendship (suppose she suddenly needs a loan for herself and can't get one because she already has a significant loan for you?)
you can't simply 'transfer' a loan from some-one to some-else by changing the name.

life is very simple .... save then spend

My car at the moment is dented (my brother gave it to me) its rattling, all going rusty, keeps cutting out on me in wet weather, fair enough it has never broken down and I am fond of it, but dont think its gong to survive the mileage and I would like something more comfortable. My work will be based in community and quite frankly i would not be comfortable turning up to see clients in it.

The MOT is due in December its going to cost me about £300 it always does every year its the exhaust and brakes, so would like a new car by then, otherwise it will be wasted money as the car is valued at about £200

If I get a cheaper £2000 car would someone like blackhorse give me a loan?

I just dont know what to do:mad:

PNPSUKNET

blackhore or dare to suggest ucan

nembot

I'd be tempted to visit a couple of your local car auctions, get an idea of prices.

Then go with some money and a friend who is mechanically minded, so you don't buy something dodgy or alternatively, pay a mechanic to go with you.

I went a few weeks back, pretty shocking how cheap cars really are.

lcazma70

Hi there is a scheme to support NHS workers and civil servants etc. to get further reductions on car purchase ;)I read about it on the scrappage scheme thread however it is ssooooooooooooo long now!!Hope you find what you need.

selecta_c

Try your own bank first as if you are accepted the loan isnt secured against the car.This means that if you have problems repaying your car wont be repossesd.

foxy-roxy

selecta_c wrote: »

Try your own bank first as if you are accepted the loan isnt secured against the car.This means that if you have problems repaying your car wont be repossesd.

As above, then Blackhorse probably

Good Luck, i understand, been there myself