Buying a car or getting a loan after a Trust Deed

SukieSoo

Hi,

My sister had a Trust Deed (in Scotland) and made her final payment at the end of September 2009.

Today she has found out that her car (quite old) needs at least £600 of work doing to it, probably more. The MOT is due in mid December; without the repairs, it will fail. She has just moved into a rented flat, and has had to buy quite a few things for it, as she was living in a shared house before. So she has no spare cash to get this done, and cannot scrape together enough money to get the repairs done by mid December.

Is there any company that she will be able to get any kind of finance from to replace or repair her car? She said that if she's going to trade it in, it will need to be done before 17/12, as dealers demand at least one month's MOT.

Sorry if this is a silly question - I don't know much about Trust Deeds, but she doesn't have an account here and she's panicking. I'd loan her my car but it's off the road (needs major bodywork). DH & I are going to be facing a major bill for roof repairs over the next couple of months, so we don't have the spare cash to lend her.

Her biggest worry is she's afraid to apply for any credit at all, as each application will count against her on her credit rating. Being stuck without a car will mean she will be struggling to even get to work.

Does she have any options at all? I've seen ads for (I think) Yes Car Credit, who claimed to accept all applications, but she thinks the Trust Deed will mean they won't accept her. I've just looked on the AutoTrader website and the cheapest car she could get with 9-12 months MOT is about £500, which she won't have by the time her MOT is due.

Charco_2

A TD shouldn't mean she wont get credit... it just means that she might not get as favourable credit (whatever she does even if it's not the best rate, make sure she only gets credit that is affordable!)

While a credit search would leave a small mark on her credit score, these are generally known as footprints rather than dirty big black marks against her. One or two searches won't leave too much of a blemish but if she gets turned down then i would leave it a bit before going again... give the searches a bit of time t fade into the background!

SukieSoo

Charco wrote: »

A TD shouldn't mean she wont get credit... it just means that she might not get as favourable credit (whatever she does even if it's not the best rate, make sure she only gets credit that is affordable!)

While a credit search would leave a small mark on her credit score, these are generally known as footprints rather than dirty big black marks against her. One or two searches won't leave too much of a blemish but if she gets turned down then i would leave it a bit before going again... give the searches a bit of time t fade into the background!

Thanks for the advice - she'll be relieved to hear that there is a chance she'll get something.

She's texted me to say she applied on a website & they told her she was accepted. She paid a £50 admin fee, then they told her she was rejected. I feel rotten for her and wish I had the cash to give her an interest free loan myself. She's writing to them tomorrow to get her money back [TEXT DELETED BY FORUM TEAM]:mad:

After giving up driving lessons, I've been thinking of taking lessons again. I bought a car a year ago but it failed its MOT due to bodywork issues. I failed my test & have been procrastinating about trying again. If I take up driving again, I'd need a car to practice in - too nervous to drive DH's precious baby. Seriously considering buying myself a little car. It would be ages before I'd pass my test, so she could borrow it in the meantime. (The only condition would be she'd have to take me out to practice in it!) She could use it for at least 6 months, so she could take her time researching companies and finding the best credit deal for her circumstances.