Car Loan - A little help

YelloBellyGames

Morning

I am in desperate need of a car, my old banger actually expired itself this week, and will cost £2.5k to repair...Its NINE :mad: years old so just missed out on the 10 year scheme, and has had more than its fair share of money spent on it over the last 12/18 months, and I had been on the verge of trading it in anyway (story of my life this you know)...Obviously I need a car asap, I have to drop kids off/commute to work everyday...

My credit history is at best bad, I had an IVA, which was taken out in 2006, and I settled it in full in August 2008, obviously it’s still loud and proud on my history! I have tried with my bank, but I am not holding my breath on that one, despite having a faultless record since taking out the IVA...

I have been 'pre-approved' by a company called Car Loans 4 You, £6.5k, £180 a month for 5 years (with some restrictions)...HA, I am desperate but I am not stupid (not completely anyway).

Do you have any ideas on companies who are willing to help people in my situation? As I have said I need the car as soon as possible.

Many thanks in anticipation of your help

YbG

:beer:

Eric_Pisch

Thats around 25% apr which is not cheap especially over such a long period

would it be possible to look at something cheap say in the 1-2k bracket just to tide you over?

YelloBellyGames

Hi

Oh yes, I have an emergency £700’er all lined up, so its possible but, in the last 3 years I have spent £4k on tide me over cars, and have had nothing but problems with them...hence me wanting to get something a little better this time around (the exploding car is 9 years old, but I have had it just over 12 months).

I have to commute 30 miles a day, drop my son off at childcare (so car sharing becomes an issue), I would get the train but its 2 bus rides and will take me nearly 1 1/2 hours longer...I have thought about lease hire (looking at your debt free list), any advice?

Eric_Pisch

If you can get the credit approved and have 3 months deposit lings cars offers a C2 for £140 a month or a kia rio for £127

http://www.lingscars.com/Kia/Rio/58724-1.4__%2896bhp%29_Hatchback_5dr_1399cc-personal.html#chinese

dont know if that would be the best way to go, but it would at least be warranted and new

YelloBellyGames

Both under my budget...does that include servicing and tax?

iolanthe07

I believe Nissan are offering scrappage on nine year old cars.

Eric_Pisch

YelloBellyGames wrote: »

Both under my budget...does that include servicing and tax?

normally on a lease you get the tax, you have to pay for the servicing but normally you can add servicing to the lease for a small price increase, and likewise tyres which is only worth it if you have say an M3 and track day the car

she also offers the same deal but as a PCP so you can buy the car at the end for £1968

seams a pretty cheap way to get into a 5 door 96bhp new car with a 5 year warranty, my weekly rail card costs more lol (which is why i drive)

Shimrod

Before you get too excited about the price of the lease, is your commute 30 miles in total, or 30 miles each way? If the latter, you might need to get a revised quote as most leases assume 10,000 miles a year, and there is a pence per mile charge if you are over this when you hand the car back. If you can't get the PCP deal, you could always just put a bit aside to cover the over mileage charge.

YelloBellyGames

Shimrod wrote: »

Before you get too excited about the price of the lease, is your commute 30 miles in total, or 30 miles each way? If the latter, you might need to get a revised quote as most leases assume 10,000 miles a year, and there is a pence per mile charge if you are over this when you hand the car back. If you can't get the PCP deal, you could always just put a bit aside to cover the over mileage charge.

I am doing about 15-20k a year, and thats without any jaunts to see family oooop north, so thanks thats good advice...Not sure easing is the way to go to be honest...

In other news I work for a bank (yeah I know boooo), and they have a scheme for lending to employees (only been there a year, only just found out about some exciting stuff), I have just spoken to them and have been told to go to my local branch with 2 forms of id...not sure if that is an acceptance or not!

YelloBellyGames

Eric_Pisch wrote: »

normally on a lease you get the tax, you have to pay for the servicing but normally you can add servicing to the lease for a small price increase, and likewise tyres which is only worth it if you have say an M3 and track day the car

she also offers the same deal but as a PCP so you can buy the car at the end for £1968

seams a pretty cheap way to get into a 5 door 96bhp new car with a 5 year warranty, my weekly rail card costs more lol (which is why i drive)

Things may be looking up on the lending front, been advised by the 'internal helpline' to go and see my local branch, I will no doubt be disappointed when I visit my branch a little later on

Eric_Pisch

Shimrod wrote: »

Before you get too excited about the price of the lease, is your commute 30 miles in total, or 30 miles each way? If the latter, you might need to get a revised quote as most leases assume 10,000 miles a year, and there is a pence per mile charge if you are over this when you hand the car back. If you can't get the PCP deal, you could always just put a bit aside to cover the over mileage charge.

upping the lease to 15k or 20k only adds a few quid