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The Sub Prime Credit Thread - Part IV

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  • ElkyElky
    ElkyElky Posts: 2,459 Forumite
    I was considering popping down to a car dealer and attempting to get a car on finance but I'm afraid the amount of available credit I have and the searches will let me down.

    I may just have to resort to the good old days of public transport, people coughing over my shoulder and sitting next to vile people.
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  • ElkyElky wrote: »
    I was considering popping down to a car dealer and attempting to get a car on finance but I'm afraid the amount of available credit I have and the searches will let me down.

    I may just have to resort to the good old days of public transport, people coughing over my shoulder and sitting next to vile people.


    elky ure in the same boat as me mate, i stil dont entertain new low rate car finance till june next year when my last default drops of, im drivin an x reg estate just now so lookin at raisin a £1000 to buy somethin half decent for a grand, toyin with the idea of raisin it through vanquis and cap1 cc's then transferin those balances to sygma, effectively becomin a reasonabilish interest loan as opposed to the YES car or WELCOME route :)
  • seeya23
    seeya23 Posts: 2,330 Forumite
    ElkyElky wrote: »
    I was considering popping down to a car dealer and attempting to get a car on finance but I'm afraid the amount of available credit I have and the searches will let me down.

    I may just have to resort to the good old days of public transport, people coughing over my shoulder and sitting next to vile people.




    one of my wife.s friends got a new car on finance she is on income support
  • spiritual1_2
    spiritual1_2 Posts: 136 Forumite
    seeya23 wrote: »
    one of my wife.s friends got a new car on finance she is on income support


    any idea of the apr? plus she might of had a great credit ratin.......

    :)
  • seeya23
    seeya23 Posts: 2,330 Forumite
    edited 4 April 2010 at 1:10PM
    spiritual1 wrote: »
    any idea of the apr? plus she might of had a great credit ratin.......

    :)

    all i know she is paying back over £12000 over 4 years the car is a corsa
  • ElkyElky
    ElkyElky Posts: 2,459 Forumite
    seeya23 wrote: »
    one of my wife.s friends got a new car on finance she is on income support

    Really?! Any ideas who with?
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
  • seeya23
    seeya23 Posts: 2,330 Forumite
    ElkyElky wrote: »
    Really?! Any ideas who with?


    yes it was with vauxhall
  • ElkyElky
    ElkyElky Posts: 2,459 Forumite
    seeya23 wrote: »
    yes it was with vauxhall

    Oh I'll definitely have to try them!

    I guess car finance would be easier considering the amount is secured on the car anyway.
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
  • spiritual1_2
    spiritual1_2 Posts: 136 Forumite
    edited 4 April 2010 at 1:36PM
    ElkyElky wrote: »
    Oh I'll definitely have to try them!

    I guess car finance would be easier considering the amount is secured on the car anyway.

    depends on ure credit status aswell elky, if its whiter than white ie when mine will be next june id get the best rate, less than whiter than white they charge a premium kinda like subprime credit cards though i just came across credit plus car website which charges 17.9% apr and if ure in the subprime category might be worth a look, price u pay for bein subprime an all that and u basically pik a car from there site and go for the finance could be worth a look at the least etc.

    :)

    to be honest though if u can always go for a loan LOW RATE for car option as bthese finance places high apr etc always tend to somewhat rip u off price wise, hence why ive been avoidin them..........
  • spiritual1_2
    spiritual1_2 Posts: 136 Forumite
    seeya23 wrote: »
    all i know she is paying back over £12000 over 4 years the car is a corsa

    so basically 3 grand a year in payments 3/12 months equating to hang on thats £250 a month and shes on income support, im pretty stunned :eek:
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