Weak credit rating but require a loan for a car any suggestions please

nick.evans

Morning all, and happy new year.

My situation is as follows, i have a poor credit rating as i have a couple of defaults on my account from some time ago although not over 6 years.

I have a monthly income of between 2800 and 3500, i need to buy a new car. I can afford to borrow, i have no debt other than a capital one card with a 200 limit and a 1000 overdraft thats never used.

This probably seems a little trivial, but, i don't want to replace the car i have with another 2 grand special, and i don't want to have to wait 8 months til i got enough saved. Do i have any other option, any suggestions much appreciated..?

Mips

Why not lease a car?

stebiz

Dippychick wrote: »

Why not lease a car?

That seems like a really good idea, after all most cars devalue very quickly.

PNPSUKNET

lease dont u still need a good rating?

nick.evans

Hi, thanks for the suggestion, but i thought i still needed a good rating, plus its more expensive longer term, and i would only take a loan over 2 years where as with a lease i'm going to be paying as long as i want to drive.

nick.evans

not that a loan is looking likely, 200 limit capital one card is all i'm being trusted with at the moment.

catflea

There are plenty of companies offering guaranteed car finance out there, you will however pay through the nose for interest!

If you HAVE to replace the car now why not buy a £300 banger and run it for a year and save up some cash for the new car?

Personally I've never seen the need for new cars, theres nothing wrong with cheap cars. I got my last car (N Reg fiesta) for FREE and spent an average of £150 to get it through its MOTs. I got sick of it after 3 years though.

nick.evans

This is what i have been doing since i learned to drive but,firrst couple lasted 2 years but i've had a really bad year with cars, 5 in 6 months, all under a grand, all hugely bad luck, as a result of that, and a recent payrise i was hoping to get something a bit nicer to drive that i didn't have to worry so much about all the time.

Mips

Honestly, you will regret paying alot for car finance.

If you can lease one, there are options but you may pay 6mths payments in advance.

Still better than paying double for a Car on dodgy car finance.

Second class motoring is better than first class walking

nick.evans

Dippy Chick you are of course the voice of reason, yes car and the like are not prising my hard earned money through extortionate interest rates, and it would only taint whatever i bought.

I will try my bank again, financial advisor said if i kept 2k plus going through the current account every month for 6 months or so thet might be able to help, been 10months now, so fingers crossed for tuesday.

Or back to the 145k 12yr old nissan, lol.

elektra-2007

There are other places you could try years ago when I didnt have a credit score i couldnt get credit, but a company called welcome finance gave me a loan the interest wasnt to bad at the time, but then there were never any o% deals around. Have you got a credit union near you, they are worth joining and saving with as they are good for low interest loans.
Good Luck