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

wayne99

with the amount you earn and no debts, why dont you save for a good few months, and then visit a car auction, you can pick up cars that are only a few years old for really good prices, for example we purchased a passat 3 years old ex fleet car so had 90k on the clock, they sell new for 19k + i think and we paid 4k for it.

my suggestion is to budget for say 2 or 3 months, save the excess cash, christ even use your overdraft when you make the purchase as that will have amuch lower apr then car finance, and then visit a car auction, a major thing to remember if you do is that they will not let you remove the car unless you can provide proof of insurance, or the car must be removed on a trailor, and nearly all auction cars dont come with any road tax either.

thats my 2 pennies worth.

ta

wayne.

nick.evans

Elektra, thanks for that, i'd never heard of credit unions i have 2 within half hour so will look into that on monday.

Wayne, i have considered that, i have no objection to buying at auction, get as good idea about the car as anything else second hand. I was hoping to finance purely with the aim of improving my credit. Brut it looks like i'll be doing exactly that, i can't drive an old banger anymore and friends have said 4-6k gets you alot of car at auction...

Thanks again for reply ing

continualdiamond

This is only my recommedation because it has worked for me twice now.

I have used accept car credit, which is a broker.

2 years ago i first used them because like you i had cars under £1000 and they ended up costing me well us loads in money. My last being a P reg vectra that was in the garage every couple of months with diganostic failures.

So 2 years ago i got approved through accept car credit with welcome finance on a 02 plate car. My APR i won't lie is very very very high because of a poor credit rating, but it was either pay more than most people or pay loads more than most people in garage bills.

In 2 years the 02 plate car has never once been in the garage, except MOT's but has passed. I have just met my agreement with paying half that is required to voluntarily terminate the agreement, which mean i only paid a few £100 over the purchase price of the vehicle rather than the loads i would of done if i had continued until the end of the agreement.

Car is currently waiting to be collected by welcome finance and i have just collected a newer 04 plate car again through accept car credit, but a different finance company this time and my APR has come down a little bit as obviously have never missed a payment on my 02 plate car.

I know thats not for everyone and people might not agree to voluntarily terminate an agreement, but it is in the T/C's so is allowed. It's obviously just personal choice, so thought i would share my expericne so you're aware of what other have done.

catflea

nick.evans wrote: »

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

Barely run in then :rotfl:

jayjayuk

Give ford credit a try!!! :P

i had 3 cars on finance with them total of £30k+++!!!!

one @ 0% over 5 years standard hp (my bro drives it now) 2 years old now.

2nd one was purchased @ 4.9% on 3 year option (just returned)

3rd one which i picked up 2 days ago was @ 4.9% 3 yr option again after trading in second one.

so down to 2 now

i checked my credit score before going to the garage and it came out at 210!!!!:mad: and they still gave me credit no problem

i have a few cc

bc @ £1800 6.9%lob £3000 limit
nw @ £200 £7700 limit
silver card @ £0 with £2000 limit
boi gc @ £0 with £3000 limt
aqua card @ £0 with £500 limit
£1250 od not used.

and i only earn £15k :beer:

marmitedog

stebiz wrote: »

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

And who do you think pays for the devaluation? The leasing company fairy godmother??:D

nick.evans

continualdiamond, since looking into this over the past couple of days i have seen the phrase voluntary termination but didn't really understand. If that is the case and ending it halfway through negates some of the cost of a high APR that is definately an option. The prblem with simply saving is in say 5 months i'll have either had to by another banger, or put the thing through the garage countless times, the extra i'm spending on oil is adding up.

Jayjayuk, happy days, i wasn't planning on going brand new though, i've been told i could get finance on something brand new but the depreciation is a hit i don't really want to take. The strange thing is equifax and experian both give my credit rating as green, experian with a score of 927, i have 3 defaulted, but since settled accounts, 4-6 years ago. Their scores don't seem to mean alot.

my list isn't so good capital 1 - 200 limit at stupid high apr. which gets maxed and cleared a couple of times a month. oh and a mobile phone contract

6.9%, tha