Car Finance

Jamielee1989

Not sure if this is the right forum or not...

I have been looking around for car finance and seem to have come to a bit of a dead end, I am 20 years old and have a poor credit rating, I have a Part-time job bringing 8k annually, i became unemployed January 2009 and didnt do anything to to sort my debts out and to which i ended up with aa ccj and we debt companies after me, but now most of them have been paid off,

But anyway back to the subject,

I have been looking for companies that give finance to people with poor ratings but after reading reviews on them people dont seem positive feelings for the company

Does anyone know a company that can help me or am i best just waiting?

Thanks for reading

motorguy

If you have a poor credit rating and low income, why are you wanting to take out finance on a car at all?

You'd be much better off buying something cheap and cheerful with cash rather than putting yourself into debt.

Inactive

Financial suicide, buy a banger for cash as suggested.

continualdiamond

acceptcarcredit is a broker for people with poor credit rating.

motorguy

continualdiamond wrote: »

acceptcarcredit is a broker for people with poor credit rating.

Typical APR 28.7% :eek:

Is this not Money Saving Expert?

I cant see how anyone can on here can recommend the O/P takes on a loan at near 30% interest.

If they cant raise £500 and buy a cheap car for cash, then they really shouldnt be considering finance - particularly at those horrendous rates.

waynedance

As said above why would you want to borrow to get a car in your situation? MADNESS

Get a cheap car for cash.

MFWannabe

Jamielee1989 wrote: »

Not sure if this is the right forum or not...

I have been looking around for car finance and seem to have come to a bit of a dead end, I am 20 years old and have a poor credit rating, I have a Part-time job bringing 8k annually, i became unemployed January 2009 and didnt do anything to to sort my debts out and to which i ended up with aa ccj and we debt companies after me, but now most of them have been paid off,

But anyway back to the subject,

I have been looking for companies that give finance to people with poor ratings but after reading reviews on them people dont seem positive feelings for the company

Does anyone know a company that can help me or am i best just waiting?

Thanks for reading

You're best not doing this at all!!! You only have a part time job and bad credit history so you would be paying huge APR for the sake of buying a car; this just shouts out financial disaster. You'll end up back on these forums asking for help to get out of a very bad financial situation in a few months time.
Please don't do it. As others have said save up £500 to buy a car and then factor in running costs per year.

continualdiamond

pgilc1 wrote: »

Typical APR 28.7% :eek:

Is this not Money Saving Expert?

I cant see how anyone can on here can recommend the O/P takes on a loan at near 30% interest.

If they cant raise £500 and buy a cheap car for cash, then they really shouldnt be considering finance - particularly at those horrendous rates.

They mentioned they have a poor credit rating, therefore you're going to have a higher APR because of it. I was simply replying with an option of someone who deals with people with poor credit rating.

Yes i'll be honest, i used them and my 1st car was on finance through welcome finance. Now i know people hate welcome finance, but i had no problems with them.

I voluntarily gave the car back 1/2 way through my agreement, as had paid 1/2 the total owed which was mentioned in the T/C's, which ended up being that i overpaid by £152 compared with had i bought it outright with cash.

I went back to acceptcarcredit in Dec and now have a different car on finance and my APR has come down due to not missing any payments on my 1st hire purchase agreement.

I know a high APR isn't ideal, but people have to weigh up options. For us is was better to get rid of our p reg car that was costing us loads in repairs and go down the route of finance.

I am not saying it is for everyone, people need to make their own minds up and deal with their own situations. Granted i work full time and so does my OH, so obviously that is different again compared to someone working part time.

waynedance

My misses mate just got a Y reg Vectra Diesel for £500 with full MOT.

Done 160k but was a taxi and has to be tested to more than MOT standards every 6 months.

Loads of £500 bargains out there, would not take long to save up for a cheap car a couple of finance payments you would have paid.

j4g3d

You know the problem when you have bad credit and you go to buy something on finance. Your going to get stung up the rear end harder than you could say ouch.

Be wise dont do it until you:
1. have a job
2. have no other huge debts
3. when your 25+