Car Finance - Bad Credit

p3bbl3s1981

Hello Everyone,
I passed my test yesterday and would really like to get a car. I have a good monthly income of around £1200 after tax and NI and I have proof of addres/bank etc for over 5 years. Problem is my credit rating is shot to pieces.
I got myself in a lot of debt years ago, then when I went on maternity leave last year got myself in some more debt due to my company messing me around with wages etc. This has effected my credit rating so much that I can't even get a mobile phone on contract.
I do have a loan through Provident, which I pay back each month and I have a Fridge Freezer through Brighthouse, which I also pay back each week. I have enough disposable income to get a car on finance and I am curently with a debt management company paying off my previous debts.
I have seen a car I like and the dealership is attempting to find me finance today but I really don't think there is going to be much luck, especially if I can't even get a mobile!

SO, I was wondering if anyone had any advice, companies etc where I may be able to get finance. I don't mind paying over the odds APR.

Thank you

Katy x

jd87

p3bbl3s1981 wrote: »

I don't mind paying over the odds APR.

You need to stop thinking like that for a start or you are just going to get into lots of trouble again.

Have you tried your own bank for a personal loan? They can see what your income and outgoings are like at the moment from the way you are managing your current account and might be more inclined to lend. Or perhaps Provident will extend the loan you have with them?

Also have you checked your credit reports with all 3 CRAs to make sure the info they hold is all correct?

inmypocketnottheirs

I would say not a cat in hells chance!

How much can you afford out of your £1200 for a loan? Bearing in mind you are on a DMP, really should mean any excess income should go towards paying those debts rather than attempting to get more credit.

You really are not being responsible here.

ILW

On a DMP (eg cannot pay your debts) and now looking for a loan to buy a car. Am I missing something?

PNPSUKNET

provident & bright house at the same time says that you dont have as much as you think . what about your partners income?

CHR15

I wonder how many people really think about what they are saying when they say they are happy to pay over the odds apr??

Lets say, for instance, the car is £5,000 but with your agreed apr you are going to repay £7,400

You buy the car, which instantly is worth less than £5,000 as soon as you drive it away.

You are paid £1,200 per month so it is going to take you 2 complete months to pay the additional £2,400 in interest alone.

You are going to go to work every day, 5 days a week for TWO WHOLE MONTHS without getting paid at all. You are going to work for 2 Months and give it all away for nothing.

You will not have anything to show for it as the car is worth less than the money you paid for it (which you are repaying too).

Matt16v

Save up £300 - £400 over the next couple of months and buy a cheap little Fiesta or something off eBay. No debt, no paying the money back, job done.

inmypocketnottheirs

Matt16v wrote: »

Save up £300 - £400 over the next couple of months and buy a cheap little Fiesta or something off eBay. No debt, no paying the money back, job done.

The only sensible course of action.

woody01

I have enough disposable income to get a car on finance and I am curently with a debt management company paying off my previous debts.

So if you have 'disposable income', why not clear your finances and pay what you owe first without trying to borrow more.

With that kind of financial history, i doubt if anyone would touch you.

Deep_In_Debt

I'm not sure that the creditors that you are paying via dmp will be very happy about you taking further credit, nor the dmp company.

As others have said, if you have disposable income, why not use it to clear your debts?

If you want a mobile, why not try PAYG?