Turned down by AA - what next ?

Hitme

Just been turned down by the AA for a Car Loan. What should I do next ?.

Try another 'cheap' lender or look to the much more expensive lenders who may have slightly more relaxed lending criteria.

Any advise very welcome. Current car is knackered and has to be replaced with something very very soon.

Thanks.

cattie1

might not be much help but have you considered looking in something like the yellow paper (that' s what we have here-dunno where you are) and maybe buying a cheap second hand car?!
then using that n maybe try 2 build up credit score to get a "cheap" car loan later?

blacksta

Dear Friend.

If you can manage to save between 1500 - 3000 you can definately pick up a resonable second hand car and not worry yourself with all the monthly payment rubbish. I have a vauxhall astra which i bought for 800 pounds in 2004 and it is going strong. Sometimes it is better to eat your pride and stick to what you can afford

cheers

enjoyincubus

An AA loan for a car is no different than an AA loan for any other reason. The only difference is the reason for loan used during the application process (just incase you weren't aware).

You could always try and get a proper 'secured' car loan. However you will be shafted for APR on a car loan (the APR they quote is half the actual APR). There is more chance you will be accepted for a secured car loan as they can always take the car back if you default. It would all depend why you were turned down by the AA.

There may be no point trying Renault for finance as they are underwritten by Halifax Bank of Scotland (as are AA loans) so you may be turned down again due to the previous application.

Hitme

Thanks for the replies.

Trouble is my car is on it's last legs and will just about limp to work and back and will cost about £1000 to fix. I can't wait the 5 months or so it will take to save up the £1000 to fix it or buy something else.

I will look into some of these 'secured' loans on a £3000 ish car as this will still be affordable and hopefully I canget something that will last and be cheap to run.

jay78

You should always check your credit file(s) and try to find out why you where turned down. If it was on credit scoring, the AA should tell you.