Would this be no credit?

Britwife

My husband and I are looking to buy a cheap 2nd car. We're hoping to have about 2 or 3 grand to put down and borrow the rest somewhere between 4 and 6 grand.

I'm a housewife and my husband works full time, has been with his current company for 2 1/2 years and we have been in the same rented house for 3 1/2 years.

We don't have any credit cards but everything listed on our credit reports is in the green. Things like our banking accounts and we have 3 mobile contracts all in the green.

My dh had a default that was settle over 3 years ago but fell off last Sept, at that time, his experian credit score was about 850.

What kind of credit would that be considered? Excellent, Good, Poor?

Do we stand a chance of getting a decent loan rate?

Thanks for any advice. I'm nervous about applying and getting denied or getting some rediculous rate.

paulmcerlean

Defaults shouldnt fall off until 6 years - have you checked all 3 credit ref reports to see that it has definately gone?

If it has, any dealership finance option should be open to you and in theory should be accepted. A bank loan will be harder but again, with clean files, and no defaults showing, should be available - particularly from your own bank.

Britwife

The default was from over 6 years ago, we paid it off 3 years ago and it finally fell off his report last Sept.

Thanks for the advice.

jonesMUFCforever

Cheap 2nd car at around £8 grand!

Do you actually need to borrow much at all - £4 grand should get you a decent second hand car.

Britwife

Sorry about that, worded that wrong, we are looking to trade in our current car to get a bigger car. We need at least a 6 seater as we are expecting a suprise baby.

So we really need something quite big. There are some cheaper ones but with lots of miles so could cost more in the long run.

Thank you for the advice about a cheaper car. I hope we can find one a bit cheaper though.

Enfieldian

What kind of credit would that be considered? Excellent, Good, Poor?

Irrelevant.

mkhan_2

Britwife wrote: »

Sorry about that, worded that wrong, we are looking to trade in our current car to get a bigger car. We need at least a 6 seater as we are expecting a suprise baby.

So we really need something quite big. There are some cheaper ones but with lots of miles so could cost more in the long run.

Thank you for the advice about a cheaper car. I hope we can find one a bit cheaper though.

I see, Now you are on the right way I think. From you first post I thought you are going to buy second car.