What's so bad about Blackhorse Car Finance? Anyone with a positive experience?

owitemisermusa

Just wondering. I've searched through the forum and it would appear that the reviews are overwhelmingly negative.

Is it always doom and gloom? Does anyone who has not defaulted on payments or gotten into any financial difficulty have a good word to say about them. Or had a good experience overall?

My stor:, concluded a deal with a main dealer and negotiated the finance package through the manufacturer's finance scheme.

In further discussions, it turns out that the main dealer had switched me onto a Blackhorse Finance deal without my knowledge or consent! All along we had been negotiating on the manufacturer finance package as it had a few offers attached. Immediately, trust was irretrievably broken and I cancelled the whole thing.

Aside from the trust issue, the name Blackhorse filled me with dread and anxiety as I didn't want to do a deal with them at all. Wondering if the revulsion I felt with Blackhorse was misinformed as I have not had any dealings with them at all.

In any case, I'm looking at avoiding dealer finance altogether as I cannot trust them again.

iolanthe07

I borrowed 10 grand over five years for a vehicle with them and had no problems at all. The rate was 6.7% APR, which I thought was very competitive (this was in 2008). I have since repaid the loan early, with only a small penalty which I was quite happy with, as it was quite clear in the T & C's.

owitemisermusa

^^
Thanks. Good to hear something good. I guess I was presumptive.

wornoutmumoftwo

THey messed up the dd for 2 months, after which I told them we'd pay on standing order and haven't heard from them since. No other problems.

ukjoel

From memory they were one of the finance houses who would take on the riskier end of the business.
When we put people through on the system who had slightly dodgy history or had moved around a lot Black Horse would look on them a tad kinder than others and therefore I think they took on some bad business. They inevitably didnt pay and then had cars posessed and now sounding off on notice boards.

They are ok - just make sure you pay as per schedule.

davemorton

have had 3 cars from them, and no problems, all good!

DingDing2k

I'm a former employee of Black Horse Motor Finance and what I can tell you is that they're probably as good/bad as all the rest.

As ukjoel says, they tended to take a risk on accepting customers that other finance houses might have rejected. Other companies were a little more risk averse. Inevitably, this led to more people defaulting on their loans or hire purchase agreements and a large amount of dissatisfaction among those customers. We've seen some of the results of this lending approach in the amount of money Black Horse/Lloyds TSB lost in bad debt over the last few years.

All in all, I think their customer service, systems, loan agreements etc are sound and I would have no problems at all taking out finance with them, as long as the rate was satisfactory.

I think your dealer has acted a little irresponsibly in changing finance provider without your knowledge. However, finance companies give the dealerships commission if they place business (i.e. your loan) with them. Perhaps the dealer was earning more commission from the deal.

owitemisermusa

DingDing2k wrote: »

I'm a former employee of Black Horse Motor Finance and what I can tell you is that they're probably as good/bad as all the rest.

As ukjoel says, they tended to take a risk on accepting customers that other finance houses might have rejected. Other companies were a little more risk averse. Inevitably, this led to more people defaulting on their loans or hire purchase agreements and a large amount of dissatisfaction among those customers. We've seen some of the results of this lending approach in the amount of money Black Horse/Lloyds TSB lost in bad debt over the last few years.

All in all, I think their customer service, systems, loan agreements etc are sound and I would have no problems at all taking out finance with them, as long as the rate was satisfactory.

I think your dealer has acted a little irresponsibly in changing finance provider without your knowledge. However, finance companies give the dealerships commission if they place business (i.e. your loan) with them. Perhaps the dealer was earning more commission from the deal.

Thanks dingding2k.

I was shocked at that! Cancelled immediately. God knows what else they would do to get my business!

I guess BlackHorse isn't so bad after all, nice to hear of positive experiences. The next time they come up in an honest fashion, I won't be scared, LOL!