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Loan for £5000 with bad credit
Hey people, thought I may aswell post this on here and see if anyone has any thoughts. I'm at the end of my tether.
My problems aren't as bad as some.
I work for tesco (only been with then for 10 months), and also work on the taxis at the weekend for extra cash (however, this is un-usable for a finance company).
My car that I use for the taxis has packed in, and I arranged a deal with Arnold Clark to buy a new one and take my old one in as part-exchange.
As I have a poor credit rating (due to some missed payments recently. Mainly due to bad luck and breakdowns/repairs on the old car) only Arnolds "sub-prime" lender could help me out.
This was all going thru okay until the finance company got wind that I would be using the car as a taxi, and pulled out of the deal.
As things stand, Arnold have my old car (which I wouldn't trust to get out of their forecourt, to be honest) and I need to find £5000 with a poor credit rating.
I went to my bank, got knocked back. I'm considering ocean finance next.
Thing is, I get tax credits for around £200 per month, so this would be in a seperate account, and would easily cover the loan. It's just trying to convince someone of that!
Any ideas anyone? Many thanks for all replies
My problems aren't as bad as some.
I work for tesco (only been with then for 10 months), and also work on the taxis at the weekend for extra cash (however, this is un-usable for a finance company).
My car that I use for the taxis has packed in, and I arranged a deal with Arnold Clark to buy a new one and take my old one in as part-exchange.
As I have a poor credit rating (due to some missed payments recently. Mainly due to bad luck and breakdowns/repairs on the old car) only Arnolds "sub-prime" lender could help me out.
This was all going thru okay until the finance company got wind that I would be using the car as a taxi, and pulled out of the deal.
As things stand, Arnold have my old car (which I wouldn't trust to get out of their forecourt, to be honest) and I need to find £5000 with a poor credit rating.
I went to my bank, got knocked back. I'm considering ocean finance next.
Thing is, I get tax credits for around £200 per month, so this would be in a seperate account, and would easily cover the loan. It's just trying to convince someone of that!
Any ideas anyone? Many thanks for all replies
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Comments
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Maybe some sub sub prime people could help you, or a secured loan.
Thing is, you'll have had searches building up nicely which is bad, you already have some negative history which is bad and you need to use the car as a taxi.....which is bad
Sorry I can't be more helpful but that's the way I see it.
Good luck
Elvis"We want the finest wines available to humanity, we want them here, and we want them now!"0 -
Maybe some sub sub prime people could help you, or a secured loan.
Thing is, you'll have had searches building up nicely which is bad, you already have some negative history which is bad and you need to use the car as a taxi.....which is bad
Sorry I can't be more helpful but that's the way I see it.
Good luck
Elvis
Yep, kinda know all those things Elvis haha, but thanks for the reply mate.
Any sub-prime or secured loan lenders anyone (who's not spamming that is) might recommend as being reputable?
Don't really trust any of them as far as I could throw them, especially after reading some of the horror stories on here, but realise I'm goinna have to take the plunge with someone to get myself back on the road, and earning lotsa dosh again!0 -
Mate, does it take 5k?
I got an 02 Passat TDI 100 with 105,000 miles on, yeah it needed some small paint work but a £2 pack of wet and dry, a can of paint from VW and it looks and drives like new, it only cost me £1200 and it's better than many of the taxis I've used to go out recently LOL
Saying that, last time I did taxi driving was Christmas 99 and we were driving diesel Fiat Reggatas, bet most don't even know what that is."We want the finest wines available to humanity, we want them here, and we want them now!"0 -
Mate, does it take 5k?
I got an 02 Passat TDI 100 with 105,000 miles on, yeah it needed some small paint work but a £2 pack of wet and dry, a can of paint from VW and it looks and drives like new, it only cost me £1200 and it's better than many of the taxis I've used to go out recently LOL
Saying that, last time I did taxi driving was Christmas 99 and we were driving diesel Fiat Reggatas, bet most don't even know what that is.
Many local authorities now have an age limit on private hire/minicab taxis. Usually a vehicle can't be more than five years old.0 -
Many local authorities now have an age limit on private hire/minicab taxis. Usually a vehicle can't be more than five years old.
Fair enough, my taxi days are long gone. I just ride in them now
I just feel for the OP as it's his living and he should be able to get something to keep him going."We want the finest wines available to humanity, we want them here, and we want them now!"0 -
Thanks guys.
My local authority actually doesn't have an age limit.
I'm basically trying to go for a car with less miles=better reliability.
And like I said in my opening message, I can afford to spend upto £200 per month on this loan (tho would like to spend a lot less than that!) but can't get anyone to lend to me.
I'm wary of making multiple applications, as I realise that it doesn't help.0 -
^^ I have no idea mate, sorry.
Surely some kind of car dealer / sub prime option must be available to you? I was looking at a Mondeo TDCI in Jan and the dealer was virtually begging me to take finance at some ridiculous rate.
In the past, I have financed several cars through these people with never a problem, maybe they can help?
http://www.lombard.co.uk/assets/cars-vans/"We want the finest wines available to humanity, we want them here, and we want them now!"0 -
Loan for £5000 with bad credit title sounds more like a advertisement for a payday loan...0
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stuartthomas45 wrote: »Loan for £5000 with bad credit title sounds more like a advertisement for a payday loan...
Everything sounds like an advert for a payday loan to you .
A payday loan for £5K ! Richard Cranium.Space available for rent0 -
stuartthomas45 wrote: »Loan for £5000 with bad credit title sounds more like a advertisement for a payday loan...
And your comment is constructive or helpful in what way exactly?0
This discussion has been closed.
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