Car finance/hp

wrightk

I have previous bad credit from some settled defaults and overdue accounts which have been cleared.

Im now in the financial situation to be able to commit to get a car on finance however is it worth it? My car has seen better days and i need a reliable car as im driving around all day with my job.

I have applied for one finance company but declined because of this bad credit but was wondering whether there are any situations where i could get finance/hp from a company that either doesnt check credit or can offer to bad credit.

I could put down a deposit of around 1500

Any help would be appreciated!
Thanks

Lemonade_Pockets

Stick £1500 into a reliable banger and wait until your credit history is better before getting a car on finance.

If your credit history is bad, then you will end up paying well over the odds to go with a sub-prime lender. This will mean ludicrous interest rates and therefore it will be ages until your car is worth more than the balance left on the finance.

Is it worth it - based on the limited information you've given. NO!

Lemonade_Pockets

To clarify Over the odds means your APR is liable to be higher than your MPG (that's sarcasm with a hint of truth for those who can't tell). Whether you deserve it or not it is still expensive and unnecessary for a car, when a perfectly reliable one can be purchased for £1500.

motorguy

Lemonade_Pockets wrote: »

To clarify Over the odds means your APR is liable to be higher than your MPG (that's sarcasm with a hint of truth for those who can't tell). Whether you deserve it or not it is still expensive and unnecessary for a car, when a perfectly reliable one can be purchased for £1500.

I have to agree with this.

I have previously been driving a passat on finance and have recently sold it and cleared the finance.

I've been able to buy a very nice 2000 Audi A4 1.8SE with 85K miles and full leather for under £1500.

I've subsequently sold that (for a slight profit) and have now bought a 60K miles Xsara VTS for £975.

Both very very driveable cars and very presentable. I would find it very hard to justify financing a car again to be honest.

Inactive

pgilc1 wrote: »

I have to agree with this.

I have previously been driving a passat on finance and have recently sold it and cleared the finance.

I've been able to buy a very nice 2000 Audi A4 1.8SE with 85K miles and full leather for under £1500.

I've subsequently sold that (for a slight profit) and have now bought a 60K miles Xsara VTS for £975.

Both very very driveable cars and very presentable. I would find it very hard to justify financing a car again to be honest.

I cannot believe that I just read that ..:eek:

motorguy

Inactive wrote: »

I cannot believe that I just read that ..:eek:

Why?

Merely proving what i always said and that i was trying to get across to you - i am open minded to whatever form of purchase method suits the deal in question. I always said that.

Now that i am driving a car i bought for cash, it doesnt mean i cant see the benefits of financing (unlike some ) - OR that i wouldnt recommend finance / PCP / lease deals in the right circumstances.

I guess the caveat around the 'i cant forsee me financing another car again' statement is 'providing i can otherwise get a reasonable level of reliability'

BUT for the O/P here, i'd strongly recommend NOT getting into a high APR deal 'just' to have a newer car.

motorguy

Inactive wrote: »

I cannot believe that I just read that ..:eek:

Still, i must have got through to you before - did i not see you posting that 0% finance deals were usually offered in lieu of discount and didnt necessarily represent a good deal.

Inactive

pgilc1 wrote: »

Still, i must have got through to you before - did i not see you posting that 0% finance deals were usually offered in lieu of discount and didnt necessarily represent a good deal.

Not at all ... look back through the thread, I never once got involved with the 0% deal ( Peugeot ), you just thought that I had.


Anyway good to see that you choose not to do, what you expound to others.

Most people realise that they are throwing money away on finance deals, it just takes a while for it to sink in for some.;)

motorguy

Inactive wrote: »

Not at all ... look back through the thread, I never once got involved with the 0% deal ( Peugeot ), you just thought that I had.


Anyway good to see that you choose not to do, what you expound to others.

Most people realise that they are throwing money away on finance deals, it just takes a while for it to sink in for some.;)

You still cant read can you? All i ever was extolling on the previous thread was look at all the options and dont 'assume'.

Thats what i have done in this case. I got a great price for my passat, and i weighed up what i wanted to do next. I do biggish mileage, but i'm going to try to see if a £1000 - £1500 car can be viable for the driving i do.

It might work out it might not. I'll review my options then.

Sure in the meantime stick to your blinkers

Inactive

pgilc1 wrote: »

Thats what i have done in this case. I got a great price for my passat, and i weighed up what i wanted to do next. I do biggish mileage, but i'm going to try to see if a £1000 - £1500 car can be viable for the driving i do.

Nice to see that some of what I advised seems to have sunk in at last.:)

motorguy

Inactive wrote: »

Nice to see that some of what I advised seems to have sunk in at last.:)

No you're advice was only drive what you can afford to buy for cash. I could drive something a lot more expensive and buy for cash if i chose.

And its not like i havent owned cheapie cars before - and been very happy with them