Advice needed to obtain a loan with poor credit?

magiciansgirl

Hi, just putting in a cautionary note here. If you go with Black Horse for a car loan do not let them sell you PPI/Critical illness protection...... Rip off.
There can be mistakes on credit reports, I've just reviewed mine and found two and am getting them corrected. If you pay the £2 for the Statutory reports it is money well spent.

Good luck with this. Kind regards, MG

barbiedoll

Don't forget, if you want to run a car you will need to think about insurance, road tax, petrol, and maintenance costs. You should definitely try to clear your debts as soon as possible AND start saving as much as you can. Otherwise, you will find that overdraft and credit card bill debt climbing higher and higher! Would your parents lend you £1000 to buy a small runaround? It will keep insurance costs down for the first year or so. Don't rush off and obtain car finance, the interest is horrendous and the cars are always overpriced plus you always end up getting a more expensive car than you planned thanks to the silver-tongued salesmen!

Chasabi

Hi Everyone,

I just thought I would update you on what has happened. A friend advised me to go to a Ford garage because they have a package called Ford Finance which supposed to be good. So I went to my nearest Ford retailer and luckily they had just taken a car in PX which is the exact car I wanted - a Skoda Fabia VRS (spare me the Skoda jokes!). It is a 2005 model and has full service history etc. and was a steal at £5700. I (suprisingly) got accepted for Finance at a good rate £138pm over 4 years; which was below my £150pm budget (although over my desired term of 3 years). I pick it up tomorrow.

Now that I don't have to worry about the car I can focus on sorting out my credit cards and everything else.

I would just like to say thanks to you all for your advise. I feel confident that there are people like yourselves in the world that are willing to help out someone else without even knowing them. Thanks.