Car Finance

jrp85

I'm in need of some advice...

I'm a proud father to a 3 month old little girl, and think its time to get a new car.

Im 25 years old, according to Credit Expert my score is 999. I have a personal loan of 10k (down to 8.5k - 2 years left) about 800 quid on a credit card. No mortage (its in my wifes name) and I was late on 2 payments in the last 12 months on my card (one I just forgot, the second was when my wife was in hopsital with little'n)

I applied for finance for a personal contract hire, and they have said their finance provider has turned me down, but couldnt give me any more information. They said they have a provider who is more likely to accept me, my question is;

1) do i let them try another provider, knowning that every search is a blot on my record
2) do i look at one of the "poor credit car finance" companies (creditplus .co.uk etc...)

I'm really not sure what to do here, so any help anyone can give is really appreciated.

Thanks,
Jamie

BugsyBrowne

jrp85 wrote: »

I'm in need of some advice...

I'm a proud father to a 3 month old little girl, and think its time to get a new car.

Im 25 years old, according to Credit Expert my score is 999. I have a personal loan of 10k (down to 8.5k - 2 years left) about 800 quid on a credit card. No mortage (its in my wifes name) and I was late on 2 payments in the last 12 months on my card (one I just forgot, the second was when my wife was in hopsital with little'n)

I applied for finance for a personal contract hire, and they have said their finance provider has turned me down, but couldnt give me any more information. They said they have a provider who is more likely to accept me, my question is;

1) do i let them try another provider, knowning that every search is a blot on my record
2) do i look at one of the "poor credit car finance" companies (creditplus .co.uk etc...)

I'm really not sure what to do here, so any help anyone can give is really appreciated.

Thanks,
Jamie

Unless credit expert are giving you HP with your car finance then best you take no notice of the 999 credit score from these money grabbing CRA's has sold you..

ryanm198

jrp85 wrote: »

I'm in need of some advice...

1) do i let them try another provider, knowning that every search is a blot on my record
2) do i look at one of the "poor credit car finance" companies (creditplus .co.uk etc...)

I think that the other provider will be a similar company to the one mentioned in your second point.

Why not try your bank for a personal loan? Just because one bank or finance company turn you down doesnt mean another will.

Sainsburys recently turned me down but applied to my bank natwest and was accepted at a marginally higher rate.

It all depends on your salary, and if your loan is with your bank they can get a better view of how your managing your money.

You could go down to the route of the poor credit rating loans but IMO the rates are criminal!

And as star-fire says the 999 rating is pretty meaningless, unless you tick the finance companies individual boxes you aint getting the loan.

PNPSUKNET

Only problem is that its a waste of money, you never own the car. How much do you earn?

jrp85

with overtime around £31500, without £30000. i figure i can afford about 230/240 without stretching myself.

i know personal leases mean you dont own the car, but on the other hand, PCP for the same car (nissan qashqui) is around 380

kev.s

ask your self do you need it? or just want it? i'd tend to pay off the existing credit you have and save a bit for your new purchase or spend it on the wee one

jrp85

kev.s wrote: »

ask your self do you need it? or just want it? i'd tend to pay off the existing credit you have and save a bit for your new purchase or spend it on the wee one

thats a decision I've been going over alot, my current car is x reg, and starting to become unreliable, i could go for something smaller, but from the searching I've done, you seem to pay not alot less for alot less car. (i.e. lease for a punto is around 190, compaired to 240 for the qashqui)

i'm thinking a personal loan and buying something a few years old might be a better option

KingElvis

jrp85 wrote: »

thats a decision I've been going over alot, my current car is x reg, and starting to become unreliable, i could go for something smaller, but from the searching I've done, you seem to pay not alot less for alot less car. (i.e. lease for a punto is around 190, compaired to 240 for the qashqui)

i'm thinking a personal loan and buying something a few years old might be a better option

If I were you, I would get a loan from your bank for around 6 or 7k and get a Vectra or Mondeo diesel. These are spectaular value and are incredibly safe for your child to travel in. Not much kudos but loads of car for your money.

The Nissan is expensive and has a kinda naff, hairdresser type image.