Car Finance Credit

jesz

Hi,

I am just wondering if anybody knows about car finance and how strict or easy it is to get? Im sure it all depends on the cost of it, but on average if you said 20k for a new car my score is about 750 at the moment im looking at a budget of 250 a month which i can easily afford on my salary do you think there would be any problems getting finance? Ive had a few issues in the past with a loan and a credit card but most things i apply for i get pretty easy.

paddyrg

That will be between you and the lenders. Those credit scores are pretty meaningless, but 750 suggests you have had some problems ij the past which will mean you may have to pay more for finance. Garage finance is fairly easy to get as they charge heftily for it and keep a lein on your car, so if your bank say no, try the car dealer direct.

jesz

ive never had any problems paying any credit what so ever. Never had 1 missed payment in the 5 years i have had credit cards, loans etc. I think the score has become lower due to the fact im using 42% of my ava credit, but that will lower as soon as it all gets updated as i have just paid 4000 off my credit cards right down to £0. I got accepted for a loan of 7500 just last week through nationwide, as im consoldating all my debt with one monthly payment to get myself back on track, so i have about 1000 spare for as a desposit also my peg 206 part chop which is worth about 1000 also

BugsyBrowne

jesz wrote: »

Hi,

I am just wondering if anybody knows about car finance and how strict or easy it is to get? Im sure it all depends on the cost of it, but on average if you said 20k for a new car my score is about 750 at the moment im looking at a budget of 250 a month which i can easily afford on my salary do you think there would be any problems getting finance? Ive had a few issues in the past with a loan and a credit card but most things i apply for i get pretty easy.

When applying for car finance it all depends on how much the car is you want to buy and what dealer you use,most big dealers use the likes of carlyle finance or santander etc which on the websites explain you do require a good credit history.

But most lenient car dealers are normally the big car supermarkets like carcraft where they prey on people with poor credit history as their cars are very expensive and high APR's

chalkie99

jesz wrote: »

im consoldating all my debt with one monthly payment to get myself back on track

And you are considering financing a 20k car? :eek::eek::eek:

The finance would last longer than the car even if you could get it.

nomoneytoday

There are an awful lot of £250 payments on a £20,000 car.
20,000 / 250 = 80 months, not including interest, deposits, balloons etc..

jesz

no no i am not doing finance on the whole thing, looking at the lease option on a vw golf across 3 years where you pay for it at the end or part chop it for another one, it will be with a vw dealership i hope i have no problems

BugsyBrowne

jesz wrote: »

no no i am not doing finance on the whole thing, looking at the lease option on a vw golf across 3 years where you pay for it at the end or part chop it for another one, it will be with a vw dealership i hope i have no problems

If your credit ain't to sharp you may well struggle at VW if you have had credit problems in the past.

jesz

star-fire wrote: »

If your credit ain't to sharp you may well struggle at VW if you have had credit problems in the past.

Like i said, i think my main credit problem was because the percentage of the credit was using was 42%, there is no other reason why, i have had a total of about 15 agreements in the past 6 years, some of which are credit cards, store cards, loans etc, there all paid off bar one loan, and not once have i missed a payment on any single of the above. That percentage should soon drop from 42% to around 20%, surely this is a good thing?

BugsyBrowne

jesz wrote: »

Like i said, i think my main credit problem was because the percentage of the credit was using was 42%, there is no other reason why, i have had a total of about 15 agreements in the past 6 years, some of which are credit cards, store cards, loans etc, there all paid off bar one loan, and not once have i missed a payment on any single of the above. That percentage should soon drop from 42% to around 20%, surely this is a good thing?

You should be ok then..

jesz

we will see, this credit stuff really makes my head spin lol