new car finance

cootambear

Hello, sorry for these newbie questions.

I need to buy a new low mileage car as my new job is distant and my current one is knackered.
But;
a. I will need to buy on finance
b. I have an atrocious credit rating
c. I only have one months payslip

So given the above, are there any decent deals out there for a cheap new car for me?

NeverAgain_2

...are there any decent deals out there for a cheap new car for me?...

Probably not.

My thought would be go for traditional hire purchase, because the loan is secured against the car, making your credit rating less important.

The lower the payments you ask to take on, the better chance you have.

Credit approval is a dark art, and there are plenty of examples of people who are apparently well-off financially being refused, if not the other way around.

motorguy

cootambear wrote: »

Hello, sorry for these newbie questions.

I need to buy a new low mileage car as my new job is distant and my current one is knackered.
But;
a. I will need to buy on finance
b. I have an atrocious credit rating
c. I only have one months payslip

So given the above, are there any decent deals out there for a cheap new car for me?

There is little point in spending £10K on a car it sounds like you cant afford and that will suffer £2K a year in depreciation for the first 3 years in order to save the odd £100 in maintenance.

You can easily get a level of reliability in a car for £1000 or less. Join a breakdown organisation for around £60. Well maintained cars will easily crack 150,000 miles these days and 200,000 isnt uncommon.

Find a local cheap mechanic and proactively maintain it and you will be fine.