Loan for ex BR?

Bmwm3gt2

Hi, I am after a little advise please. I am self employed and was discharged early about 18 months ago. I am looking at getting a loan to purchase a car for work. I know I would not get accepted on my own but have got people willing to act as guarantor who have totally clean credit history and houses that are unmortgaged. Would I be able to look at normal loans or would I need to look at loans for people with bad history on that basis and would it be easier to get HP than a loan as it would be secured on the vehicle? Many thanks Chris

marks77

http://www.flmloans.co.uk/

That is your best bet, I think.

koloko

deleted deleted deleted

Hax

If you have someone willing to act as a guarantor, then (IMHO) your best option would be to ask them to take out an unsecured loan in their name and for you to pay it back.

I say this because, for someone to be guarantor, they have to be prepared to make the repayments should you default. BUT, if they can get a loan, then chances are that the APR will be considerably lower that the APR of a loan requiring a guarantor.

BugsyBrowne

cbrookes wrote: »

Hi, I am after a little advise please. I am self employed and was discharged early about 18 months ago. I am looking at getting a loan to purchase a car for work. I know I would not get accepted on my own but have got people willing to act as guarantor who have totally clean credit history and houses that are unmortgaged. Would I be able to look at normal loans or would I need to look at loans for people with bad history on that basis and would it be easier to get HP than a loan as it would be secured on the vehicle? Many thanks Chris

Gone are the days where HP was an easy option,their are some very good HP flat rates about which are nearly as equal as the high street banks,hence why getting HP from a well know company is harder.

Yes its secured against the car, but do these companies want to run the risk anymore and go through all that collecting the car back for non-payments \NO.
Or do they just go for decent credit rating customers who have more chance of not defaulting on payments YES.

Car supermarkets with high APR's are the easiest to get as they don't care as they don't want the heap of sh*t they have sold you back in the first place.

jonjamie1970

Unbelievable :-(

KingElvis

star-fire wrote: »

Car supermarkets with high APR's are the easiest to get as they don't care as they don't want the heap of sh*t they have sold you back in the first place.

Tell it the way it is Star Fire :rotfl:

BugsyBrowne

KingElvis wrote: »

Tell it the way it is Star Fire :rotfl:

:rotfl: True though

jonesMUFCforever

OP in my opinion you will not get mainstream finance for 6 years from your date of discharge.

Loan shark is your only option.

Bmwm3gt2

Many thanks for all your replies. I thought I mentioned that I am a taxi driver, that was the reason for the car. I take note about getting the finance in someone elses name but am not sure if I can offset it against my tax then and I am not willing to pay such a high APR as fml! I think I will stick with my current minibus for the year and save enough to pay cash. I wasn't convinced myself that I wanted finance anyway tbh even though the fuel savings would have more than covered the finance payment.

ian_h

Have a look at your local credit union, they tend to lend on affordability and will look at "logical" arguments like the fuel saving covering your repayment.