car finance with a poor credit rating

bootnec

evening all,

around the summer i will be looking to finance a car if possible.Right now im expecting to pay 21-23k.

the problem i have is i have a poor credit rating altough i have been earning(what i consider) good money now for 5+ months.

i have recently took out a credit card designed to improve credit rating,which i pay off in full every month.

so basically i am trying to find out what my best option for finance is.

Also if i can show garages/finance companys wage slips with earnings of 5k+ per month,what kind of impact if any, would that have on my application?

and no doubt there will be suggestions of wait and save up for it,but i want it sooner rather than later if i have to weait and save up i will but right now i want to try get it on finance

thoughts please,

thanks.

USM

How much do you earn and how 'bad' is bad credit?

BugsyBrowne

bootnec wrote: »

evening all,

around the summer i will be looking to finance a car if possible.Right now im expecting to pay 21-23k.

the problem i have is i have a poor credit rating altough i have been earning(what i consider) good money now for 5+ months.

i have recently took out a credit card designed to improve credit rating,which i pay off in full every month.

so basically i am trying to find out what my best option for finance is.

Also if i can show garages/finance companys wage slips with earnings of 5k+ per month,what kind of impact if any, would that have on my application?

and no doubt there will be suggestions of wait and save up for it,but i want it sooner rather than later if i have to weait and save up i will but right now i want to try get it on finance

thoughts please,

thanks.

There were times when getting car finance was easy as its secured on your car, but many of these companies were losing out big time on taking on customers with bad credit.
Lenders are not going to give a sh*t if you walk into a garage with 5k pay slips and then check your credit report and find out you have missed/late payments, they don't need customers like this,they want customers with a proven track history of paying back what they borrow
on time.
Garages don't do finance they have finance companies for this, the likes of santander motor finance,carlyle finance etc.

Also why is someone who earns 5k a month looking for car finance, come on mate wake up

bootnec

hi i earn 7500 per month although i dont get paid when i dont work,my rotation is 2 months on 1 off.

also if it makes any difference i rarely get a full month wage more often than not it the 7500 is split in two wages so somthing like 3000 one month then when im on leave at home i will get the rest.

as i get paid on the 15th of the month.

thanks.

SingleSue

Any reason why you couldn't get a cheaper car without finance?

bootnec

i can put down a substantial deposit circa 6k.

also last time i checked my credit rating was under 150.

star fire if you read my post i have already stated i want a car sooner than it will take to save up for it,so why the 'wake up'??

SingleSue

6k should get you a very decent car outright....much much better than tying yourself up with finance.

bootnec

SingleSue wrote: »

Any reason why you couldn't get a cheaper car without finance?

hi, no other reason than thats the car i want.

thanks.

bootnec

star-fire wrote: »

There were times when getting car finance was easy as its secured on your car, but many of these companies were losing out big time on taking on customers with bad credit.
Lenders are not going to give a sh*t if you walk into a garage with 5k pay slips and then check your credit report and find out you have missed/late payments, they don't need customers like this,they want customers with a proven track history of paying back what they borrow
on time.
Garages don't do finance they have finance companies for this, the likes of santander motor finance,carlyle finance etc.

Also why is someone who earns 5k a month looking for car finance, come on mate wake up

if wage slips will have no effect on the outcome of the application would a large deposit help much? by much i mean enough for it to be approved

also when i say garages i ment main dealers bmw,audi etc

WellKnownSid

bootnec wrote: »

if wage slips will have no effect on the outcome of the application would a large deposit help much? by much i mean enough for it to be approved

also when i say garages i ment main dealers bmw,audi etc

With that credit rating, I doubt any main dealers are going to touch you. They are under no obligation to hand over a big expensive car to someone who, on paper, either cannot or will not pay.

danothy

bootnec wrote: »

... i want it sooner rather than later ... i want to try get it on finance ...

bootnec wrote: »

... i want a car sooner than it will take to save up for it ...

bootnec wrote: »

... no other reason than thats the car i want ...

Honestly, we all want nice things and we want them now, that's the human condition and you're not bad or wrong for feeling that way. That said; get a grip, you don't enjoy a nice relaxing bath the moment you turn the taps on, you have to wait for it to fill up first.

If you've got that level of income there's nothing wrong with you getting a nice car, but there's a difference between spending what you will earn and spending what you have earned.

Additionally, as others have said, with a shot credit file you are not likely to get finance for a car even with a big deposit, so you are unlikely to have any choice but to save in this case. I would estimate 12-18 months to repair a credit file after all defaults etc. have dropped off and another year to polish it to excellent, so five months is unlikely to convince any lender (in my opinion).