car finance with a poor credit rating

charleeboo

As Martin, the MSE says, if you cannot afford it and dont need it, dont buy it. When all's said and done, this is going to be another debt, that you can afford at the moment but may not be able to afford in a while and will contribute to having a bad debt history, maybe meaning you have to start all over again later in life. We dont know what's around the corner.

If you save, and save hard, the accomplishment of getting such a car will be a massive buzz. Hope this helps

dmg24

jon_boy75 wrote: »

the larger deposit the better, yes

Yep, a deposit of around the £21K mark would secure him a car for ... £21K.

OP, you have not explained why your credit rating is so low?

bootnec

jon_boy75 wrote: »

somebody please shoot me in the effing head!

these posts get more and more ridiculous

somone shoot me in the head?? are you for real
keyboard warriors !!!!!!.

why on earth is it ridiculous????
is it too much to ask,just for worthwhile replys to my question???

please no more pointless opinions.

bootnec

dmg24 wrote: »

Yep, a deposit of around the £21K mark would secure him a car for ... £21K.

OP, you have not explained why your credit rating is so low?

tbh i dont know,ive never had any credit cards,loans etc in the past.

the credit card i have now is for the sole reason of improving this.

thanks again for replys.

Derivative

'I want never gets' springs to mind...

bootnec

EdgEy wrote: »

'I want never gets' springs to mind...

cheers for that thats exactly the kind of advice i'm after.


seriously why bother?

not everyone who asks for advice on this forum is in financial dire straits,i have no debts what so ever.

more often than not i do infact get the things i want.

Derivative

Anyone who takes out a 21k commercial loan on a depreciating asset is in dire financial straits.

You can have a 100k income and still be a muppet with money.

bootnec

EdgEy wrote: »

Anyone who takes out a 21k commercial loan on a depreciating asset is in dire financial straits.

You can have a 100k income and still be a muppet with money.

where is the logic in that???

its a loan i choose to take out,not beacause i need to but because i want to.

beleive me, im far from in financial dire straits.

paddyrg

You don't seem to have considered or dismissed the lease idea over 3 years - I think it could work well for you as you get to treat it just like your own car, but it'll give you time to get into the position to buy a different model (or buy out the same motor) in 3 yrs. And not pay heaps of intetrest. I don't think that's an irrelelvent suggestion.

BTW if you have a low credit rating, but never had any debt or loans, it is probably just the lack of history as opposed to a particularly poor history. It is a case of earning the trust of the lenders by having loans etc over the years. When I was earning big cash some years back I wanted a credit card for overseas travel, but couldn't get one as I had no credit history. I borrowed a grand I didn't need from the bank for a year, and now have over £15k of available credit (I don't need or use) in various cards and overdrafts, etc., despite having no way to pay that much back easily now!

WellKnownSid

bootnec wrote: »

tbh i dont know,ive never had any credit cards,loans etc in the past.

the credit card i have now is for the sole reason of improving this.

This may actually be your problem - you're an unknown quantity. I doubt this is something that could be fixed overnight.

Is the credit card a mainstream one with a highstreet bank?