car finance with a poor credit rating

bootnec

paddyrg wrote: »

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!

Hi mate,i dont think its irrelevent either not at all, the truth is didnt consider it beacause i dont know much about it.

although from what you say it could be an option.

with regards to my original post,and the matter of my poor credit is leasing (in your opinion) more likley to be succesfull rather than out right finance?,as from the posts above it seems im not likley to get finance.

thanks.

thanks.

BugsyBrowne

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.

thanks again for replys.

You make me laugh mate you have defaulted on cards and also you have some sort of repayment plan with them.

I've never had any credit cards :rotfl:

WellKnownSid

star-fire wrote: »

You make me laugh mate you have defaulted on cards and also you have some sort of repayment plan with them.

I've never had any credit cards :rotfl:

Oh dear!! Looks like there was plenty of credit history to go on in the end!

jon_boy75

bootnec wrote: »

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.

it's ridiculous because you need to adjust your expectations and attitude so they're more in line with reality

you have a poor credit rating so won't get finance on a £21k car. the simple answer is to get a cheaper car that doesn't require finance. you can't just keep saying "this is the car i want"

i despair at the mentality that says "i want" all the time with no flexibility. financial times have changed so much so you can't get easy credit anymore.

change the car you're aiming for and post something sensible on here !!!!!!

Derivative

It's just this daft mentality that keeps people poor and gets them in trouble.

"I have money so I can splash it on toss before I even get it". And pay interest for the privilege.

People here are trying to help you, you know.

paddyrg

Lease finance companies may go easier on you as you never actually own the car, so they can recover it easily. You can't really tell until you find out! The great thing for you would be that cars that cost more to buy can be less expensive to lease as in some cases they have a higher resale value (so good quality cars with a strong secondhand market and value like a decent BMW).

This means effectively if the car will lose £6k value over 3 years lease, you're really taking out finance on that 6k as opposed to the full car price, which is why it is cheap.

There are several leasehire companies, but by far the most mental is lingscars.com, which may be a starter.

If, however, other posters are right about the CC defaults, that will certainly affect any credit agreement you're looking into.

KingElvis

21k with a poor credit rating is as likely as my fanny falling off

masterlumps

bootnec wrote: »

what a pointless post you how on earth is that the reason this country is in a financial mess??,

not being able to buy somthing outright does not mean i cant afford to have it.

more than 90% of new cars in britain are bought through some finance arrangement whether it be PCP HP etc.

i suggest you keep your ill informed opinoins to your self your clearly an idiot.

i wanted peoples suggestions on the best option after all that is the reason this forum exsists.

im not the one trying to get credit for over 20 grands worth of car, just because you 'want' it

you got peoples opinions on the best option, which is in fact not to do it

clearly that makes you, and not me, the idiot

Malky

paddyrg wrote: »

There are several leasehire companies, but by far the most mental is lingscars.com,

You're not wrong lol. Just had a look and both the website and the prices are mad

Anyway, back to the original question.
£21K of credit with a poor credit history isn't going to happen but I'd be happy for you to prove me wrong.

Apples2

Maybe some people are simply dilusional or have a memory like a goldfish.

https://forums.moneysavingexpert.com/discussion/2883736
24-11-2010, 9:37 PM

bootnec evening all,
well at the last time i checked my credit rating was horrendous..below 60 iirc this was 1 month ago.
i have since paid the outstanding default and i have paid of a considerable amount of my credit card which i am currently under a repayment plan,

fortunatley due to a new job i am in a position to clear the entire card by next month.
my question is how long will it take for my rating to improve enough to get either a loan or a car on finance.

there is more than one default and a few late payments showing im not on the electrol roll yet.

So all this RUBBISH about not having any credit history is just to spin a yarn to the MSE posters trying to help you??

You've also only been in this Job a few Months, if it even exists.

Go back under your bridge numpty.

bootnec wrote: »

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

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

Thinking about this now, I'm sure this job is a commision based Sales job,hence the requirement of a BMW/Audi.

What is being sold? Double Glazing, Adjustable beds for the elderly, timshare points, external wall coverings? Whatever it is, most likely ripping someone off.

These Commision based jobs never last long, in a few short months the commision will drop off leaving a HUGE debt to repay on this silly chunk of aluminium costing more than it is worth.

We will indeed, see a post later about "irresponsible lending", how the banks activities should be made illegal and the debt should be unenforceable.