Personal Loan with 'Very Low' credit score - BUT EXCELLENT CUSTOMER

chapers

Hi, I wonder if anyone could help and offer advice with a dilemma I face.

I have a car on hire purchase with 2 remaining payments to make until I reach the 50% threshold to trigger a voluntary arrangement, of which I intend to do. Now, I looked up my credit report on Experian and I am in the 'very low' category because I believe it's due to this outstanding credit (plus my 2k) credit card.

My dilemma is, I would like to apply for a loan for a car (straight after I give my current one back, as I need a car!) but I have been rejected because of outstanding credits already on my file.

My question is, how do I manage the transition between handing back my current car and getting a loan approved in time to purchase a car (for sake of argument assume I have picked the car and it's ready to be paid for)?

Many thanks in advance

Rob

ILW

It sounds unlikely that you are going to get another loan, why not keep the car you have?

jonesMUFCforever

I have to agree with ILW.

CLAPTON

what are your current total debts
what is your income
what exactly do your credit records say
you are of course on the electoral roll

paddyrg

Hmmm - get your credit reports as opposed to trusting the scores - there is more to this story somewhere I suspect.

KingElvis

I doubt your very low score will be due to outstanding car finance and a credit card balance....

Missed payments? Bounced direct debits? CCJs? Defaults?

Even if you have "picked" a car, the chances of you actually getting it are not very good so I would look to another route.