Car Loans

helenmumoftwins

Several years of ill health have hit my credit rating hard. I recently went back to work and finally have income coming in which i'm using to pay back the bills. My health problems mean that I currently get higher rate DLA which I use to pay for a car which is essential for my job as I work as a learning disability support worker in the community. I'm really worried that I will loose my benefit and end up loosing my car and therefore my job.

Does anyone know of any car loan companies who will deal with poor credit ratings? The car i'd like would require a loan of about £4k.

Helen

chanz4

if you can work, why should get give you DLA?

markstevo

chanz4 wrote: »

if you can work, why should get give you DLA?

DLA is not means tested...If you have a disability you may be entitled to it at one of the rates, Lower Medium or Higher....YOU can work ad recieve DLA and rightly so...it is different to incapacity benefit

You could earn 100k+ a year and still recieve DLA

Tixy

Hi Helen

There are not many companies that will lend to people with poor credit history. Though of course it depends on how bad your credit report actually is - can you be a bit more specific as to what is on there? do you have CCJs, defaults? just missed payments? bankruptcy or an IVA?

It sounds like you only have a problem if your DLA is stopped? if this hasn't happened as yet perhaps you could start saving now each month so that if the worst happens you have some savings to put towards a cheap car.
Presumably if you could afford loan repayments on a £4k loan (which would probably be around the £150 mark for a 3year loan with poor credit) then you could in the meantime save the same amount per month.

helenmumoftwins

I have CCJs and defaults. You're right about putting the money to one side and that's something I'll certainly start doing now i've got income coming in. My renewal is in April so I could save up quite a bit. A friend of mine who has a very similar condition just had his DLA accepted but there are so many horror stories and i've been so lucky with mine so far I keep thinking that maybe my time is running out!

Shame about the troll but nice to see there are good folks around!

KingElvis

With a bad credit rating your options will be limited to crooks, shysters and people who want someone else to sign.

CHR15

It would be a miracle to obtain a sensible loan if you have CCJ's (plural?? :eek:) AND defaults.

KingElvis

CHR15 wrote: »

It would be a miracle to obtain a sensible loan if you have CCJ's (plural?? :eek:) AND defaults.

Stranger things have happened, not many spring to mind but there was that time in 12th century Germany when it rained fish?

Bravehearted_2

helenmumoftwins wrote: »

Several years of ill health have hit my credit rating hard. I recently went back to work and finally have income coming in which i'm using to pay back the bills. My health problems mean that I currently get higher rate DLA which I use to pay for a car which is essential for my job as I work as a learning disability support worker in the community. I'm really worried that I will loose my benefit and end up loosing my car and therefore my job.

Does anyone know of any car loan companies who will deal with poor credit ratings? The car i'd like would require a loan of about £4k.

Helen

I don't think you are in position to be choosy. Perhaps you should opt for a cheaper car? Unless of course it absolutely has to be that expensive because of disability modification etc.

A 4k car you believe you cannot afford is just fool hardy.