Bad Credit but good income

lloydyd

Hi all, need some advice. I need a loan for around 2.5K to get my wife a reliable car.

I have bad credit but now have a very good income. can anyone recomend a company i can use for a short term loan? (6months) or so....

thanks

crazyguy

If you have a good income why not simply put off the purchase and save the money up thus saving excessive cost's for borrowing at a higher rate due to your bad credit.

lloydyd

crazyguy wrote: »

If you have a good income why not simply put off the purchase and save the money up thus saving excessive cost's for borrowing at a higher rate due to your bad credit.

I did think of that, but ive simply run out of time. The wifes current car is up for MOT and it wont pass. its not going to be ecconomically viable to repair the car as it will cost too much and its not worth it, so i need the short term loan in order to get her a car ASAP (got 3 kids with school runs and no public transport).....

crazyguy

Providing that you have proof of income you may be able to get a loan but most will be guarantor loans, never a good idea and to be honest I think are unfair to be put onto other people, can you not source this from friends/family or failing that maybe ask your work for some help.

If not then just make sure you never pay a fee in advance for a loan and also try as much as possible to avoid the Guarantor route.

lloydyd

crazyguy wrote: »

Providing that you have proof of income you may be able to get a loan but most will be guarantor loans, never a good idea and to be honest I think are unfair to be put onto other people, can you not source this from friends/family or failing that maybe ask your work for some help.

If not then just make sure you never pay a fee in advance for a loan and also try as much as possible to avoid the Guarantor route.

Thanks for the advice, but when you put in bad credit loans on google there are so many companies that come up. I know i will pay a premium for having poor credit but i dont want to get ripped off.

crazyguy

Being honest with you I have no suggestion as to which one is any good, as I said avoid any that ask for a fee or the first payment in advance, you will simply get shafted out of the money and may wait several months to get it back if you get it back at all.

somethingcorporate

Could you not buy using lender finance? they tend to be a bit more accepting if the finance is secured on the car.

Carl31

The reason we have credit scoring is for creditors to reduce risk

your income could be a million pounds a month, that doesnt mean you're credit worthy though. Income is irrelevant, its how you manage that income the lenders are interested in, so they get their money and interest back with no problems

CLAPTON

how bad is bad ?

can you use your OD
or credit cards
parents

if not then a dealer loan albeit at high APR is probably your only realistic option

lloydyd

CLAPTON wrote: »

how bad is bad ?

can you use your OD
or credit cards
parents

if not then a dealer loan albeit at high APR is probably your only realistic option

I really dont know.

I rent, and move around alot (usually every year if not 18 months) so i never register on the roll. I think that might be the main issue. But i also have some loans from LloydsTSB which are quite old now but may still be on the file.

I havent looked at my file in a while as im really worried about what i will find...sad i know.

No Credit Cards, parents a no no.

CLAPTON

well look and see what your credit files say; pointless to speculate on potential lenders without knowing

being on the electoral roll costs nothing and is a legal requirement

and if your credit rating really is bad then you need to learn to save so you can afford to pay cash for things like this.