Loan for someone with crap credit!

indio1919

I have an outstanding CCJ from over 2 years ago, i need a small loan of approx £4k to buy a car though, who should i approach to get this?

I dont want to apply for loads of loans and get turned down so ideally a broker would be good or someone who accepts chumps like me! :j

Rafter

indo,

You are rather at the mercy of the scorecard used by the loan company. Some may exclude 2 year old CCJ's if they have been satisfied, others won't touch you.

Suggest you try your own bank and someone who looks at non-standard lending like Citi financial.

Broblem with a broker is that they will want £50 up front with no guarantee of sucess and will also want you to take out overpriced PPI to boost their commission.

The other thing is to borrow the credit rating of a family member and get them to take the loan out on your behalf. They have to be aware that they will have full responsibility for the loan if you can't keep up payments though.

You could buy an 'income protection' insurance policy against this though and the combined cost may well be less than an adverse credit loan which is likely to cost you 15% plus in interest.

Good luck.

R.