The car finance company

dancingdaisy

Hi all

I hope you don't mind but I wanted some advice.

Have any of you had any dealings with the car finance company?

I have adverse credit due to going to university/being a single mum/being an a** with money, I am now sorting all of this out, have a good job etc etc etc and I need a car. I have been offered car finance with this company & I am umming and ahhing over it. Yes I need a car but the apr is 50%...

I have tried other avenues, and this is the only one I have but I don't want to get 'ripped' off, after all I am trying to sort my finances out, so I am going round and round in circles with this.

I have googled them and they recently won responsible lender of the year, but it's still 50%!

I can afford the repayments, so that isn't an issue. I just don't want to get myself tied up with a company with a bad rep, hence coming on here and asking you guys for advice.

I hope this makes sense.

Thanks

I should add that I have chosen the car from an independent dealer, the finance was arranged via them, so it's not a carcraft deal or anything like that.

demondoctor

50% APR is a lot! You need to weigh up whether it is worth it. You'll be paying more than twice what the car is worth! Do you really need this car or could a cheap runabout be better until your credits a bit better and you can get a cheaper deal.

dancingdaisy

Thanks for your reply. I know it's awful isn't it, this is why I am umming and ahhhing about it. I am trying to learn financial intelligence.

The car I am buying is just under 3K and I pay back just over 5K in 3 years, apparently if I can pay it all off in a year then I will pay 4K back, so I am not tied into the 3 years, I can pay it off quicker.

My own car is falling to bits, literally and I need a car for work so I am up the creek. The bank won't lend me money, even though I have never missed a repayment for a grad loan I had with them almost 5 years ago and my CC limit isn't enough. I thought getting a CC and paying it off without fail would also boost my credit rating, but obviously not.

My sensible side is telling me not to touch it with a barge pole. My other side is shrieking 'shiny new car' & 'I deserve it, I work hard'

demondoctor

It really is up to you at the end of the day. I would do your research on the company though, these high risk, high APR lenders are usually the worst when it comes to how they treat their customers.

dancingdaisy

That's the thing, I cannot find anything negative about them, that's why I posted on here as I thought someone may have had dealings with them. They won responsible lender of the year in October.
http://thecarfinancecompany.co.uk/pages/lenderoftheyear2011
They aren't pushing me into it, I am having to ring them to say that I am still thinking about it.
Basically the quicker I can pay it off the less I will end up paying.

Thank you for your input demondoctor

geordieracer

Dont do it. That is far too much. Make do with your own motor now and start saving up for something else. You really dont need to spend that much on a car either. Go to the motoring board for some great advice on keeping a banger running

dancingdaisy

But but but...it's black and shiny and the car I have always wanted

You're definitely the sensible angel on my shoulder geordieracer.

Eonel

It maybe black and shiny, but at 50% APR you will be paying way too much for it.

My advice is the same as others have iterated here. Make-do with your car for the time being and put the money that you would have paid for the loan into a savings account. You will soon have enough money to buy the car outright.

Bravehearted_2

This is such an easy decision - don't.

Only hope you make the right choice, else in 6months you'll be regretting that shiny new car.

dancingdaisy

You're all right. *sulks*


I have gone over to the motoring forum and asked for advice over there now about my cars various problems. I don't hold out much hope, but I hope it will give people a laugh at any rate.


Thanks all!

geordieracer

dancingdaisy wrote: »

But but but...it's black and shiny and the car I have always wanted

You're definitely the sensible angel on my shoulder geordieracer.

Aye sorry to put a dampner on things as shiny things are nice but not at any price like that