car loans

OldGregg1889

Evening All

I'm looking for some advice about the best way to finance a car purchase. I've got a bit of a rocky credit past but have sorted my finances out over the past 6-12 months. I've been on equifax today and my credit score is in the 'fair' bracket, about a year ago it was in the 'very poor' so at least it is going in the right direction.

I'm now in a position where i need to buy a car for work. I sold my last motor about 6 months ago to help pay off debts. I really am meant to have my own motor for my job but i've been getting by with borrowing a relatives one day a week and that's just about allowed me to do my job properly up until now. However, i am now under quite a lot of pressure from work to get my own wheels again.

I don't have any savings a such to put towards but I can comfortably afford £200 a month in repayments and could probably scrape together a £500 deposit. Ideally I would wait another 6-12 months before making this kind of purchase but unfortunatley i don't think i can get away with waiting this long.

Does anyone have any advice on the best options for someome in my boat? I don't think i'd get approved yet for a bank loan so i'm wondering about specilaist car loans, contract hire etc and what method i would be most likely to get approval for?

Any help at all would be most gratefuly received. Thanks for reading

OG

[Deleted User]

first off your credit score means nothing,its just a scam by the scoring companies to relieve fools from their money
your best bet imho would be to use the £500 plus a couple of months at £200 to buy a car for £900 whilst saving for something better,unless your employer would give you a loan as they are so keen on you having a car?

OldGregg1889

Thanks a lot for taking the time to reply guys. Yes buying something cheap and saving may well be my best option for now. Only problem is I've had bad experiences with old cars in the past which have ended up costing fortunes in repairs and I do quite high mileage. Does anyone have experience of contract hire and can recommend a good company? What about car high acceptance rate finance companies like moneybarn etc? Are these to be avoided at all costs? Much appreciated. OG

poppasmurf_bewdley

If your credit is not 'good', you will not get a loan from any mainstream car finance company, bank or loan company.

Any sign of a default, non payment, CCJ on your report is enough to signal an immediate turn down.

So you will have to face the fact that you will not be getting a loan.

blacksta

Car Loans - If you can please avoid. Especially if one's credit is not that good . Dont fall in the trap of Car Loan Sharks - whatever deal they offer will become a bondage. Apr's of btw 18

You can get a reasonable car for less than 1k - until you can afford something decent.

Check on the motoring section of this forum . I am sure you will find help in finding a decent a car for 1k

OldGregg1889

Thanks again, I really do appreciate it. I won't bother applying for a loan or finance then and I will probably look for a cheap number for now and start saving. I dare say your replies have saved be a fair bit of time and hassle and quite possibly expense too. I am still curious about car leasing though. Does anyone know if having a less than squeaky clean credit report would exclude me from contract hire as well? Another option I might explore is paying into the local credit union for a year or so and try for a loan that way further down the line. Thanks again OG.