Super bad credit....car finance

lplsstone

my credit rating is super bad, a few years ago i had my identity stolen as you can imagine i was left with debt that wasnt my own but that i was still obliged to pay, although 80% of the debt i was no accountable for the 20% left for me to pay totalled almost £2000, with my own credit cards and catalogues on top of this, my credit rating soon took a nose dive.
almost 3 years on and i am still being turned down for things such as mobile phone contracts, store/credit cards etc, With recently passing my driving test i have been looking for a car,i applied for finance in car craft, i told them my circumstances but never the less i was still refused.
i have seen many websites online offering guaranteed car finance but i am reluctant to apply in case i am declined again which will then effect my credit rating even more.
can anybody recommend a car finance agent who offers guaranteed finance or bad credit car finance??? or is car leasing an option with bad credit???
thanks

[Deleted User]

Are you after a brand new car or a newish car?

If not, try a car trader that sells cheap cars that also offers finance. Sometimes you might be able to get accepted on say a £2K used car. Although the interest will probably be high.

rodenal

You'll get credit from somewhere, though please be aware that on lets say a £4k loan for the car you'll end up paying back between £8 to as much as 12k depending on what crazy rate of interest they give you - it's a very, very silly thing to do.

I don't buy the reasoning you give for your bad credit, that's not how identity theft resolution works and I'm not sure why you put those details up but that's irrelevant here.

TrickyWicky

Borrow £1.5k from anywhere.

Stick £1k of it in a savings account. See the manager, ask to borrow £1k secured on your money for 'credit building'. Take the loan, do the same with 4 more banks. Once you've reached the end of the process with #5, take the £1k borrowed there plus your extra remaining £500, and go and pay off the first loan (plus its interest). Repaid that now so take out 'your' money, go and repay the next bank and so on.

You've now borrowed and saved from 5 banks, repaid them all and put 5 full repayments on your credit record. This is a credit trick thats well known in many borrowing circles from when the housing boom was in full effect etc and developers wanted to make fast cash with little of their own cash to play with.

forgotmyname

My sister got credit from carcraft and she went bankrupt soon after. I think your options are a lease if you can or take the money
you were going to use for the deposit and use that to buy a car.

I think the issue is you just passed your test, So insurance will be £2000 or maybe more... Can you afford that as well as all the
other motoring expenses? Or would you need a loan for that also?

SLITHER99

In your situation, I'd buy a £500 fiesta and live with it. It's no merc, but it's wheels!

DCFC79

vickwill wrote: »

I have found the most effective way if you have bad credit and require a car is to avoid unexpected bills that can crop up from used cars.

I bought a car a few years ago from one finance company and paid three times the value of the car in the end. So what I will say on the matter is try a new car lease company that will give you credit based on your situation today and not a historic flawed credit rating system.

Try wheels4sure dot com and see if they can help you.

You know you double posted the same reply

SLITHER99 wrote: »

In your situation, I'd buy a £500 fiesta and live with it. It's no merc, but it's wheels!

Is that in response to lplsstone ( the OP ) ?

SLITHER99

More generally, but yes intended for the OP. IMO, if you have credit problems, the last thing you want is a cheap used car (which probably came straight from the auction house) with tonnes of finance. Talk about digging the hole deeper!

Car finance is all well and good, but IMO, if you're trying to improve credit, live within your means, buy something cheap. If it breaks in a year or fails the MOT horribly, throw it on ebay for £1, repeat.

forgotmyname

OLD THREAD.. because vikwill wanted to SPAM...

motorguy

vickwill wrote: »

I have far better things than to do what you suggest my friend. I am merely helping people to see an option I have experienced and the product is on my driveway as we speak. What you don't understand is that I looked for a solution for the best part of a year. To find one where I was not being taken to the cleaners, or put my family in a high mileage, dodgy warranty car etc. So when I found wheels4sure I was so relieved and therefore if anyone I know who is in a similar situation I let them know there are options out there.

The forums are about good or bad experiences, in this case 'forgotmyname' it happens to be good. You want me to talk about the bad ones only? I am may be taken to task legally so I stay clear. OK?

You're not giving people 'options' though are you? You're just repeatedly mentioning 'wheels4sure' in pretty much ALL of your posts.

Seems odd to me.

motorguy

vickwill wrote: »

I have found the most effective way if you have bad credit and require a car is to avoid unexpected bills that can crop up from used cars.

I bought a car a few years ago from one finance company and paid three times the value of the car in the end. So what I will say on the matter is try a new car lease company that will give you credit based on your situation today and not a historic flawed credit rating system.

Try wheels4sure dot com and see if they can help you.

VickWill, it seems very odd to me that you've been in car finance for 25 years but you found yourself having to use wheels4sure? I'd have thought someone with your experience / contacts would use the company they work for?

I guess thats just coincidence....

vickwill wrote: »

I have worked in automotive finance for 2 1/2 decades.

..........

So it was such a relief when we needed a replacement car this year we found wheels4sure dot com.