Car Loan

Elliebell

Hi

I was wondering if anyone can help me out.

I've currently got a car loan from a finance company and i'm paying 47.9% insterest!!! I didnt realise until today how much it was!

I dont have a very good credit rating hence i went with first response so i could get my car, fingers crossed im selling it tonight, but i have £5000 approved loan with FR for the new car.

I was wondering if anyone has any good advice on a loan with low apr but for someone with rubbish credit rating

Thanks

Ellie

joeblack066

Have they agreed to you selling the car? If it is on HP it is not yours to sell.

tom188

Aprs for people with a rubbish credit rating are high for a reason.

Elliebell

joeblack066 wrote: »

Have they agreed to you selling the car? If it is on HP it is not yours to sell.

Yes they have, if they hadnt i wouldnt be selling it! They agreed it!

I do know if you have a car on HP that you cant sell it, thats down to my finance company and they said yes!

I would never dream of selling it without their consent!

Elliebell

tom188 wrote: »

Aprs for people with a rubbish credit rating are high for a reason.

Yes i understand that, but it actually wasnt me that gave me a bad credit rating, my wonderful ex boyfriend, took a loan out and put my name on it (without telling me) and because no one can track him down its come to me, i've explained the situtation to his loan company and i've finally been taken off it now but still have the por credit rating.

It's taken me 3 years of constant battles to get my name off it. Hence when i went to buy a car i found out about it all!

joeblack066

Sorry didn't mean to cause offence was just asking as there are plenty of people who don't realise this.

divadee

how much have you still got to pay off the original loan? will selling your car pay it off?



also do you really really need a car for just the next 12 months or so? If you could make do could you not put the money you would save by not paying the loan towards a cheap car?

47% APR is an extrotionate amount to pay, and i am just thinking of other ways that you could save paying this.