Car Finance - is it worth me applying with a poor credit score

InsideInsurance

You-kip wrote: »

Are you on the right thread as this is about finance on a 5k car not borrowing a car.

Since when was PCP "borrowing a car" ?

SeanG79

You-kip wrote: »

Yes Car finance is easier to get then a personal loan obviously but my point I was trying to make was You can't walk into a car dealership with history of not paying back what you've borrowed and get car finance just like that.

I'm mearly going on the Traffic that enters my BIL's car sales and he even gets cheesed off.

The way people have responded is like someone has a history of defaults & late payments and they'll waltz straight into a car showroom and walk out with a 15k car with no questions asked.

You are correct they cannot just waltz in and walk out with a £15k car but with a decent deposit, bank statements and an improving credit profile and they are likely to be driving out in that vehicle in just a couple days. The same cannot be said for unsecured loans

As for your BIL's car sales, the 2 lenders he makes use of have very similar sets of underwriting criteria and there are a lot of people that are able to get finance but do not meet their respective criteria's

poppasmurf_bewdley

You-kip wrote: »

Yes Car finance is easier to get then a personal loan obviously but my point I was trying to make was You can't walk into a car dealership with history of not paying back what you've borrowed and get car finance just like that.

I'm mearly going on the Traffic that enters my BIL's car sales and he even gets cheesed off.

The way people have responded is like someone has a history of defaults & late payments and they'll waltz straight into a car showroom and walk out with a 15k car with no questions asked.

Yes Car Finance closed down about six years ago!

SeanG79

poppasmurf_bewdley wrote: »

Yes Car Finance closed down about six years ago!

I'm guessing its meant to be "Yes, car finance..."

Apples2

SeanG79 wrote: »

I'm guessing its meant to be "Yes, car finance..."

Those all important commas, e.g.

Yesterday, I helped my uncle Jack, off a horse

tonycottee

You-kip wrote: »

Also take no notice of car finance is easier to get as its an old wife's tale at the end of the day if you've a dodgy credit file you'll be rejected.

You-kip wrote: »

Yes Car finance is easier to get then a personal loan obviously

Anybody else confused?

You-kip

tonycottee wrote: »

Anybody else confused?

Yes I am I can't work out what You-kip is on about.

poppasmurf_bewdley

You-kip wrote: »

Yes I am I can't work out what You-kip is on about.

Don't tell Nigel Farage that!!!

Dovah_diva

loumegjess wrote: »

I was recently declined for a payday loan (didn't budget for something that came along a week before I was paid) so I am thinking I will probably be declined for a car loan as well.

If you've been declined by a PDL company you've little chance from anywhere else.

The fact that you needed to use a PDL for something you'd not budgeted for indicates that your finances are out of control.

Save to buy a newer car.

You-kip

poppasmurf_bewdley wrote: »

Don't tell Nigel Farage that!!!

Agh yes Nigel Farage the Leader of UKIP and Legend I must say.