The Car Loan Company Portsmouth

cara89

Hi,

Has anyone used the above company, the reason I'm asking is because I can't get car finance with anybody but sub prime lenders who charge extortionate APR rates. My credit history isn't that brilliant and buying a banger is out the question because the insurance for myself is 3x more than the value of the car.

So I would really like some advice please

Thank you

Apples2

Sounds like you are wanting a car you can't afford with insurance you can't afford either.

Buy a banger and focus on the insurance payments only.

Google comes up with loads of variants so put a link to the company so we all know exactly who you mean (you haven't found these guys from a face book advert have you?)

cara89

Hi Apples,

I had a call from them yesterday and I have seen them in the past on the internet, what i'm trying to say is insurance for me on a banger is expensive. I done a quote for a £450 car the insurance was over £1500 and that was a 2002 car.

dresdendave

cara89 wrote: »

Hi,

buying a banger is out the question because the insurance for myself is 3x more than the value of the car.

Can not understand your logic here, money is obviously tight so surely you should be looking to get on the road as cheaply as possible. The fact that insurance is going to use up a big chunk of your budget is a reason to spend less on the car, not an excuse to overstretch yourself even further.

gb12345

cara89 wrote: »

I had a call from them yesterday and I have seen them in the past on the internet

So you are thinking of getting involved with a company that cold-calls you selling loans.

Sounds like a recipe for disaster to me.

gb12345

What is the exact name of the company that contacted you - or their email address, telephone number, physical address?

Apples2

Op pm'd me. Can't review it though, just about to watch star wars in 3D

http://www.thecarfinancecompany.co.uk/

gb12345

Apples2 wrote: »

Op pm'd me. Can't review it though, just about to watch star wars in 3D

http://www.thecarfinancecompany.co.uk/

OK from a quick look:

The domain is registered by a company called "mwsmith finance consultants ltd" -Which is a previous name of "The Car Finance Company (2007) Limited", who are on the Companies House register and trading since 2007. The site does have the new Ltd company's details on it.

They have an array of industry etc logos on the site, including one to Hants County Council's Buy With Confidence scheme, which is legit - although they do seem to have a large number of suspicious looking positive reviews on that site (many of them posted on the same day).

bigadaj

Apples2 wrote: »

Op pm'd me. Can't review it though, just about to watch star wars in 3D

http://www.thecarfinancecompany.co.uk/

May the loan be with you, minus a £49.99 administration fee obviously.

Apples2

cara89 wrote: »

I'm asking is because I can't get car finance with anybody but sub prime lenders who charge extortionate APR rates.

I think you'll find that is exactly what this Company will offer.

At least they do have an Office
http://goo.gl/maps/esMEL
You'll note there is no forecourt of any type, they are simply there to source massively expensive finance deals to people who cannot afford even a second hand car.

The information that you have provided on this form may be passed to one of our Lenders, who may conduct a search of your record held with one or more credit reference and/or fraud prevention agencies. These agencies will record details of these searches, which may be seen by other Lenders when assessing applications from you and members of your household in the future. Lenders will cross check information with other Lenders to prevent fraud and may also use this information for statistical and marketing purposes

So, you will have multiple searches on your credit file which will prevent you getting any other credit for a long time to come, and as a bonus you will be spammed to high heaven.

The vehicle is safely immobilised if the repayments are not kept up to date

I like that!!!

All our customers are interviewed face to face

Stand by for the high pressure selling techniques, you ain't getting out of that office without signing up to something you cannot afford.


EDIT: Star Wars was cool but the 3D didn't bring much to it, the closing credits were the best of the 3D effect.....Live long...and prosper, i.e Don't cripple yourself with hideous finance deals.

SnowTiger

gb12345 wrote: »

They have an array of industry etc logos on the site, including one to Hants County Council's Buy With Confidence scheme, which is legit - although they do seem to have a large number of suspicious looking positive reviews on that site (many of them posted on the same day).

I'm not sure how worthy the awards are. One links here, which seems to list just about every lender you can think of.

Amigo Loans, Pounds to Pocket, Wonga, 1st Credit, Mackenzie Hall and Fredrickson International are all finalists in various categories. :rotfl:

Amusingly, The Car Finance Company is listed in the Responsible Lender of the Year category with with Amigo Loans. :rotfl: