Poor Credit Car Loan

lozzzy85

Hi folks,

Looking for a little advice!

I'm 3 years into my default on my credit history disappearing (which is satisfied and paid in full), and the rest of my credit history is becoming cleaner month by month (again 95% of my credit is paid off except an old loan with a year left to run)... The problem is I'm loosing my company car (company takeover) and need to buy a car. I've been saving my pennies but it not enough to buy a car cash.

I'm going to have to go down the route of leasing or getting a car loan.

Does anyone happen to know any loan providers without totally terrible rates who might accept a recovering credit history?

Apples2

Is a cheap car no good?

Well be a shame to go committing so much money when you are on the way up

lozzzy85

Need something a bit newer for the reliability and mileage I require :-(
Not looking at new shiny ones cause of the price and depreciation etc

TheMoney

As far as I'm aware, many dealers or independent companies will allow you to take a car on finance as the finance is secured against the vehicle. Close brothers seems to be a popular option, reasonable rates and it seems a decent chance of approval.

matttye

lozzzy85 wrote: »

Need something a bit newer for the reliability and mileage I require :-(
Not looking at new shiny ones cause of the price and depreciation etc

I do 240 miles every other weekend + at least 10 miles every weekday in my 2002 Ford Ka with 40k miles on the clock when I bought it. Now has about 50k. Got it for £1,500.

Not really had any problems with it. I'd consider it a bargain... just need to shop around

mrcruizin

Hi.

I wasn't sure of how to create a new thread so this seemed to be the closest to what I am looking for.

I am in desperate need of a new car and apart from (nearly) being ripped off from brokers and fees (thank you to this forum) I am still struggling to find a decent loan company.

LadderLoans have offered me a £2,000 loan with an apr of 299%. I know this is ridiculous but I really have no other option. Is there another loan company that anyone can recommend that offers loans up to £3,000?

I am in a debt managed program so that obviously affects my very poor credit rating.

Thanks in advance.

Apples2

mrcruizin wrote: »

Hi.

I wasn't sure of how to create a new thread so this seemed to be the closest to what I am looking for.

I am in desperate need of a new car and apart from (nearly) being ripped off from brokers and fees (thank you to this forum) I am still struggling to find a decent loan company.

LadderLoans have offered me a £2,000 loan with an apr of 299%. I know this is ridiculous but I really have no other option. Is there another loan company that anyone can recommend that offers loans up to £3,000?

I am in a debt managed program so that obviously affects my very poor credit rating.

Thanks in advance.

you'll find a clause in your dmp which says you cannot take on further debt.

It's ridiculous that you cannot pay your current debts but think it okay to take a £3k car loan. How on earth do you think you could make ANY repayments?

Fruit_and_Nut_Case

mrcruizin wrote: »

I wasn't sure of how to create a new thread...

Look for a button like this and click it.

money7776

lozzzy85 wrote: »

Hi folks,

Looking for a little advice!

I'm 3 years into my default on my credit history disappearing (which is satisfied and paid in full), and the rest of my credit history is becoming cleaner month by month (again 95% of my credit is paid off except an old loan with a year left to run)... The problem is I'm loosing my company car (company takeover) and need to buy a car. I've been saving my pennies but it not enough to buy a car cash.

I'm going to have to go down the route of leasing or getting a car loan.

Does anyone happen to know any loan providers without totally terrible rates who might accept a recovering credit history?

try moneybarn they gave me a car loan for £6000 and i have past defaults

Apples2

money7776 wrote: »

try :spam: they gave me a car loan for £6000 and i have past defaults

Lets just click the spam button and assume people aren't that desperate. You nearly typed the spam name when you signed up

DCFC79

money7776 wrote: »

xxxxxxxxxxxxxxxxxx

Not sure if your advertising for them, whats the apr% on the loan you got ?