Car Loan Advise

Watson306

Hi All,
I am hoping someone maybe able to help me.
I have sold my current car and have got £2500 for it.
I have seen a car in a private sale, which I haev agreed £4500 for, but have tried to get a loan and have been declined (by my bank).
I think the reason for this is because my missus was in hospital 2 years ago with a Subarachnoid Brain Haemorrhage, and obviously that was all that mattered at the time, but I missed a couple of CC payments.
Anyway, does anyone know a way of borrowing £2000 on a relatively low rate for poor credit. I wouldnt say I can be bad credit, but obviously I must be poor.

Thanks in advance

TonyMMM

If your own bank declined, it is unlikely anyone else will lend to you (at a realistic rate).

Did you actually go in and speak to someone, or rely on an online application ?

ChopperST

Watson306 wrote: »

Hi All,
but I missed a couple of CC payments.

You wont get an unsecured personal loan but if all you have is a couple of missed payments and genuinely nothing else with a £2500 deposit you may get HP / PCP as the loan is secured on the vehicle and you are putting down a reasonable deposit.

Watson306

ChopperST wrote: »

You wont get an unsecured personal loan but if all you have is a couple of missed payments and genuinely nothing else with a £2500 deposit you may get HP / PCP as the loan is secured on the vehicle and you are putting down a reasonable deposit.

Would I be able to buy the vehicle privately though (i.e. the car i have seen)?

Tixy

Have you actually checked your credit report? Or are you just assuming that the problem relates to these missed payments?
Was the credit card with missed payments also from your own bank?

Do you have other debts? Do you have an overdraft that you use up to the limit each month? (which the bank would interpret as no disposable income with which to afford a loan)?

DCFC79

Watson306 wrote: »

a relatively low rate for poor credit.

It wont be relatively low but more the opposite like relatively high.

car finance might be best option as already mentioned.

ChopperST

Watson306 wrote: »

Would I be able to buy the vehicle privately though (i.e. the car i have seen)?

Yes a quick google reveals lots of companies offering finance for used vehicles.

SeanG79

Lots of finance companies lend on used cars BUT very few lend on cars purchased from a private seller and those that do charge a premium for this.

forgotmyname

ChopperST wrote: »

Yes a quick google reveals lots of companies offering finance for used vehicles.

And a lot of them are to be avoided.

Overpriced cars with silly interest rates.

You too can driveaway TODAY for and ONLY pay £7000+ for a sub £2000 7 year old hatchback.

Buy a car for £2500... More than i paid for my current car in 2009 and its still going strong.

27col

You seem to be going about this the wrong way round. Surely you should have some finance in place before you agreed to pay £4500 for another car. Then you wouldn't have to be chasing around for finance at the last minute.

Watson306

27col wrote: »

You seem to be going about this the wrong way round. Surely you should have some finance in place before you agreed to pay £4500 for another car. Then you wouldn't have to be chasing around for finance at the last minute.

Your actually incorrect - I havent agreed a sale with the buyer, I have asked the buyer what the lowest he would take for it, and he has said £4500.
Two different things!!!