Car Finance for bad credit

Grizza

I am after buying a car and need to get finance. I have one CCJ on my credit file, but that has been paid and is marked 'satified', however I do have a few defaults.
Anyway, all I seem to be able to get is Guaranteed Finance, but it seems very expensive!
Can anyone recommend a good garage/finance company where I can buy a car at a resonable apr?

CherlokHomes

Grizza wrote: »

I am after buying a car and need to get finance. I have one CCJ on my credit file, but that has been paid and is marked 'satified', however I do have a few defaults.
Anyway, all I seem to be able to get is Guaranteed Finance, but it seems very expensive!
Can anyone recommend a good garage/finance company where I can buy a car at a resonable apr?

You won't get a reasonable APR with history of not paying back what you've borrowed, it doesn't work like that I'm afraid.

Guaranteed finance is a also a scam so stay clear of these type of companies.

Tixy

I suppose it depends on what you consider a reasonable APR for your situation.

But from the description of your credit file I would imagine your chance of being accepted for anything is very slim and if you are it will be at a high APR.

If you can it would be better to buy a cheap runaround outright until your credit file has improved and the CCJ and defaults have all dropped off.

Apples2

If you're struggling to manage current debts, why would you want to take on more?

The lenders can all see that whilst you want a new car, you are unlikely to pay for it hence the requirement for the guarantor.

Even high APR loans may be out of reach without a guarantor.

Best advice is to use the money you have spare every month (the money you would be using to pay for a car on finance) to save up and buy something you can afford outright

Stabilo_Boss

Grizza wrote: »

I am after buying a car and need to get finance. I have one CCJ on my credit file, but that has been paid and is marked 'satified', however I do have a few defaults.
Anyway, all I seem to be able to get is Guaranteed Finance, but it seems very expensive!
Can anyone recommend a good garage/finance company where I can buy a car at a resonable apr?

Hi. I had one settled CCJ and default on my account and I managed to get approved by Moneybarn. You find the car - they provide the finance. You will have to put down a deposit and I think from memory they will only lend you the trade value and you have to buy from a dealer. This means if the price guide says a car is worth £5K but the dealer wants £6K you will need to put down at least £1K. They had (and assume still have) a useful calculator on their website where you can input the reg number of the car you want to buy and the price and they will tell you if it is a car they would finance. Of course they specialise in bad credit finance and so you will get a high APR (37.7% for me) which is painful but if you have no other choice...

Good luck