Car Finance Hire/Purchase - Please explain!

Stabilo_Boss

Unfortunately when we have bad credit history we will be lucky to much finance and it will be at a high APR. We can moan about it but at the end of the day it is up to a lender what they want to charge and we just need to decide if we want to pay it. It is a consequence of our credit history. However these bad debt credit car sales showrooms are the worst way to do it in my opinion. Not only will you get hit with high (34%+ probably) finance but they also take advantage of the fact that many of their customers feel they have no choice but to buy from them and they jack the prices up for the car too as they know you have much less choice than those with better credit. I used Moneybarn for car finance for this very reason. Yes they charge high APR but that is because I am considered high risk but at least you can go and find a car from a normal dealer thus giving you much more choice.

If you really do feel you need to buy a car of a certain value I would try and give a specialist finance company a shot and then find a car yourself from a dealer

DCFC79

Would hiring a car be an option ? Could be cheaper than the £177.

The_Offside_Rule

DCFC79 wrote: »

Would hiring a car be an option ? Could be cheaper than the £177.

Thanks for everyone's help.

Do they perform credit checks? I like the idea :money:

DCFC79

rdf1988 wrote: »

Thanks for everyone's help.

Do they perform credit checks? I like the idea :money:

They didnt the few times Ive used them, they did the checks for points etc but not a credit check.

molerat

Paying for a car over 5 years is madness, it will be a wreck long before it is paid for.

The_Offside_Rule

I am very annoyed - I just looked at my credit report for the first time this week and I see that the car sales have given my details to four finance companies which have all searched my file. Now it looks awful!!

He said they only work with one company - Moneyway.

I didn't consent for this!

Apples2

If your credit file is so bad you won't even consider applying with your own bank and even causes nervousness about hiring a car, why does four searches make it look awful?

To be fair they did get you finance, not that you should be deliberately trying to rip yourself off by buying something like this

The_Offside_Rule

Because I had previously only had one credit search in the past year.

Now I have five.

They were looking for finance with companies that were not mention to me, or even in any documentation.