We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Car Finance

rorysdad
rorysdad Posts: 161 Forumite
Part of the Furniture Combo Breaker
in Motoring
Hi


Asking this for a friend in the situation below - can anyone recommend a company that will lend £5K to enable him to finance a car?


Self employed - contractor working for same company past 2 years
Very bad credit
Owns own home worth around £100K - no mortgage


RD

Comments

  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What do you mean by very bad credit?

    If he has late payments, defaults or CCJ's then there isn't anyone who is going to lend him another £5K.
    :p
  • motorguy
    motorguy Posts: 22,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 16 February 2014 at 7:29PM
    rorysdad wrote: »
    Hi


    Asking this for a friend in the situation below - can anyone recommend a company that will lend £5K to enable him to finance a car?


    Self employed - contractor working for same company past 2 years
    Very bad credit
    Owns own home worth around £100K - no mortgage


    RD

    If his credit rating is really bad, why would he be wanting to take on more credit?

    £5K is only going to buy him something used anyway, so if i were him i'd be saving up for a couple of months and buying something like a Ford Focus for under £1000.

    Better that than paying 30%+ APR just to get a newer car.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.6K Work, Benefits & Business
  • 603K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture