anyone had dealing with 'the car finance company'

csmw

Hi sorry if this is the wrong forum but I need to finance a car, mine is about to die. I have bad credit and they are the only ones who have accepted me. I understand there Apr is high but that's a brunt I have to bear for having bad credit.

What I want to know has anyone had dealing with them as I have to go to Nottingham to pick a car which is a fair way away and I don't want a wasted journey.

yoshiyella

I have a friend who has a car through them - he had to make two visits. One to choose a car and the other was when it was ready all fitted with some device and fill in paperwork. He said that yes they are fairly expensive but the car he has got (ford focus) is excellent and is only a 3 year payment plan in which he is overpaying by £50 each month at no extra costs. Obviously this is only one persons view but all I would say is read the terms and conditions! The car my mate got was valued at £5500 but was probably more likely £4500.
Make sure you can actually afford this! Personally and I told my mate this was save the £240 (thats what he is paying a month) for 4 months and buy a £1000 car. Then save £240 a month for a year and he will have bought a similar car of similar value to what his car is now worth. That way he would have saved 20 months of £240.

forgotmyname

Its probably not just a case of the high loan APR. But the car will probably be overpriced also.

Combine the 2 and you maybe spending more tha you wish.

What happens when the car needs work in 18 months? Will you be able to afford it?

csmw

yoshiyella wrote: »

I have a friend who has a car through them - he had to make two visits. One to choose a car and the other was when it was ready all fitted with some device and fill in paperwork. He said that yes they are fairly expensive but the car he has got (ford focus) is excellent and is only a 3 year payment plan in which he is overpaying by £50 each month at no extra costs. Obviously this is only one persons view but all I would say is read the terms and conditions! The car my mate got was valued at £5500 but was probably more likely £4500.
Make sure you can actually afford this! Personally and I told my mate this was save the £240 (thats what he is paying a month) for 4 months and buy a £1000 car. Then save £240 a month for a year and he will have bought a similar car of similar value to what his car is now worth. That way he would have saved 20 months of £240.

Thank you for your reply, They never told me i'd have to visit twice, guess I have some more thinking to do. before saturday

csmw

forgotmyname wrote: »

Its probably not just a case of the high loan APR. But the car will probably be overpriced also.

Combine the 2 and you maybe spending more tha you wish.

What happens when the car needs work in 18 months? Will you be able to afford it?

This is my dilemma, I cant afford not to have a car due to work, but I dont want to land myself in a situation where I cant afford to repair if anything goes wrong. cconfused.com

forgotmyname

Usually fixing the car you have will cost much less. The trick is knowing when to move on. But you dont need to spend a fortune to get a reliable car.

Apples2

You aren't paying monthly for your current car but, using the figures above, you would be paying £240 out every month.
Can you afford to do this? If you can, why haven't you been saving £240 each month so far?

Are you paying more than £240 in garage repairs each and EVERY month at the moment to keep your current car running?

Try not to think of the new car but think of the extra financial burden it will come with, but still have no guarantee it won't break down

Brackers87

Hi,

I work in the sub prime car finance industry and have done for a number of years.

It is good to know were you legally stand in this situation - the fact is that The Car Finance company are saying you need to travel to Nottingham to buy a car because they own a car retail site there and want you to buy from that site to maximise thier profit, (FYI they are all repossessed cars from people who didnt pay thier previous agreements). However legally your finance agreement is not linked in anyway to were you buy the car from you should be able to trade with any car dealer who holds a valid Consumer Credit Licence ( this is the document issued by the OFT which allows car dealers to trade with lenders)

I would suggest discussing with The Car Finance Company buying a car from a dealer closer to you as they should be willing to accomodate this. As buying a car from further away has its own risks.

I hope this helps.

xmickyxmoox

To be honest, I would avoid if you can...
Sorry in the delay, we purchased a car from them in December in which we had to visit twice.
First time we looked around, choose which car we wanted, then suddenly had to sign all the paperwork...
No test drive, weren't even able to look inside the car.

We were told the paperwork was just needed and we would need to sign a final piece of paper upon collection which is when it would all start and they would then get the money they needed...
What a load of sh*t that was...
They delayed is getting our car for two weeks, upon getting it we didn't have to sign anything else!
Now 5 months later, the car is tapping whenever we turn the steering wheel, I have contacted them and they aren't interested.

Also, the radio didn't work in the car and still, 5 months later, loads of phone calls and emails, we still aren't any further forward!!