Experiences with old defaults and getting finance

char2289

Hi I was just wondering if anyone has any experience with my current situation.

Have 2 defaults one of which ends next week and another in December. Other than that I have experian score of 897. After I defaulted I took out a capital one cc to improve credit rating which my partner spends fuel on and is paid off in full every month with a £800 limit.

I am after a loan for a car approx 5k. I have salary of 15k. No debts other than spend on capital one.

My bank lloyds show me online that I could have a loan for 18.9% Apr but obviously not guaranteed. Quite high apr too!! But would still consider.

On credit checker tool on MSE I am 80% likely to get a virgin cc which has 0% money transfer for 29 months. But until I apply not sure what credit limit I would get if accepted.

The other option is car finance but I don't even know where to start with this or how likely I am to be accepted.

Any help or experience with any of the above is gratefully appreciated.

christologymum

Hiya
Speak to credit plus, they will search all market for you, and good customer service. Makes sure you get best deal. I got finance on a 13k car with BMW finance at a cracking rate even though I had a ccj that was due to drop off 6 months after I applied.

char2289

Hi thanks so what happens after you fill out the online form for credit plus? Does it do a search on you? Then give you choice of who would accept you and at what rate? Can you then get any car from any trader or is it specific?

modder25

I'm in the same boat, I have no debt now apart from a CCJ which expires in November this year. I would like a new car but am afraid of being knocked back if I apply for a loan or car finance. I think the best thing to do would be to wait until the default drops off your file to guarantee you the best rate and a better chance of being accepted.

Well done to Christologymum for taking the risk and getting accepted

christologymum

I just filled the online form in, and they rang me almost straight away. They asked for authority to do credit check and came back to me with best lender/offer etc. I had a choice i could find a car myself up to the value of what they would lend, so long as garage had a credit licence any was fine, or they would source me the car, I knew what I wanted. I let them find me one and was very pleased. My husband used the same service before me and he found one at a garage and was all sorted.

Very easy, and like I said I got a good deal even with ccj as the particular lender were willing to overlook it due to its age. I was prepared if it would have made a difference to wait for it to drop off.

modder25

christologymum wrote: »

I just filled the online form in, and they rang me almost straight away. They asked for authority to do credit check and came back to me with best lender/offer etc. I had a choice i could find a car myself up to the value of what they would lend, so long as garage had a credit licence any was fine, or they would source me the car, I knew what I wanted. I let them find me one and was very pleased. My husband used the same service before me and he found one at a garage and was all sorted.

Very easy, and like I said I got a good deal even with ccj as the particular lender were willing to overlook it due to its age. I was prepared if it would have made a difference to wait for it to drop off.

Hi Christologymum, can I ask how much your CCJ was for and if it was satisfied or not? Mine is unsatisfied and for over £1000.

Thanks

char2289

Thanks all. Can I just ask if a ccj is worse than a default? Think I am going to wait until next week for 1 default is clear off might aswell. Will let you all know how I get on!

char2289

christologymum wrote: »

I just filled the online form in, and they rang me almost straight away. They asked for authority to do credit check and came back to me with best lender/offer etc. I had a choice i could find a car myself up to the value of what they would lend, so long as garage had a credit licence any was fine, or they would source me the car, I knew what I wanted. I let them find me one and was very pleased. My husband used the same service before me and he found one at a garage and was all sorted.

Very easy, and like I said I got a good deal even with ccj as the particular lender were willing to overlook it due to its age. I was prepared if it would have made a difference to wait for it to drop off.

Do some car finance require no deposit?

Tixy

char2289 wrote: »

Can I just ask if a ccj is worse than a default?

Generally yes

In practice some potential lenders make no distinction i.e. they won't consider lending to someone with either, or someone with recent ones of either.

And some lenders may consider an unsatisfied default to be more of a risk than a settled CCJ.

xgingerx

Hi, car finance is usually much more relaxed when it comes to a few defaults etc as the loan is secured on the car, so don't pay they come for your car obviously you won't get the best rate if you do have adverse credit.

christologymum

The ccj was for £230 and settled so small I suppose. Can do any harm to ask, if you get quoted a bad rate just leaver it for another couple of months.