Car loan with poor credit

flowergirls

Hi we have poor credit rating and are both self employed. But we need a new car. Not sure were to start looking

Pixie5740

You can buy an old banger for £500 to £1,000 that will get you from A to B without taking on (more) debt.

What is on your credit files that make them poor?

flowergirls

I had a accident about 4 years ago so its credit cards I had then, I have an arrangement with them. I do pay them every month. Having said we have poor credit I haven t look but I think we will have. We have 3 children and my youngest has a fair few hospital appointment so it need to be a half decent car.

bigadaj

flowergirls wrote: »

I had a accident about 4 years ago so its credit cards I had then, I have an arrangement with them. I do pay them every month. Having said we have poor credit I haven t look but I think we will have. We have 3 children and my youngest has a fair few hospital appointment so it need to be a half decent car.

Doesn't look like you can afford one unfortunately. If you're currently on an arrangement to pay then you won't qulaify for reasonable credit from mainstream lenders which means you'll either pay very high rates or get ripped off by application fees from dodgy brokers or both, and probably still get no credit.

You might be best postingon the debt free wannabe board, as you need to sort out your spending and debts to move forward, complete a statement of affairs and the helpful people there will be able to comment.

DCFC79

Whats wrong with the old or current 1 ?

Foxy-Stoat_3

How much can you afford to pay on the finance a month for the new car and is your current car still working ok?

adindas

flowergirls wrote: »

I had a accident about 4 years ago so its credit cards I had then, I have an arrangement with them. I do pay them every month. Having said we have poor credit I haven t look but I think we will have. We have 3 children and my youngest has a fair few hospital appointment so it need to be a half decent car.

As mentioned by other people. The fact that you have been put in an arrangement with credit card company will make it highly unlikely for you to get the mainstream credit card.

Your alternative is to get a loan, but this will just put you in more difficult situation into a debt trap. Given your situation the likely lender that will approve your application is loan shark type.

Why not consider used car ?. You could get a quite decent car for less than £3,000. I know a lot of people with very stable financial situation just bought a used car instead of having a brand new car.

Do not put yourself into the debt trap.