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shiningfaery
Posts: 220 Forumite
in Loans
Hi everyone
I am looking at my options for lending and am unsure of where to go.
I want to buy a car but not use HP, I am trying to rebuild my credit after I done some damage a few years back. Currently have 2 credit cards never missed a payment, no overdraft no mortgage as renting and all my active credit accounts are green no missed payments. I am on the electoral register and I am employed. My household income is approx 35K this is including my husbands but he has an old CCJ due to come off later this year and has his own credit card and mobile contract again all green.
Since we are trying to rebuild our ratings we dont get access to mainstream lenders and are on higher APRs on our cards. I know that they will drop with time but in the meantime if we wanted to get a loan to buy a car what are our options?
I have approached the 1 family member who could help but they are not that keen on helping so it doesnt look like an option.
I am looking at my options for lending and am unsure of where to go.
I want to buy a car but not use HP, I am trying to rebuild my credit after I done some damage a few years back. Currently have 2 credit cards never missed a payment, no overdraft no mortgage as renting and all my active credit accounts are green no missed payments. I am on the electoral register and I am employed. My household income is approx 35K this is including my husbands but he has an old CCJ due to come off later this year and has his own credit card and mobile contract again all green.
Since we are trying to rebuild our ratings we dont get access to mainstream lenders and are on higher APRs on our cards. I know that they will drop with time but in the meantime if we wanted to get a loan to buy a car what are our options?
I have approached the 1 family member who could help but they are not that keen on helping so it doesnt look like an option.
0
Comments
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What savings do you have? And how long has it taken to build your savings pot up?0
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I dont have any savings as I used that to move house last year and havent started building them back up yet as I was on maternity leave.0
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That's going to make it difficult for you to afford a loan. A loan is just like saving, but in reverse and more expensive. You're going to need a fair bit of spare cash each month.
Do you actually need a car, or is it more of a want?0 -
Can you wait until the CCJ has come off?
What do you need in terms of a car? Buying something cheaper with cash/credit card is likely to be better than buying something expensive using sub-prime lending.0 -
Your savings target is to save £12k this year (acccording to your sig), thats only 5 Months left.
Keep saving up and by the time your OH CCJ falls off, you won't even need a loan (you absolutely do not need to be spending £10k on a car in any case)0 -
Yeah i agree with everything thats been suggested suppose i should do some overtime and get some extra cash in savings.0
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