*Black Horse - Loans - Car Fianance - Help*

jenni1188

Hi Forum,

I have benn here before but thought i had the answer to all my problems HOWEVER there was a catch! The loan i had applied for was accepted on conditions that my parent signed it. I live with my mum who is on the sick and my dad (Who i don't live with) is self employed and doesn't have a regular income!

The above was offered to me by my bank.

My credit rating is fair it was needs improvement but i took out a capital 1 capital to up my rating!

I am 19 in full time employment on £14500 pa i live with my mum who is a tenant.

I didn't realise that applying over and over affected your credit rating and so i did the loop of reapplying and ouch now i look bad!

I want £3500 over 3 years will pay up to £130 pm as this money is disposable income after all my little treats i give myself and my rent etc oh yes and a little savings.

I want a loan and cant wait 18 month when i would be able to save that amount.

I have looked at black horse finance and the car finance, has anybody in my situation at my age had either finance or loan? do they offer either to people who are trying to build up a credit rating as i have never defaulted on my orange phone bill or laptop finance. I haven't used my credit card yet, but have set up a direct debit for the full amount each month and will use it this weekend!

Please any advice on getting finance or loan would be greatly appreciated

Jenni 1188

Juan_Kossoff

Hi Jenni.

I`m over your age bracket (I`m 44). I had a poor credit history (still do according to Experian / Equifax etc). However I had no problem with Black Horse Finanace when I went to buy a brand new car on PCP, when Audi Finance rejected me in March `06. The Audi dealer arranged it for me at my request, and to be honest it only came in at £2.00 per month more than if I`d been ok with Audi Finance. I`m coming up to half way through my payment period now, and have started looking to change my current car. Black Horse have never been a problem, and when there was an initial problem due to a banking error, and 3 monthly payments disappeared in the ether, they bent over backwards to assist and recover the money, which they did (I know it`s in their interest to, but a lot of finance companies don`t lift a finger).

Personally I find their service excellent, and will probably stick with them when I go to change my car eventually. You can also buy cars from them direct, they have their own sales divisions.

http://www.blackhorsecarsales.co.uk

Good Luck with finding your Ferrari

jenni1188

Thank you Juan Kossof, That is helpful but i am that nervous of applying to get rejected it is doing my head in.

The annoying thing is, because i have never had credit even though i can afford to pay well over £130 pm banks don't give you a chance, they can see i am in a good job, with very good propects and can see the minor credit i have had but still wont let me take this on!

Thanks again i feel better now!

Jen

lucy_w86

jenni1188 wrote: »

Thank you Juan Kossof, That is helpful but i am that nervous of applying to get rejected it is doing my head in.

The annoying thing is, because i have never had credit even though i can afford to pay well over £130 pm banks don't give you a chance, they can see i am in a good job, with very good propects and can see the minor credit i have had but still wont let me take this on!

Thanks again i feel better now!

Jen

Im in the same position...applied too many times and now have rubbish credit

MrsTinks

The biggest problem with getting into classifying for a loan when you have no previous credit or loans is that lenders or credit companies can't tell how well you manage repayments. At 19 you have not yet had credit long enough for them to be able to tell that you will be a good repayer and this will affect loan decisions. I don't knwo anything about Black Horse myself, but I would suggest not applying for anything for 3 months at least and then try to apply for a loan. ONCE! If it fails then maybe contact Black Horse. Why is this so urgent? Can it wait 3 months? Or ask one of your parents to stand guarantor if you are happy you can afford the repayments if the lender will let them (some will).
The lending market has changed a LOT recently and it's harder to get a loan than it's been for a long time

jenni1188

It can wait till November latest, but sooner rather than later as i wuld be able to sell my car with 12 month mot in August!

The problem with my parents is they cant stand guarentor as my mum isn't working, i dont live with my dad and plus he is self employed with out a regular income!

Thanks Tine

jenni1188

Anymore advice would be grateful!

DIVA07984

HI

My credit is poor - i was declined by loads of car companies - then i applied through a broker to black horse last year Aug . They were very helpful - my rates are a bit higher than they should be - but they were the only company - appart from idiots like welcome ,dcf and peolple like that who i did not want to use. I would suggest u try them - the staff are helpful and i had a prob with the car and told me not to worry and deferred the payment untill things were sorted . They r good - and i will continue to use them

hope this helps u