personal loan or car finance?

thebritishbloke

If you've already applied for 2 loans and aren't getting good rates, then I wouldn't even waste your time trying to apply for another one as you're very very unlikely to get the representative rate.

They only have to advertise the rate that they give to 51% of successful applicants.

Your credit 'score' means nothing. When you come to apply for finance, the companies make their own judgement on whether to lend on you based on the raw data in your credit report. I have a feeling you have either a bad history (defaults, late payments etc etc) or little to no history. Have you got a credit card? If not, you probably won't get the best rates.

If you want to try and apply for one more loan, I'd advise you go through a garage (an actual franchised dealership for one brand, not a second-hand car dealership). They're usually a lot more lenient with lending as it's held against the car.

robatwork

I would advise the best funding methods in order:
Cash outright
Loan from relative at 0%
Credit card 0% (have to pay back quickly though)
Personal loan from bank
Finance from garage
PCP from garage

Personally don't like PCP but you have to do the sums carefully

thebritishbloke

robatwork wrote: »

I would advise the best funding methods in order:
Cash outright
Loan from relative at 0%
Credit card 0% (have to pay back quickly though)
Personal loan from bank
Finance from garage
PCP from garage

Personally don't like PCP but you have to do the sums carefully

PCP's are useful for people who save the money to pay off the final payment at the end. A 3 year PCP tends to have very similar monthly payments to a 5 year HP.