What Car Finance Co. Would You Recommend?

lucy_w86

I have struggled to get a loan and feel the only way to get a car will be through finance at an inflated APR.

Can anyone recommend a car finance co? I have heard Drive The Deal is good.

lucy_w86

lucy_w86 wrote: »

I have struggled to get a loan and feel the only way to get a car will be through finance at an inflated APR.

Can anyone recommend a car finance co? I have heard Drive The Deal is good.

Also, can you let me know if you can settle your finance early or whether there would be any penalties?

What I would like to happen is get a car on finance and then once my credit score improves, get a loan and pay off the finance.

I dont want to be stuck for 4 years with a high apr

lucy_w86

lucy_w86 wrote: »

I have struggled to get a loan and feel the only way to get a car will be through finance at an inflated APR.

Can anyone recommend a car finance co? I have heard Drive The Deal is good.

Bump - anyone?

avantra

Really depends what you need the car for (driving to work, long/short trips, show-off, etc').

You don't have to take finance if you are looking to get a cheap vhicle that will take you reliably from A to B.

You can get something like a 1998-99 Toyota Starlet for under £1k and you can expect long years of happy motoring.

This is just a general direction, do make sure that if you do buy used you get it checked before you pay (RAC,AA checks etc').

Stick to Japanese makes (Toyota, Mazda, Nissan, Honda) and you can run a car on a day to day basis without getting into debt.:j

b0rk

Drive The Deal are a new car broker not a finance company. Basically they put you in touch with a dealership who will sell you a car for the agreed price.
The used cars they offer are basically dealership part-ex stock sold at normal dealership prices.

Whilst they do offer finance they will be acting as resellers for one of the big finance companies, or you can ignore the finance they offer and negotiate finance via the supplying dealership, which would be manufacturer backed finance.

Early redemption will depend on the exact terms offered.

In both cases you will be dealing with a "prime" lender who requires a good credit score and offers decent sometimes very good rates. Basically if you failed the credit scoring for a high street lender your almost certain to fail dealership or "prime" car broker finance.

Now as you mention having been refused a loan on basis of a low credit score do you have or have you had:
- arrears, CCJ's, IVA or bankrupcy
- No Job, Low income in comparison to the loan value.?
- No current credit (e.g. contract mobile, CC, agreed overdraft)

lucy_w86

b0rk wrote: »

Drive The Deal are a new car broker not a finance company. Basically they put you in touch with a dealership who will sell you a car for the agreed price.
The used cars they offer are basically dealership part-ex stock sold at normal dealership prices.

Whilst they do offer finance they will be acting as resellers for one of the big finance companies, or you can ignore the finance they offer and negotiate finance via the supplying dealership, which would be manufacturer backed finance.

Early redemption will depend on the exact terms offered.

In both cases you will be dealing with a "prime" lender who requires a good credit score and offers decent sometimes very good rates. Basically if you failed the credit scoring for a high street lender your almost certain to fail dealership or "prime" car broker finance.

Now as you mention having been refused a loan on basis of a low credit score do you have or have you had:
- arrears, CCJ's, IVA or bankrupcy
- No Job, Low income in comparison to the loan value.?
- No current credit (e.g. contract mobile, CC, agreed overdraft)

I have a fair credit rating because I have been at my current address less than 3 years and because I dont too many searches in a short space of time.

b0rk

If it is just too many searches have you considered waiting 6 months or so then buying something, or getting something you can pay cash for.

Living at the same address for 3 years with few/no searches should put you in the good grouping.

lucy_w86

b0rk wrote: »

If it is just too many searches have you considered waiting 6 months or so then buying something, or getting something you can pay cash for.

Living at the same address for 3 years with few/no searches should put you in the good grouping.

Im thinking I may just need to be patient, save a bit of money, wait 6 months or so and check my credit report then