Funding for a Car

lucy_w86

I have just been turned down again by my bank for a loan. I had just got my credit score to fair going on good for this to happen.

My sister is ill and its a long term illness and I really need a car because noone in the family drives.

I think HP is my only option...can anyone recommend? Am I likely to get accepted for HP?

jonesMUFCforever

Ask yourself why your bank turned you down?
Is it because they think you could not comfortably afford the repayments or because of past credit history?

Sorry if this sounds hard but you do not HAVE to have a car, how does everyone else in the family manage now.Will they become a burden on you wanting lifts all the time?

You may well get accepted for HP but it does not get round the fact that you may not be able to afford it.
Have you also taken into account the cost of putting the car on the road? (Insurance, petrol,servicing, MOT, roadside assitance, Road tax etc etc)

scottp_2

Why do you need a loan for a car? There are plenty of cheap and reliable cars around for a few hundred pounds.
Your best bet would be a Ford Ka 1.3 Endura around an R reg. They are one of the cheapest to insure, quite cheap to run and reliable. Also you could look at getting one that is slightly damaged. This reduces the cost considerably and prices for parts are also relatively small.
You need to look at the bigger picture when purchasing a first car. I ended up spending more on getting on the road than I did for the actual car, it really is that expensive. If you are struggling to get funding for a car then you will really struggle to afford everything else.
Also you will find you have many new friends and family members who know your mobile number when you get a car.

Hope that helps, sorry to be negative!

ukpotters

I have been looking too and have found that Barclaycard Load are offering 6.3 APR and A&L are offering similar amounts. IF you Quidco A&L too you can get £60

I was approved on both.

jonesMUFCforever

ukpotters wrote: »

I have been looking too and have found that Barclaycard Load are offering 6.3 APR and A&L are offering similar amounts. IF you Quidco A&L too you can get £60

I was approved on both.

How much do you need to borrow to get those rates and do you think it is at all probable that they would be offered to someone who has already been rejected for one loan?

benjab

There is a great article about getting approved for car finance on http://www.mortgagelenderforbadcredit.net
It helped me, plus there is a bunch of stuff on there about credit repair too

Benj