Car finance

Paramore2110

Hi,

Just looking for some advice. Currently I have car finance with close motor finance. I am looking to exchange the car and get something a little newer. I want to stick with close motor finance if possible.

However there are a few things I want to clear up before you advise me. I currently have 3 defaults(all paid and up to date) and a bad credit score. However all this was on my file when I got finance with close previously.

I have previously had finance with black horse and ford, all which we're paid on time each month.

If I try to finance with close again, what do you reckon my chances are? Would they take in to consideration the account I have with them( no missed or late payments) and the fact I have always paid my car finance with other companies. Or will the just decline me?

OddballJamie

There's only one place you will get a definite answer from.

Give them a call.

forgotmyname

I dread to think what your interest rate is.

Why not pay the car off before looking for something newer?

Paramore2110

forgotmyname wrote: »

I dread to think what your interest rate is.

Why not pay the car off before looking for something newer?

I am looking to clear the finance in the next couple of months, then hopefully trade the car in. I am almost certain though, that I will be declined due to the defaults. Although I do warm a lot more than when I got the finance I have now

Paramore2110

Sorry about the autocorrect, I mean earn

forgotmyname

Keep the car going until your credit file is clean. Then you can get credit at better rates and not have to use the ones with high interest rates.

Do you know what your APR is?

My sisters paying £7500 ish for a car that was worth about £2000 - £2500.

Paramore2110

forgotmyname wrote: »

Keep the car going until your credit file is clean. Then you can get credit at better rates and not have to use the ones with high interest rates.

Do you know what your APR is?

My sisters paying £7500 ish for a car that was worth about £2000 - £2500.

Wow that is a lot. Am not sure what the APR is... All I know is the car was prices at £3000... And by the time I've paid it off (3years finance) I will have paid £4200 for the car. If that helps. I only wanna get shut cos the car is a heap! Drivers footwell leaking from underneath, wheel bearing sounds like it's about to go, rattle when driving...

BeenThroughItAll

Paramore2110 wrote: »

Wow that is a lot. Am not sure what the APR is... All I know is the car was prices at £3000... And by the time I've paid it off (3years finance) I will have paid £4200 for the car. If that helps. I only wanna get shut cos the car is a heap! Drivers footwell leaking from underneath, wheel bearing sounds like it's about to go, rattle when driving...

Sounds like you actually bought a £1500 car for £4200, but were convinced by the 'Refused elsewhere? We'll get you credit' dealer it was a £3000 car.


Pay off the finance, clean up your credit file, then buy something at a decent rate, or save up and buy a cheap car outright.

Paramore2110

BeenThroughItAll wrote: »

Sounds like you actually bought a £1500 car for £4200, but were convinced by the 'Refused elsewhere? We'll get you credit' dealer it was a £3000 car.


Pay off the finance, clean up your credit file, then buy something at a decent rate, or save up and buy a cheap car outright.

Hi,

I have just checked my documents and I am paying 17.5% APR

forgotmyname

Sounds too low but still more than double to what you could get.