Car loan for bad credit

pintsized19

Hi guys
Just wondering if anybody would be able to offer any help or guidance I had a default on my account for £40 despite paying this off months ago its still showing on my credit file as defaulted meaning I am unable to get credit I currently commute 60 miles a day for work and my car has ended needing work which is not worth the cost of fixing it so I am currently without a car using public service which is killing I'm spending nearly half my wages on travelling and the time spent travelling is leaving me exhausted I don't have any money to buy a car outright does anybody know where I can obtain finance with bad credit
Thanks in advance for any replies
Xo

Gaz83

You need to contact the company and demand that they start reporting it as a satisfied default rather than an outstanding default. That might help a bit.

Are you on the electoral roll? What's your income and expenses like? Could you save up for a month and buy a cheap car for a few hundred pounds to do you until you've got a bit more in savings?

macman

The default will remain on your file for 6 years, though of course it should now show as satisfied.

19lottie82

pintsized19 wrote: »

I currently commute 60 miles a day for work and my car has ended needing work which is not worth the cost of fixing

How much have you been quoted to get your car fixed?

You'd be amazed at the amount of people who get a large mechanics quote and think that it's "not worth" fixing, and it makes perfect financial sense to buy a new car, when it's often the opposite!

Lets say your bill is £600, and will keep your car going for another year (minimum). That's essentially £50 a month to keep your car running, which is pretty cheap compared to a £200 a month loan / HP payment (for example).

andyfromotley

Hi Pintsized,

I am sure that there will be lenders out there who will lend you the money, this will be a terrible APR though and of course its on a depreciating asset which may break down leaving you oin a much worse position. There are many people on here who took this as a rapid route to financial difficulties.

Like others i would not discount getting the car repaired, if thats just not an option can you live like a church mouse for a couple of months and but a super cheap car. Many turn out to be super reliable and total bargains.

Finally do your sums add up? Add toghther the cost of the loan, insurance, tax, petrol, servicing, mot and replacement tyres and exhausts. (not to mention depreciation although this is much less on really old cars obv) and you may be surprised at the true cost of running a car.

Finally explore all other options. Could you car share with a colleague, or someone else who drives a similar route. FB can help with this there are also car sharing websites. Could you cycle some of your route? Could you even change your job to one closer to home? What about a scooter? (a much much cheaper form of transport)

Only you can know the answer to all of these questions but i hope you can see there are many more options open to you than an expensive sub prime car loan.

bamgbost

There are a few lenders. I was in similar situation and went to car finance 24/7. Borrowed me ££ @ 21% or so.

Defo on the high side, but I plan to pay it back within a year, to keep interest @ a minimum.

thefullstory

I'm in a similar position, does anyone know of any long term car rental deals that could provide an alternative to finance?