Car loan, crap credit.

ViolaLass

If you want to borrow £3-4k to get a new car, can't you borrow the £1k needed to fix the current one instead?

David301

I think it is the curious belief that it wont break because its newer. The fact is it will break. If its a car it will break.
TBH there is no point in carrying on advising here, no matter what anyone says the OP's former partner isnt going to be accepted for a loan by anyone other than a fowlers type company, if at all!

So yes OP advise your former partner to go to one of these companies that will accept her, she can sign a finance deal against a newer car that just came out of the auction (it was in the auction because it needed fixing and someone didnt think it was cost effective to fix btw).

In a years time if the thing is still running she will hopefully have saved up enough to send it through its MOT and TAX it.

Skint_yet_Again

glvr wrote: »

.... hence it may be wise to borrow as much as you can get and afford to repay so that a reasonable degree of reliability can be bought.

Don't assume paying more means you will buy a better car which will not require any outlay

My previous car was undriveable condition and needed approx. £800-£900 spending on it. I decided to trade it in and got £100 scrap value. The 3 yr old car I bought was £7500.

Within 4 weeks the coil pack went - this was covered by warranty. Within the next 12 months the battery went and needed a new stop start version £170 then servicing £318, plus 2 new tyres £120 , new timing belt £239 - all not covered by warranty.

Plus costs of petrol / insurance. If her only income is salary £500 how will she have a surplus of £400 ? Will she have other income on top of her salary that you have not mentioned - tax credits / maintenance payments for child - housing benefit etc

glvr

Skint_yet_Again wrote: »

Don't assume paying more means you will buy a better car which will not require any outlay

If her only income is salary £500 how will she have a surplus of £400 ? Will she have other income on top of her salary that you have not mentioned - tax credits / maintenance payments for child - housing benefit etc

Thanks.

Yes, I appreciate the point about newer may not be better, but should be.

And advertised rates for bad credit of £3k over 48 months @ £104 monthly suggest it's a sensible option.

You're right on the income figure - that's the increase in disposable income compared to now.

tonycottee

The fact is, if your ex partner borrows the money and within a month the car needs something doing to it, she will be left with loan repayments and no income.

CKhalvashi

David301 wrote: »

I think it is the curious belief that it wont break because its newer. The fact is it will break. If its a car it will break.

On our drive are a 2014 Jag, 2013 Skoda and a 2002 Focus.

Out of the three, the Focus has been the most reliable (paid £350 for it over a year ago) and the Jag (company car, but list was about £40k) has been by far the least reliable.

This is largely because the Focus has the least to go wrong on it, and 99% of what has broken on the other two have been due to electronics to meet EU regulations, nothing mechanical.

somethingcorporate

glvr wrote: »

Yes, I appreciate the point about newer may not be better, but should be.

Statistically speaking perhaps but that certainly doesn't help the thousands of people with new cars going wrong that are often far more expensive to fix because they are a lot more complicated.

wiltsguy_2

as others have said she isnt going to get a loan and should be stoned/burnt at the stake for having had credit problems in the past......but please don't use bad credit car companies, it will make it worse.

Can you not get a cheaper car for cash just for now until she can settle in at a job, get her finances back on track at all? If you hunt around you can find a bargain out there.

glvr

wiltsguy wrote: »

...she isnt going to get a loan and should be stoned/burnt at the stake for having had credit problems in the past......but please don't use bad credit car companies, it will make it worse.

Can you not get a cheaper car for cash just for now until she can settle in at a job, get her finances back on track at all? If you hunt around you can find a bargain out there.

Having researched further, I think my initial hopes that a loan might be possible have now been subordinated to my original view of 'unlikely'.

I hope the 'stoned' remark is in jest... all the poor lady did was to buy things in good faith and the realistic expectation that my business affairs wouldn't implode quite so spectacularly and hence leave her unable to settle her affairs.

And 'buy cheaper for now isn't currently an option - she has nil cash. Hence that catch-22 thing of she has work she can do (and which would pay for a car) if she can get there and do school runs (which because of rural living make a car essential).

When I've sorted my own **** I'll happily pay for one, but right now I'm wiped-out too.

Oh well, into each life a little rain must fall.

wiltsguy_2

glvr wrote: »

I hope the 'stoned' remark is in jest...


And 'buy cheaper for now isn't currently an option - she has nil cash. Hence that catch-22 thing of she has work she can do.
.

Lol! Yes was in Jest along with being burnt at the stake! We have all had some sort of credit in our lives.

I see you catch 22 situation, can she not scrape anything together? I have just bought my daughter a 2002 Clio, FSH, new cambelt, new tyres, full mot, excellent cond & runner for £500 as she is learning to drive and we cant insure her on our car.

could a family member lend her the cash? i have seen so many horror stories for bad credit cars(on here)

Do the education authority not provide taxis for kids not on a bus route? i remember some kids going to my kids school by taxi as they were rural?