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Options for buying car on DMP?

We really need a new car, have W reg car, 3 kids and both have sickly elderly parents that need visiting frequently often with no notice (both only children).

Our car is needing more done than it's worth, and as we are with Payplan we have been told about Red Potato.

Our dfd is Feb 17 with all defaults due to drop off by late 17, are there any other finance options available to us? We had thought to go with Red Potato and then up our payments significantly when DMP over to reduce credit owed, are there any other companies that would offer us finance? Or any other options? We don't have anyone to borrow from, and don't want to get complete banger as neither of us know what we're doing and need thus to be reliable for options listed above.

Thanks
:eek::eek::eek: LBM 11/05/2010 - WE DID IT - DMP of £62000 paid off in 7 years:jDFD April2017

Replies

  • poppasmurf_bewdleypoppasmurf_bewdley Forumite
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    If you buy a car from them, check the retail price of a vehicle with similar ones at other dealers. You'll probably find any car will be 25-30% more expensive, and that's before the very high APR rate.

    You will undoubtedly be better off getting your present car fixed.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • sourcratessourcrates Forumite
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    You will find that, although they may initially say you are approved for finance, you will probably have to buy one of there own stock vehicles, the purchase price of these cars is undoubtedly higher than normal retail, plus you will pay an inflated interest rate.


    Even the lenders who "allow" you to buy from any dealer, put so many constraints on you with regard to age of vehicle, mileage, and price, it can be a bit of a nightmare finding a car they will lend on.


    It was certainly the most stressful experience of car buying I ever encountered, in the end I just gave up, as every vehicle I found, was rejected either because it was on sale for too high a price, or it had too many miles on the clock, or there was a Y in the day lol, I would not recommend using one of these companies.
    Ex MSE Board Guide.

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  • so_very_confusedso_very_confused Forumite
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    You have paid a considerable amount back on your dmp. I would be inclined to ask creditors/ pay plan to make token payments for several months in order to buy a car that will last you a couple of years. Good luck.
    svc
    SCP # 034
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  • beckstar1975beckstar1975 Forumite
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    Thanks for your replies, have shown to DH who has found them helpful too.

    The red potato cars we've seen are about same price as available from dealers so far but will bear it in mind.

    Think we will ask mechanic his honest opinion as far booked in for service soon.
    :eek::eek::eek: LBM 11/05/2010 - WE DID IT - DMP of £62000 paid off in 7 years:jDFD April2017
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