Should i bother applying for car finance

rustybucket

With respect you're buying an old car for 10k. Good cars but at that age you'll going to be shelling out. Are you sure your head still isn't in the clouds as you eloquently stated in an earlier post?

Chances are you'll be getting another loan to repair it!!!!!

Buy a newer cheaper running car.

jamiej2k6

ha repairs and running costs are not a problem atall. As i have said i know the common problems with them and the cost, the labour i do myself or at a friends family run garage for next to nothing. Believe it or not parts actually aren't that expensive and again it will probably be one of the cheaper cars i have maintained and the income i stated is just from one of my jobs, i have 2 side jobs. Ill say again my only question was regarding possibilities of getting accepted on to finance, but thanks for all the concerns

Superscrooge

jamiej2k6 wrote: »

Hi All

Its coming close to April when i plan to apply for car finance. I would be after 10k car finance (not from a main dealership) with a 2-3k cash deposit over 5 years. Im 25 and am in full time employment and earned around 25k last year from my main job.

The problem is that i have 5 old defaults on my credit file from my younger days that will all show as settled next month when i finish my debt management plan. I also have an aqua card with a £200 limit which has been paid off fully and only use it monthly to try and boost my credit file. My score was between good-excellent last year when i checked Experian (i understand it doesn't make a difference). I also have an amigo loan thats coming to an end next month that has been paid off in full and i haven't applied for any credit all year.

Even with my defaults and past loan paid off fully i know that the defaults will be on my file but will just show as settled and that doesn't change the chances of me being accepted on finance.

My question is, it even worth applying for finance with the state of my credit history in April ?

I think you will struggle to get £8K finance for a 2nd hand car when you have five defaults on your credit file.

Looking at it from the lenders perspective.
On five occasions you have defaulted on your debts.
Before you have even finished paying off your DMP you are talking about taking on further debt.
If I was a lender I would regard you as high risk!