Car Finance - New To This

OneLife_OneShot

I am just looking some advice about car finance. The only blemish on my credit file is a satisfied default from 2011. It has been paid off for over 4 years and will drop off in 14 months time.

I am about maybe 50% used of my available credit on my 2 cards as I was on holiday in OZ and had some unexpected expenses but have been paying as much off as I can to clear it in good time.

Apart from that I am able to afford the repayments depending on which car I go for although I am only looking something in the 2-3k range that will do for a few years.

What are the chances they will say yes? I haven't applied for credit in a while but don't want to mess up any future applications by being declined.

I know a few friends who were constantly using Wonga and one has a CCJ and they are both driving about.

Thanks

foxy-stoat

The only impact on your credit history will be when you apply for finance, it will be a search. Doesnt matter if your accpeted or declined.


Can you save for a car or do some shuffling on balance transfers or super balance transfer cards?

WillyWonga

You will always see signs for guaranteed car finance and never ones for guaranteed unsecured personal loans.

The loan is secured on the car till the last payment - fail to pay and the car is security. Might get a little higher interest rate if a little blip but nothing you would notice much.

foxy-stoat

WillyWonga wrote: »

You will always see signs for guaranteed car finance and never ones for guaranteed unsecured personal loans.

The loan is secured on the car till the last payment - fail to pay and the car is security. Might get a little higher interest rate if a little blip but nothing you would notice much.

I would save for a few months....better that than buy a £1500 car for a £3000 forecourt price tag plus the £3000 interest you will end up paying. If something happens to the car before the loan is paid off you will be in a worse position than you started.

SeanG79

If you are going through the dealers vehicle finance providers, you will likely be accepted. A satisfied default that old will not be taken into account by vehicle finance providers.

takman

I would definitely save up and buy one. If you didn't have any spare cash for unexpected expenses while on holiday then where will the money come from to pay back a loan?.