Car loan needed - have defaults

poppasmurf_bewdley

Austinhead wrote: »

Yes maybe your right, but having spent the last 4.5 years getting my finances back on track, getting a secure well paid job and comfortably being able to pay my bills and put money aside for other things, I know I can comfortably afford £200 a month towards getting a newer, more economical and hopefully reliable car. I just wanted to some advice as to how best to go about it.

Without trying to do you down, or anything like that, you say you can comfortably afford £200 a month. If that is the case, how much do you have in savings?

I ask that because if, as you say, you can comfortably afford £200 a month, surely you have been putting that away in savings as it is surplus to current spending requirements.

burlington6

poppasmurf_bewdley wrote: »

Without trying to do you down, or anything like that, you say you can comfortably afford £200 a month. If that is the case, how much do you have in savings?

I ask that because if, as you say, you can comfortably afford £200 a month, surely you have been putting that away in savings as it is surplus to current spending requirements.

The golden question :T

Austinhead

I have been spending £200 a month to pay off a debt, which is now paid. I have another £2500 in savings that I will be using to finish paying off the remaining debt - once I have done that, that will free up an additional £150 per month. So £350 a month in total.

Jacktony

You can register at another bank . HSBC bank is slightly stricter procedures

Vikipollard

Austinhead wrote: »

I have been spending £200 a month to pay off a debt, which is now paid. I have another £2500 in savings that I will be using to finish paying off the remaining debt - once I have done that, that will free up an additional £150 per month. So £350 a month in total.

But the thing is you WON'T have paid off your debt - or not all of it anyway, if you do F&F so your credit history remains shot to !!!!!!.

As others have said, HP secured on the car might be a means to acquire a car, but the interest rate is highly unlikely to be one which gives you low payments - unless you do it over a ridiculous amount of time which, on a depreciating asset, is madness.

In all honesty, I would use the £2500 to buy a car and, yes, if that turns out to be a 1L Fiesta so what? Surely what you want is economical and reliable.

What amount are you looking to borrow, and over what term? (And less importantly, for what vehicle.)

27col

You could buy quite a reasonable car for £2500. Many people do and are quite happy with the purchase. Spending a lot more is no guarantee of trouble free motoring.

sniggings

The answer to your question is from a car dealer...they tend to be less picky, so go to a dealer, pick a used car and ask them about credit for it, see the dealers face light up as they get commission on the sale and for the credit.

Don't forget to haggle the rate down as they do have some leeway.

A mate did this, he has bad credit, yet got a good rate for a new car at a good dealer. He was turned down for standard loans.

Nebulous2

When you are fishing in the £2500 end of the pool you are unlikely to get value from a 1 litre Fiesta. They are popular and hold their price well. Best deals are likely to be something bigger and less popular. For the last 14 months or so I have been running an £800 06 reg Nissan Primera with few problems.