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Bad credit car loan for purchasing lease car
Hello MSE users, I have had a lease car with NHS fleet solutions for over 2 years, and the contract is coming to an end this summer. I would like to purchase this car at the end of the contract, but do not have the full amount of £7k. I have saved up a few grand, but a few grand short. I am on a DMP, have CCJs, and a bad credit history, but have a stable income.
Its impossible for me to be successful in obtaining a bank loan. But I was wondering if it is possible for me to obtain a car loan? I see adverts for 'bad credit car finance' all over google, but I would like some advice on which reputable company to go for? I understand the interest rates will be ridiculously high.
Thank you.
Its impossible for me to be successful in obtaining a bank loan. But I was wondering if it is possible for me to obtain a car loan? I see adverts for 'bad credit car finance' all over google, but I would like some advice on which reputable company to go for? I understand the interest rates will be ridiculously high.
Thank you.
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Comments
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Can you take out a new car loan on a DMP?0
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I forgot to say my debts will be paid off via the DMP before the contract ends, so I will be debt free, but still with CCJs on record.0
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Unfortunately for you, companies that made a point of lending money to people with bad credit found out their business plans had a critical flaw. They forgot to take into account the fact that people with bad credit tend not to pay the installments on their loans, and consequently they went out of business.
Others depended on selling PPI and other insurances which often amounted to more than the amount they loaned for the car, and when the borrower defaulted, the company had still made a profit. But that little scam was halted a few years ago.
Most of those that now advertise loans with poor credit will be brokers who want to charge up-front fees with no guarantee of getting a loan.
I'm sorry but with CCJ's on your credit file, you will not get a loan, and you will have to face up to that fact."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 Nock0 -
can you just not but a car for the money you have saved up that way you will be debt free and still have a car for work
just saying as this is mse and we are all about saving money, I assume you have about £4,000 saved so far which you could buy a nice car for don't go into debt when you don't have to“People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”
Rat Race0
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