Bad credit car finance

interstellaflyer

Herzlos wrote: »

You're almost certain to get access to a crap car at over market rates for a punitive monthly fee.

So you're usually better trying to just buy a banger, save up, and upgrade as you can.

I went through a similar thing about 10 years ago, as you suggest, there were at the time, car dealers that specialised in the poor credit rating market and as you say crap over priced cars and high interest rates on the finance, however there were at the time finance companies that would allow you to use a dealer of your choice thus get a better car at a more reasonable price, that said the interest rates on the finance were still very high and it's not a route I'd want to go down again and would advise people not to do it unless absolutely necessary.

angrycrow

Sometimes that old banger will really surprise you. Few years ago I had a bad run of luck, serious injury resulting in loosing my job and the next week the engine packed up on my car which was only 6 years old and was going to cost thousands for a full rebuild and no recon engines available due to common failure method.

Bought a £1000 banger of a punto (always hated fiats but it was best car for £1000). It was already 12 years old but low mileage. Intended to run it for a month whilst fixing the other car and selling the punto. Ended up selling the original car for spares and keeping the punto for over 2 years putting around 30000 miles on it. When things improved I sold the punto on for £550. Total servicing, maintenance costs and mot costs came to £600 over 2 and a bit years including a set of mid range tyres. New keeper has been running it for 13 months now and passed its last mot with no problems. Its now approaching 15 years old.

Just goes to show if you buy on condition £1000 can get you a reliable car. And find the right mechanic and an old car can actually work out cheaper to maintain than a new car on finance where you are tied to main dealer servicing.

Still hate fiats though.