Need to buy a car. Help!

Mallory22

I need to buy a car. It doesn't need to be new. I'm happy to go down the PCP or lease route. I've worked sporadically over the last 5 years so my credit rating is shot to hell and I have a couple of CCJs. I'm now back in work and I'm hoping that there is some avenue open to me. It would take 6 months to put together enough to buy something half decent. I accept that I've probably be stuck with an extortionate interest rate but I that's just what it is. One other thing...My wife and I are both contractors and we've recently set up a company to receive our earnings. We wondered if it would make sense to buy the car through the company. Would this help/make any difference?

Thanks in advance.

dealer_wins

With CCJs its highly unlikely you will get a loan or lease. Start saving hard!

DCFC79

Mallory22 wrote: »

I need to buy a car. It doesn't need to be new. I'm happy to go down the PCP or lease route. I've worked sporadically over the last 5 years so my credit rating is shot to hell and I have a couple of CCJs. I'm now back in work and I'm hoping that there is some avenue open to me. It would take 6 months to put together enough to buy something half decent. I accept that I've probably be stuck with an extortionate interest rate but I that's just what it is. One other thing...My wife and I are both contractors and we've recently set up a company to receive our earnings. We wondered if it would make sense to buy the car through the company. Would this help/make any difference?

Thanks in advance.

Why don't 1 of you get employed work, earn enough for a car and use that.

System

£300-£500 banger off Facebook.

Potbellypig

Mallory22 wrote: »

I need to buy a car. It doesn't need to be new. I'm happy to go down the PCP or lease route. I've worked sporadically over the last 5 years so my credit rating is shot to hell and I have a couple of CCJs. I'm now back in work and I'm hoping that there is some avenue open to me. It would take 6 months to put together enough to buy something half decent. I accept that I've probably be stuck with an extortionate interest rate but I that's just what it is. One other thing...My wife and I are both contractors and we've recently set up a company to receive our earnings. We wondered if it would make sense to buy the car through the company. Would this help/make any difference?

Thanks in advance.

I'm a contractor too. You can 'buy a car through the company' but you'll still need the cash to pay for it. You may get credit straight away, but I doubt it. Just note though, you can't buy a car through a company and claim mileage for it. It's one or the other.

robber2

Potbellypig wrote: »

I'm a contractor too. You can 'buy a car through the company' but you'll still need the cash to pay for it. You may get credit straight away, but I doubt it. Just note though, you can't buy a car through a company and claim mileage for it. It's one or the other.

and watch out for the taxable benefit for private use, its a killer