Bad Credit Car loans

R3500

Hi.

I'm looking for a car loan for people with bad credit. I haven't got any ccj's or anything or that seriousness on my report but on clear score my score lies at about 200/700.

I was conditionally approved by a company called 'car finance plus' all I needed to hand over to them was my ID and 3 payslips. It's annoying though because one of their stipulations is that the car HAS to be 2011 or newer, and I wanted something, erm,.. cheaper.

Has anyone any other solid (relatively anyway) suggestions of car loan companies that could offer me finance since my credit isn't great?

Thanks!






:money:

neilmcl

Have your tried your bank?

fatrab

If you're on the voters roll and you haven't missed any payments in the past year, or made more than 3 credit applications recently, I'd be inclined to take your credit "score" with a pinch of salt.


Agree with above, your bank will probably be the best bet. What rate of interest were CF+ quoting?

System

R3500 wrote: »

I was conditionally approved by a company called 'car finance plus' all I needed to hand over to them was my ID and 3 payslips. It's annoying though because one of their stipulations is that the car HAS to be 2011 or newer, and I wanted something, erm,.. cheaper.

That is because they're lending money on a 7 year old car which will be a decade old by the end of the loan and they're securing the loan on the vehicle so it has to have at least some value left in case you default.

Nobody in their right mind would give a secured loan on a car that'll be any older and to be honest I'm surprised you found a company that would give it on a car that old.

sleepyjones

I think a lot of finance agreements have a milage clause too, so the car you buy has to be below 80k miles or something like that.

What kind of car are you looking for?

You can get a nice 2011 / 2012 car for £2k - £3k, which on a 3 year finance deal should be around £100 a month.

If you're thinking more about a cheap car, check out the credit card eligibility checker on the MSE site : https://creditcards.moneysavingexpert.com/?purchases&_ga=2.207051219.1518616111.1522410581-2075184488.1460289876

You'd really want the 0% on purchases card, so do a check there and see if your eligible, it won't affect your credit report. I fyou can get a 0% card with a £1500 credit, then that'd be the way to go ... just make sure you don't miss any payments.