Advice please!!!

chloeeliz

Hi all, sorry if i am posting in the wrong thread, i am new to this, anyway I am looking at getting a car i currently have an old banger which is on its way out i pay £130 a month for it, I can not afford to buy a car out right as i don't have that kind of money, my credit score rating is poor as i have not used it that much (i think that's why) I have been driving a year and 24 years old so my car insurance will more then likely be expensive. Has anyone ever used car finance? it's looking like my only option at the moment, any advice would be welcomed please!

Thank you

bris

Millions of people use car finance every year, you need to be more specific.

chloeeliz

Well I don't know much about car finance so are they generally good to go with, what are the small prints?

Years_of_debt

Do you want to own the car after your final payment?
Or do you want to just pay a monthly fee, not worry about MOT and Tax and literally just add fuel and go?

If you take a loan/finance you will end up with the car in the end (after you’ve paid in full) or if you don’t want the car in the end you can do a form of leasing known as PCP where you pay each month £200 for example and you just add Fuel and go. Any breakages are covered.
This is only if you take a new car (typically) though.
Seeing as you don’t have a clue about what you’re looking for you should way up ownership over not owning.
If you want to own then a loan at low Apr is always the best way. If you don’t care about owning then PCP or HP could be an option.

DCFC79

Your credit rating of poor is only seen by yourself. Whats exactly on your credit files ?


So no credit card ?
Mobile phone contract ?


How much do you save a month ?

Willing2Learn

@OP - Have you done any eligibility checks, to see whether or not you may be eligible for a loan?

jonesMUFCforever

Dean_J wrote: »

***removed by Forum Team***

Excuse me for being blunt but don't you think it is a coincidence that a first time poster with the name Dean advocating this company - and when you look at company records the name of one of the directors is also called Dean.
Some coincidence!

glennstar

jonesMUFCforever wrote: »

Excuse me for being blunt but don't you think it is a coincidence that a first time poster with the name Dean advocating this company - and when you look at company records the name of one of the directors is also called Dean.
Some coincidence!

Agreed! Very odd that the site isn't actually working (so no idea why Dean would point us all to it) but the companies house link is supported by the FCA link.

DCFC79

Deans other post is interesting.


OP go with a known name in vehicle leasing, ignore what Dean says.

poppasmurf_bewdley

No matter what car you have at the moment, it will be cheaper (usually much cheaper) to keep it on the road rather than buy a new car, especially if you don't own the new car at the end of the deal.

davidwood681

TomokoAdhami wrote: »

It is hard to get car finance with a bad credit score from lenders, credit unions and banks in favourable terms. Banks are profit organizations and if you have bad credit score then only some old and good relationships with the bank can permit you car finance at appropriate conditions, Otherwise, you should try to conversate with credit unions because these are non-profit organizations and can offer you a good solution.

On the other hand, you can take the money from any lender but keep in mind lenders conduct a hard research to check your credit scores too.

You sure about that?
:rotfl: