Poor Credit/PCP Car Finance

ShuiSilBev

Hi Guys,

I have Poor credit in all the agencies
Noddle (TransUnion) 533
ClearScore (Equifax) 485
CreditExpert (Experian) 622

I am looking to PCP finance a car.

Any ideas or recommendations bar going on google and selecting the first company that comes up on google searches.

Thanks

Josh

parking_question_chap

How much will you plan to spend?

foxy-stoat

The numbers matter not - its your credit history that is key.

Maybe look for alternative to buy a car on PCP finance.

Mercdriver

Personally if your credit history isn't great and you want to finance a car, I would be looking at a traditional HP over a PCP. While keeping up to date with payments over 3 years will certainly help your credit record, at the end of the term you either have to hand the car back or pay the balloon. What would do then if your credit was still not good enough to take out a new PCP?

Herzlos

With poor credit you're going to get shafted on a PCP even for an oldish car. What are your car requirements and can they be met with a cheaper car until your credit situation improves?

debtdebt

It'll probably work out cheaper buying a banger with 12 months MOT and swapping it each year.

ShuiSilBev

I’ve bought bangers for £1-2k before and they’ve always broken after 6 months to a year. I do 15-20k miles a year working construction so need a reliable car that won’t leave me stranded on the motorway.

I’ve resorted to long term renting a Qashqai for £20 a day, which is hugely expensive, but on the plus side, I don’t have to worry about mileage, maintenance, insurance, tax, MOT, etc

I would like to lease or PCP a car but fear my credit will hamper me, I don’t mind paying slightly over the odds for a 2 year PCP agreement, it will still be less than renting as I am doing now.

Herzlos

Most of the folk I know in construction drive bangers, at least to work. No point having a nice car dumped on a construction site.



I've also got years out of £1-2k bangers.



You're not going to pay slightly over the odds for a 2 year PCP - you're going to get absolutely stuffed.


What's your monthly budget for the payments? What are the actual requirements for the car?

ShuiSilBev

Budget is £400 a month on PCP or £2000 to buy outright. I don't know anything about cars to know what to buy. Estate would be good or SUV.

Any help would be greatly appreciated.

JackeeBoy

Get yourself a Dacia SUV. Practical, reliable and cheap. Can pay under £200 a month with a sub £2k deposit.

https://offers.dacia.co.uk/cars/duster/personal-contract-hire

Jonesya

Japanese brands score well for long term reliability - Toyota, Honda, Nissan and now other brands do well and offer long warranties - Kia, Hyundai etc.