Finance with oodle?

Tmbhor

Morning all,

Long story short, I have terrible credit mostly due to previous employment, i,e never paying me in time, or at all, made me redundant TWICE, and just generally unreliable with my payments.

That’s changed now and I’m in what I would consider very good and stable employment (huge company) on better money that’s only going to massively increase after my first year, and my credit score is finally going up!

I know it’s best to just save your own money for a vehicle, but I am looking to finance one. I’ve assessed my outgoings and what I can afford and I can comfortably keep up with the payments.

Now, I applied with oodle because the reviews are amazing! They sent me an email saying I’ve been accepted after only performing what I assume was a “soft search” as no bank details or anything were provided, just name, address and that kind of stuff. I’m under no illusions of my credit score being anything but sh*t, so I’m feeling a bit skeptic.

So has anyone dealt with these people or has anyone got any tips (apart from don’t get finance) on the best way to go about finance with poor credit? I’m aware that there are companies that will offer me credit with extortionate interest rates but I’m not that desperate so I’ll be giving said companies a miss.

Thanks

motorguy

Tmbhor wrote: »

Morning all,

Long story short, I have terrible credit mostly due to previous employment, i,e never paying me in time, or at all, made me redundant TWICE, and just generally unreliable with my payments.

That’s changed now and I’m in what I would consider very good and stable employment (huge company) on better money that’s only going to massively increase after my first year, and my credit score is finally going up!

I know it’s best to just save your own money for a vehicle, but I am looking to finance one. I’ve assessed my outgoings and what I can afford and I can comfortably keep up with the payments.

Now, I applied with oodle because the reviews are amazing! They sent me an email saying I’ve been accepted after only performing what I assume was a “soft search” as no bank details or anything were provided, just name, address and that kind of stuff. I’m under no illusions of my credit score being anything but sh*t, so I’m feeling a bit skeptic.

So has anyone dealt with these people or has anyone got any tips (apart from don’t get finance) on the best way to go about finance with poor credit? I’m aware that there are companies that will offer me credit with extortionate interest rates but I’m not that desperate so I’ll be giving said companies a miss.

Thanks

I think you need to take ownership for you not making the payments, not your employer.

Personally - i'd buy a car with cash (even one down the money), drive it a while, save, then change the car as and when you have the desire / need and the money sitting in the bank.

You will be rogered senseless with a poor credit history in terms of interest paid.

If you really must, borrow a lowish amount over as short a term as you can.

Mercdriver

Tmbhor wrote: »

Morning all,

Long story short, I have terrible credit mostly due to previous employment, i,e never paying me in time, or at all, made me redundant TWICE, and just generally unreliable with my payments.

That’s changed now and I’m in what I would consider very good and stable employment (huge company) on better money that’s only going to massively increase after my first year, and my credit score is finally going up!

I know it’s best to just save your own money for a vehicle, but I am looking to finance one. I’ve assessed my outgoings and what I can afford and I can comfortably keep up with the payments.

Now, I applied with oodle because the reviews are amazing! They sent me an email saying I’ve been accepted after only performing what I assume was a “soft search” as no bank details or anything were provided, just name, address and that kind of stuff. I’m under no illusions of my credit score being anything but sh*t, so I’m feeling a bit skeptic.

So has anyone dealt with these people or has anyone got any tips (apart from don’t get finance) on the best way to go about finance with poor credit? I’m aware that there are companies that will offer me credit with extortionate interest rates but I’m not that desperate so I’ll be giving said companies a miss.

Thanks

You may not get the rate they have said when you do the full credit search.

Mercdriver

motorguy wrote: »

I think you need to take ownership for you not making the payments, not your employer.

Personally - i'd buy a car with cash (even one down the money), drive it a while, save, then change the car as and when you have the desire / need and the money sitting in the bank.

You will be rogered senseless with a poor credit history in terms of interest paid.

If you really must, borrow a lowish amount over as short a term as you can.

A tad harsh. If you have regular payments coming out of your account and your employers don't pay you and when they do, they pay you late, how would you manage? In a once in a while situation having a plan B can help, but if it is a regular thing being paid late, then there is only so much resources in plan B.

System

Tmbhor wrote: »

Morning all,

Long story short, I have terrible credit mostly due to previous employment, i,e never paying me in time, or at all, made me redundant TWICE, and just generally unreliable with my payments.

I know it’s best to just save your own money for a vehicle, but I am looking to finance one. I’ve assessed my outgoings and what I can afford and I can comfortably keep up with the payments.

So now you've got a shiny new job with a nice wage that's going to go up that you can't wait to blow on a shiny new car what happens when you're laid off again? No such thing as a stable job, a lot of those at Honda thought they had jobs for life, as did those at BAe down the road from me years ago. And I doubt your company is as big as Honda. Also remember an employer can dismiss any employee without reason in the first 2 years so don't be counting your chickens before the eggs have hatched which you seem to be in an awful rush to do. Personally if I had been in your position I'd have learned the lesson and not be buying things I can't afford for £1000s on finance.

Mercdriver wrote: »

A tad harsh. If you have regular payments coming out of your account and your employers don't pay you and when they do, they pay you late, how would you manage?

I use the five figure emergency fund I've built up when the five figure bank account I've built up, both done with the help of not perpetually buying stuff I can't afford on credit, runs out.

Plan B for me is equivalent to one years entire spending.

motorguy

Mercdriver wrote: »

A tad harsh. If you have regular payments coming out of your account and your employers don't pay you and when they do, they pay you late, how would you manage? In a once in a while situation having a plan B can help, but if it is a regular thing being paid late, then there is only so much resources in plan B.

Its about ownership of the problem, thats all. It sounds like the employer did this repeatedly, and given the O/P has told us they have a particularly bad credit rating they have repeatedly allowed payments to go unmade. The ownership of that problem lies with the O/P.

If i'd an employer who paid me sporadically i'd be taking evasive action to ensure my financial commitments were being made.

Also, making assumptions that just because a company is big means your job is secure and that your salary WILL go up after a year, might not be the best basis for taking on debt.

motorguy

Tarambor wrote: »

So now you've got a shiny new job with a nice wage that's going to go up that you can't wait to blow on a shiny new car what happens when you're laid off again? No such thing as a stable job, a lot of those at Honda thought they had jobs for life, as did those at BAe down the road from me years ago. And I doubt your company is as big as Honda. Also remember an employer can dismiss any employee without reason in the first 2 years so don't be counting your chickens before the eggs have hatched which you seem to be in an awful rush to do. Personally if I had been in your position I'd have learned the lesson and not be buying things I can't afford for £1000s on finance.

I use the five figure emergency fund I've built up when the five figure bank account I've built up, both done with the help of not perpetually buying stuff I can't afford on credit, runs out.

Plan B for me is equivalent to one years entire spending.

+1

Wholly agree with this.

Mercdriver

Tarambor wrote: »

So now you've got a shiny new job with a nice wage that's going to go up that you can't wait to blow on a shiny new car what happens when you're laid off again? No such thing as a stable job, a lot of those at Honda thought they had jobs for life, as did those at BAe down the road from me years ago. And I doubt your company is as big as Honda. Also remember an employer can dismiss any employee without reason in the first 2 years so don't be counting your chickens before the eggs have hatched which you seem to be in an awful rush to do. Personally if I had been in your position I'd have learned the lesson and not be buying things I can't afford for £1000s on finance.




I use the five figure emergency fund I've built up when the five figure bank account I've built up, both done with the help of not perpetually buying stuff I can't afford on credit, runs out.

Plan B for me is equivalent to one years entire spending.

Bully for you being able to afford a 5 figure emergency fund. Explains why you are so often self righteous. Keep polishing your halo and you will dazzle drivers and cause an accident. Does your halo have third party insurance?

Arklight

I suspect many people driving around in shiny new cars can't really afford them. I have a feeling that this percentage escalates hugely the further up the prestige badges you go.

I certainly don't have much money but I am often surprised when I meet people who do, quite how little they spend on flash stuff for themselves. Especially if they are self made, rather than just having money showered all over them from their parents.

motorguy

Mercdriver wrote: »

Bully for you being able to afford a 5 figure emergency fund. Explains why you are so often self righteous. Keep polishing your halo and you will dazzle drivers and cause an accident. Does your halo have third party insurance?

I think irrespective of the amount, the principal still stands. The O/P has had some very bad experiences in the past which he seems to be putting down to being "someone elses fault", and now on the back of a new job with potential prospects he wants to jump right back in there by taking on a large debt for chances are something he doesnt actually need.

I think everybody should have an emergency plan. It doesnt need to be £10K, it doesnt need to be a years outgoings but it does need to exist and be real.

For example, i'm sure theres a lot of people in a similar position to the O/P who want to take on high interest debt at say £300 a month but wouldnt consider saving that for a year to give themselves a handy sized slush fund.

Simply not paying your financial commitments doesnt seem like much of a plan to me - which is the one the O/P seems to have used in the past.

forgotmyname

I worked for 2 companies that had prided themselves to the fact they had never laid anyone off. Both of them are no longer trading.

Why have depots and offices in various locations when you can spend 1/2 million on some software where the customer can order the items and get it delivered direct from the factory rather than have excess stock and warehouses.

Nothing is certain these days.