Car finance

Linzimain87

Just wondering if anyone can offer any advice. I'm looking to get a car on finance in the next couple of weeks I'm scared I may not be accepted for finance tho as I've had bad credit score in the past my current experian score sits at 650 I currently own two credit cards and two catalogue accounts which I'm keeping up repayments on. My overall debt is just under 6k. Just wondering if anyone thinks it's likely I'll be accepted?
Thanks

Willing2Learn

Hi Linzimain87 and welcome to the forum 

Forget about your 'credit score' as a typical lender neither sees nor uses it.  Is there any negative data recorded in your three credit files, or is your recorded account conduct all positive?

If the car finance is secured against the vehicle, then it is easier to get the credit.

Linzimain87

I do have two defaults on my report but their both quite a few years old now the rest of my debts in managing to keep up with each month hoping to have 500 deposit for car and get 3k on finance if I can

Willing2Learn

Yes, some people have been successful in getting car finance when they have defaults. But the APR will obviously be much higher due to the increased risk.

Alternative option: If you save up a little more, then you should be able to get a nice runabout for £1,000. 

Linzimain87

Thanks that fills me with a little hope don't know if I could wait to have 1000 saved lol might phone my bank in the money and see if they can offer any help. 

LorenPearson

Hi I am just wondering if anyone has been in a similar situation or can offer me any advice at all. I have recently separated with my partner who has a car on finance (since Aug 19), however due to his poor credit I was silly enough to allow him to put it in my name. The car, finance and direct debit are all in my name, he just transfers the amount to me monthly. However, since we are no longer together and his own finances have changed now, he won't be able to keep up the payments for much longer and is in no position to get a loan (he would need around £12000) to buy the car off me for the settlement price. I have my own car on finance which is nearly paid off and my credit file is good, I am worried about the few options I have after speaking with the finance company, as I don't want to jeopardise my own credit by 'voluntary surrendering' it and also having almost paid my own car off he has suggested buying this car from me and then me taking over the payments on his car which cost £250 per month and it has 4.5yrs left on it. I cannot afford this and feel this is most likely the only option I have. If any one can offer me any help or point me in the right direction I would be very grateful. Thanks in advance.