How quickly will I get better deals after CCJ expires

Ben95

Afternoon all,
I have a CCJ due off my credit record next year, I'm also looking to purchase a vehicle around this time.
The CCJ is satisfied and is the only blemish on my credit report, once that drops off there will be no negatives that I can see. 

My question is will I get offered much better credit terms once this drops off after the 6 year period is over, or will I still have a period of rebuilding after it has gone?
Eg my current APR on my vehicle is 39%, but I have a friend who is around 10%, will I get this type of rate the month after the CCJ is removed?

[Deleted User]

It will depend on your credit history. If you have a 6 year old CCJ but spent the last 6 years building up your credit rating e.g. by having credit cards which you spend on every month and pay off in full, have no missed payments, no defaults, otherwise perfect behaviour then you are likely to get a better deal once the CCJ goes yes. If you have no credit history beyond an eye-wateringly high APR car finance deal, then maybe not.

It will really depend on your income, other debts, affordability etc so difficult to give anything more concrete without knowing your circumstances

Ben95

Deleted_User said:

It will depend on your credit history. If you have a 6 year old CCJ but spent the last 6 years building up your credit rating e.g. by having credit cards which you spend on every month and pay off in full, have no missed payments, no defaults, otherwise perfect behaviour then you are likely to get a better deal once the CCJ goes yes. If you have no credit history beyond an eye-wateringly high APR car finance deal, then maybe not.

It will really depend on your income, other debts, affordability etc so difficult to give anything more concrete without knowing your circumstances

I've had phone contracts, small value credit builder cards etc all paid on time during the 6 years. The vehicle was a rushed and terrible decision but I will be settling the finance early on that this year (2 years into a 4yr deal.)I've read that settling in full could have a negative impact in the short term but I'm not that bothered considering the money I'm going to save. 

Ebe_Scrooge

Why not save up between now and next year, then buy the car for cash?  You then don't increase your debt, plus you save yourself a shed-load of interest - it's win-win.