Car Finance - bad credit

JohnluckPicard

Hi all, first post. 

Basically, my credit record took a bashing in the last couple of years but things have levelled out and im now on a reasonable income.

I desperately need a new car for my job but have no savings and as said above, my credit checks are not pretty. I dont have any CCJ's / IVAs though

Is there such a thing as a finance company who are reasonable and ok with poor credit. Im only looking to spend between £3000-3500 and i accept that the APR wont be 'money saving' but needs must. Repayments wont be a problem

Thanks all and sorry if this is in the wrong forum!

Ebe_Scrooge

I can recommend Kneecap Brothers Ltd.  They'll lend to anyone - but just be damned sure you don't miss a repayment.

OK, joking aside - first off, why is your credit file so bad?  Are we talking several missed payments/defaults?

There are companies that will lend to those with "less than ideal" histories - but be prepared for eye-watering interest rates.

I guess the most pertinent question might be - do you really need a car?  Is public transport an option whilst you save up for a cheap 'n' cheerful runaround?  £3000, whilst not a lot for a car in general, is not banger territory.  If you're prepared to take your time and do a bit of legwork, you should be able to find something perfectly serviceable for half that amount.  Is it feasible to save hard for a few months and use public transport (or lift-share) until you can get yourself a little run-around?

JohnluckPicard

Ebe_Scrooge said:

I can recommend Kneecap Brothers Ltd.  They'll lend to anyone - but just be damned sure you don't miss a repayment.

OK, joking aside - first off, why is your credit file so bad?  Are we talking several missed payments/defaults?

There are companies that will lend to those with "less than ideal" histories - but be prepared for eye-watering interest rates.

I guess the most pertinent question might be - do you really need a car?  Is public transport an option whilst you save up for a cheap 'n' cheerful runaround?  £3000, whilst not a lot for a car in general, is not banger territory.  If you're prepared to take your time and do a bit of legwork, you should be able to find something perfectly serviceable for half that amount.  Is it feasible to save hard for a few months and use public transport (or lift-share) until you can get yourself a little run-around?

I was hoping for Knee Cap Finance   Yes, some defaults and missed payments

I need a reliable car for my job (i visit rural areas so public transport isnt an option Im afraid) and with 2 kids i need one of a reasonable size

BOWFER

There are online tools that will do a 'soft search' and tell you who's willing to take you on
Probably one here.

MovingForwards

Have you tried your own bank for a loan, then you've the option of numerous cars and can pay cash.

Herzlos

There are car dealers that specialise in poor credit customers, but it's a bit like brighthouse in that you're paying well over the odds for the car itself and then well over the odds in interest.

Have you looked at rental or leasing until your credit rating improves a bit? Got anything you can sell to at least raise a deposit?

Have you looked at any alternatives to commuting - bus / bicycle? What do you actually need the car to do?

I'd be doing my best to try and buy something as cheap as possible to save up for a better car with a better rate later. Maybe ask around at local dealerships for any half decent trade ins.

Grumpy_chap

JohnluckPicard said:

Hi all, first post. 

Basically, my credit record took a bashing in the last couple of years but things have levelled out and im now on a reasonable income.

I desperately need a new car for my job but have no savings and as said above, my credit checks are not pretty. I dont have any CCJ's / IVAs though

Is there such a thing as a finance company who are reasonable and ok with poor credit. Im only looking to spend between £3000-3500 and i accept that the APR wont be 'money saving' but needs must. Repayments wont be a problem

Thanks all and sorry if this is in the wrong forum!

Do you have any savings that you could use?

If you can get a car that simply "works" for cash and it lasts you a year, that could buy you the time you need to establish a more preferred route forwards.

motorguy

Grumpy_chap said:

JohnluckPicard said:

Hi all, first post. 

Basically, my credit record took a bashing in the last couple of years but things have levelled out and im now on a reasonable income.

I desperately need a new car for my job but have no savings and as said above, my credit checks are not pretty. I dont have any CCJ's / IVAs though

Is there such a thing as a finance company who are reasonable and ok with poor credit. Im only looking to spend between £3000-3500 and i accept that the APR wont be 'money saving' but needs must. Repayments wont be a problem

Thanks all and sorry if this is in the wrong forum!

Do you have any savings that you could use?

If you can get a car that simply "works" for cash and it lasts you a year, that could buy you the time you need to establish a more preferred route forwards.

I did this in the past.

I bought a dirt cheap runabout for a minimal amount of cash (£90 to be precise!)  I did about 15,000 miles on it in 9 months before the MOT ran out (floor pan was rotten so i couldnt get it through again).   Got me through a tough time financially.

Grumpy_chap

motorguy said:

I did this in the past.

I bought a dirt cheap runabout for a minimal amount of cash (£90 to be precise!)  I did about 15,000 miles on it in 9 months before the MOT ran out (floor pan was rotten so i couldnt get it through again).   Got me through a tough time financially.

Indeed, it can be a very good solution for scraping by.

They tend to be advertised on auction sites or car selling sites with a description as simple as "MOT until XXX, starts, drives" and very little more.