Car finance bad credit

wmat983

My partner is in urgent need of new car for work as old car is now off the road and needs car for work. Credit rating is poor but but score improved quite a bit last month, I anticipate her score will continue to improve over next 6 months.

Can anyone recommend a good company that deals with bad credit? I was thinking even if was a higher APR, in 6 months down the line if credit score is fair to good maybe could refinance it with a better APR, thoughts?

Grumpy_chap

Why is the old car off the road?  What is the cost to bring it back to a functioning state?

Is there any way for your partner to get a car that can be purchased outright and see you through the short period while the detrimental events fall off the credit report?  That is likely to have less effect on the credit history and ability to finance more in 6 months than taking sub-prime borrowing now to try to refinance.  Refinance is not always as easy as you might expect.

Are there any other alternatives to having a car to cover the work needs?

forgotmyname

Scores are not what they are cracked up to be.  Various companies will give you a random score but how many lenders use that figure?

Get credit now and in 6 months a lender may see you already have commitments and doubt your ability to repay.

I get regular updates from Clearscore where my "score" goes up and down like a yoyo except there are often no changes. So why the
change in "score"?   Buy something fairly expensive on a CC and pay it off in full and my "score" went down..

wmat983

Her car is an 06 plate and not in great shape and needs MOT. She's not had much luck with cars in the past few years buying cheap cars. She has decided she wants a decent car now, she uses it for work doing home care. Affordability is no issue, credit report gets updated in a few days, I'm hoping for another big jump might give her some more options. 

[Deleted User]

Lots of companies will give car credit to people with bad credit because they will just take the car away if you default. Although the interest rate could end up being financial suicide. 

poppy12345

Your credit score has nothing to do with your ability to obtain credit, it's just a made-up number.

Herzlos

If credit is bad then affordability is suspect. Someone will give you money against a car but in the sub prime space you're overpaying for the car and then on the interest.

Can you get away with repairing it, getting it through this MOT and then getting a good car from a decent dealer next year?

06 plate is only 16 years old. What work needs done exactly?

[Deleted User]

poppy12345 said:

Your credit score has nothing to do with your ability to obtain credit, it's just a made-up number.

It doesn't but someone with a low score is unlikely to get preferential rates though are they.

Brie

Is there a credit card that can be used to either purchase the car or to transfer the amount to with a 0% deal?

Grumpy_chap

welshmatt983 said:

Her car is an 06 plate and not in great shape and needs MOT.
She has decided she wants a decent car now, 

I get "wanting" a decent car but what prevents the current car from passing the MOT?  My car is anything but great shape but still sailed through the MOT.

Can she get this car through the MOT and use it for a bit, while putting the monthlies that would have been paid to get the new car into a savings pot?  Then the money will be there to buy a decent car and it will all be much easier with a larger deposit, proven to self that affordability is truly not an issue, and allowed time for negative events to drop out of credit history?

poppy12345

Deleted_User said:

poppy12345 said:

Your credit score has nothing to do with your ability to obtain credit, it's just a made-up number.

It doesn't but someone with a low score is unlikely to get preferential rates though are they.

Your credit score has nothing at all to do with it. They don't even see that made up number. Its your history they look at.