🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

Car HP with CCJ

Options
Deva2005
Deva2005 Posts: 94 Forumite
First Anniversary First Post
Hi Guys

Just wondering if anyone has and experience/comments on the following:
Looking to get a second hand car and use some savings and the rest on HP.

My credit score is not fantastic (low fair) and I have a CCJ from a year or so ago.

The deposit is likely to be approximately 50% of the vehicle cost.

I am wondering if anyone has experience or knowledge about the likelihood of being accepted by Black Horse Finance based on my situation?

Many thanks 
David

Comments

  • Aran76
    Aran76 Posts: 35 Forumite
    First Anniversary First Post
    Options
    I think it's very unlikely that you'll be accepted by anything other than the specialist lenders that will charge very high rates.

    Why don't you buy a lesser car with your savings?
  • Grumpy_chap
    Grumpy_chap Posts: 15,062 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    You have not indicated what sort of price level this car would be but, if you can buy with a 50% deposit, could you not buy a cheaper car for cash and allow your credit history to recover?
  • Deva2005
    Deva2005 Posts: 94 Forumite
    First Anniversary First Post
    Options
    Aran76 said:
    I think it's very unlikely that you'll be accepted by anything other than the specialist lenders that will charge very high rates.

    Why don't you buy a lesser car with your savings?
    I saw a company from Experian, Experian was tell me I have a 95% acceptance chance, I assume this is probably not likely then?
  • [Deleted User]
    Options
    Probably not, carry out a lot more due diligence, via this forum, to see just how to manage your affairs - the subject of obtaining credit is a large one, and complex, but very worth doing because it'll save you a lot of money in the long run.

    You'll read how other people have fallen into a situation they regret by jumping into debt without fully understanding, or accepting, how the complexities work.

    We've all been there and we learn, often the hardest way, and can offer a bit of guidance through our own efforts.

  • nyermen
    nyermen Posts: 1,098 Forumite
    First Anniversary First Post Name Dropper
    edited 4 July 2022 at 8:21AM
    Options
    Sorry to be obvious - the problem is, unlike a house, having a large deposit doesnt have the same meaning (as even if a loan can be secured on a car, its still a depreciating asset).

    As others say, consider if a lower cost car is possible.   In another year or two, the CCJ will be less of an issue (i assume its discharged?).  I wouldn't trust the 95% myself btw - right now, your record is saying to potential lenders that only a year ago, you failed to pay a court order within the mandated time (I presume you didn't pay it before the deadline hence its on your record?)
    Peter

    Debt free - finally finished paying off £20k + Interest.
Meet your Ambassadors

Categories

  • All Categories
  • 6 Election 2024: The MSE Leaders' Debate
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards