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Car HP with CCJ
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
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
0
Comments
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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?0 -
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?0
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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?0 -
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.
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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.0
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