Car HP with CCJ

in Loans
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david.richards27david.richards27 Forumite
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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

Replies

  • Aran76Aran76 Forumite
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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?
  • Grumpy_chapGrumpy_chap Forumite
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    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?
  • david.richards27david.richards27 Forumite
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    Part of the Furniture 10 Posts
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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?
    I saw a company from Experian, Experian was tell me I have a 95% acceptance chance, I assume this is probably not likely then?
  • CatsacorCatsacor Forumite
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    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.

    First, take responsibility .....
  • edited 4 July 2022 at 8:21AM
    nyermennyermen Forumite
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    edited 4 July 2022 at 8:21AM
    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.
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