Car finance

Becca1261 Forumite Posts: 1 Newbie

my 12 month DRO is due to end in July. My car is on its last legs and I am hoping to get one on lease when the 12 months is up. My credit rating will be shocking. Does anyone know if it will be possible to get a lease car with bad credit?

many thanks


  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,673
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 4 January at 9:55PM
    Probably not, as your file will be full of defaults for the next 5 years.

    Try and save as much as you can and buy something cheap for cash.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
  • ManyWays
    ManyWays Forumite Posts: 138
    Third Anniversary 100 Posts Name Dropper
    Car leasing normally requires an excellent credit record. You will be able to get Hire Purchase from the likes of Moneybarn at 40% interest or more. If you have less than £75 a month spare income it is unlikely you could afford this unless your situation is going to improve a lot. 
    Possibly the best advice is to work out what this would cost and then try to limp along with your current car for as along as possible saving that amount up each month. Then when you have to buy you have money saved up so you borrow less and you also know how affordable payments of 3180 a month or whatever would be in practice.
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