Finance help.

Mandoo_2

Hi,

I need to buy a car in a hurry but do not have the cash available at the moment. I am on a DMP with CCCS and have permission from them to buy a car on finance as I need one for work. I don't have access to public transport.

The problem now is that I have a poor credit rating (obviously ) and don't know where to look for finance. I am expecting to get higher APRs, charges, etc, but if I don't get a car soon I will not be able to work, thus I have no choice.

I would like to know what companies other people have used, that will finance cars for people with low credit scores. I am in Essex, so if anyone can recommend anything in the essex/ north london area it would be helpful.

Thanks,

Mandoo.

anewman

I am sure you can put together £500, buy a car outright, and pay for insurance monthly till you have a bit saved up (of course debt is better paid off than saving money as it will save money in the long run, but it will save money on insurance to have the lot saved up and ready)? More credit sounds a bad idea IMO in your position - especially when you can buy cars so cheaply.

http://search.autotrader.co.uk/es-uk/www/cars/SKODA+FELICIA/Ne-2-4-5-6-7-8-27-44-49-53-61-64-67-103-133-146,N-4294966763-4294966834/advert.action?R=200801301259241&distance=111&channel=CARS&make=SKODA&model=FELICIA&min_pr=&max_pr=&max_mileage= for example
http://search.autotrader.co.uk/es-uk/www/cars/SKODA+FAVORIT/Ne-2-4-5-6-7-8-27-44-49-53-61-64-67-103-133-146,N-4294951300-4294966834/advert.action?R=200809108958014&distance=159&channel=CARS&make=SKODA&model=FAVORIT&min_pr=&max_pr=&max_mileage= only 20k miles, immaculate and only £550, granted it is 13 years old but it should last a good five years or so.

If you can't get together a couple hundred all you *really* need is the cheapest loan possible for £1k to get you started.

Keith

Your debt management plan allows you to go and take on another debt with a higher interest rate because you've not maintained your agreed monthly payments on your other debts? Blimey, where do I sign up to that, how do your other creditors feel about this? Surely the money paid towards the new debt should be paid towards their existing debt?

You do not need a car on Finance, £5-600 will buy a car with MOT.

Mandoo_2

Thanks for the replies, but as I have said in the original post, saving up is not an option. I live in an area that does not have public transport and I need a car in the next two to three weeks.
I am currently borrowing my Dads car as he is off sick from work, but he goes back to work soon which leaves me without a car. I cannot save up £500 in 2 weeks when I only earn £650 in a month and I need something reliable for my 40 mile each way journey.
Believe me, if I could find a way to save up then I would, but there is no money spare in my budget. If I miss a DMP payment for a month it will only give me £120 to spend and that will not get me a roadworthy car. I've been looking!

Mandoo.

anewman

Mandoo wrote: »

I need something reliable for my 40 mile each way journey.

Because a car is £500 doesn't mean it's not reliable. I have a car someone was going to send to the scrap, had it over a year and never broken down even on 218 mile trips, never failed to start. £500 will get you more of a car than you might think, just try take someone along who knows something about cars to check it over.

Do you know someone who has an old car they're thinking of getting rid of or scrapping? Many people do scrap perfectly serviceable cars because they can't be bothered with the hassle of selling them. I have seen people post wanteds on Freecycle for cars, I doubt they get a car to be honest, but I guess it's worth a try - you could give them the financial issues, need to get to work, no public transport story - the worst people can do is send nasty replies, at the best you may be offered a useable car. Unfortunately you have to offer something worthwhile before you can place a wanted, supposedly to prevent them being flooded with wanteds. Sometimes cars do get offered on freecycle but they tend to go in seconds, not minutes.

http://cgi.ebay.co.uk/1-4-astra-merit_W0QQitemZ250224828585QQihZ015QQcategoryZ9858QQssPageNameZWDVWQQrdZ1QQcmdZViewItem £150 tax and test, should get the buyer around. Body damage described would not affect the running of the car.

Honeydog

Why not get a small cheap scooter? Do you def need a car? Lots of people commute on scoots and the good weather is coming - plus if you get a 50cc it will cost peanuts to run.

drewwa

You can get a decent car for £120

Search for something like
http://search.autotrader.co.uk/es-uk/www/cars/advert+search/Ne-2-4-5-6-7-8-27-44-49-53-61-64-67-103-133-146,N-28-109-214/advert.action?R=200815307347448&distance=43&postcode=tn233np+&channel=CARS&make=&model=&min_pr=&max_pr=500&max_mileage=

Mk2 Polo, virtually indestructable.

Or, have a look around dealerships. Some take in old part exchanges and will sell them back to you for virtually nothing as it costs them £150 to scrap the car. It's possible to buy a car for £1. Dealer makes £149 profit. Win, win.

Cheers,

Drew.

Inactive

If you have no money, get a bike or a moped.

Getting further in to debt is just plain stupid.

Conor_3

I'm sorry but if you earn £650 a month and then have to take the cost of running a car 80 miles a day to get to work, you'd be better off signing on the dole or finding a part time job locally. I assume the £650 is take home?

Insurance, tax and MOT comes to around £12 a week if you're paying under £400 a year insurance. Petrol costs likely to set you back around £12.50 a day.

If you work a 4 day week (although I expect you're working 5), it's costing you £62 a week to go to work or ~£250 a month leaving you £400 a month to live on. That's dole money. In fact, no. If you include council tax benefit, that's LOWER than dole money. If you're going to be taking finance for a car out of that £400, you're going to be living on LESS than a single person gets on Income Support.

Put simply, the maths doesn't make this job viable.

I think I have a rough idea why you've ended up on a DMP if you've been doing this job for a while.

Conor_3

Honeydog wrote: »

Why not get a small cheap scooter? Do you def need a car? Lots of people commute on scoots and the good weather is coming - plus if you get a 50cc it will cost peanuts to run.

For 80 miles a day? It'd take you 3 hours travelling time.

goldspanners

Conor wrote: »

I'm sorry but if you earn £650 a month and then have to take the cost of running a car 80 miles a day to get to work, you'd be better off signing on the dole or finding a part time job locally. I assume the £650 is take home?

thats exactly what i was thinking.
get a job locally.or find a better paying job.
running a car that distance for that amount of money is crazy.