Need personal Loan - Good Income, bad credit rating

LilacPixie

2001 vectra estates will take 3 car seats along the back seat with plenty of room in the boot for all the junk you need to carry for the kids.

Buy one of them with your savings and then save for your 10k car over the next few years.

Paying 30+% interest on a loan for an item that will just depreciate is total madness.

big_gay_kirk

You can get a very good old shape Mondeo for less than a grand.. they easily take five people.... in fact a T reg recently went at our auctions with twelve months tax and ten months MOT for 350.... even if it only lasts a year ( and I've been driving a 25 year old Cortina for the past 5 years with no major problems) you've still saved....

TheKeyMaker

Point taken, will go around the auctions and look for something which I could afford at the moment; what also I didn’t mention (apologies for that), is that I still have other 2 kids from previous marriage and I was looking for a MPV car. Also I probably took a bad advise on board (from a friend) that I should buy a car close to new and forget about cars in the next few years. Reading your advises I now think that I will be taking one step at the time: buy an old state car for now, till better times.
Thank you all for your valuable experience and willingness to share it!

dannynixon

Glad you have come to a reasonable conclusion key maker.

thatboydean

me to, i like to see when someone recognizes there pushing way pass there limits

With yr credit history u'll not get a good rate! try to get an adverse card and slow begin to rebuild yr history so by the time those bad marks drop off yr repot it'll look nice and new

robibrk

My you check my signature, for some articles.

big_gay_kirk

If you need something with lots of seats, look out for a minibus.. you can get a decent T reg 12 seater for somewhere in the region of 1200 quid, complete with seat belts, mot etc.. and you may find if you shop around that the insurance will be cheaper than for an equivalent aged mpv.... and you'll get far more luggage space!

LilacPixie

you could also pick up an older MPV for a few hundred quid espaces in particular seem to depreciate alot as do some of the earlier japanese models.

i've seen a few toyota 8 seters along with multiple ford galaxys all for under 1k.

Even at 1k if it only does a year then goes to scrap heaven you still haven't lost as much as you would with a 30+% loan plus depreciation.

On the subject of your friend. he's talking out his bum to put it politly. On average cars loose 60+% of their value in the first 3 years. You can easy pick up a 23k brand new car for 6k at the 3 year mark with less than 30 thousand on the clock from a dealer, even less private.

example from my local garage (a dealership). ford s-max 7 seater top of the range full range of 'toys' leather etc. 24k new 08 plate. 07 plate ex motability 12 thousand miles 12.5k. Can you imagine how gutted you would be knowing that the 20k loan you took out a year ago you still had 20k to pay and the car was worth less than 13k. give it another 2 years and that same car will be selling for 6 ish k i'm guessing especially when this new car tax law thingys come in.

Sorry i'm waffling. Glad you have made the right choice.