Have YOU managed to secure car finance?

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  • BossKy
    BossKy Posts: 23
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    Dandytf wrote: »
    Purchased a car-twice during existing DMP years-multiple defaults, no ccj's

    Moneybarn-prevous car.
    Blackhorse finance-this years car.

    what were the value of the vechicles? and did u have to put a deposit?
  • flightboy
    flightboy Posts: 183 Forumite
    BossKy wrote: »
    what were the value of the vechicles? and did u have to put a deposit?

    My finance ended up being moneyway £6,000 KIA...but because i went via zuto they deal with the dealer direct you just pick the car and wait a few days and collect it signing the finance companies papers in the dealership

    If you pay a deposit you get a better APR apparently ( at least with money way, less risk i guess ) but they didnt ask for one from me i offered. As above tho pick your car dealer well! i went with kia for the 7 year warranty of which my approved used kia car had almost 4 years left on it at time of purchase
  • Dandytf
    Dandytf Posts: 4,795
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    edited 20 April 2017 at 8:32PM
    BossKy wrote: »
    what were the value of the vechicles? and did u have to put a deposit?
    2011 clio-purchased2014 @26% apr approx7k approx 29kmiles traded in 2002 clio for 500 deposit
    2014 clio purchased 2017 @7.9apr7500k approx.26kmiles 650. deposit as prev car written off- not my fault thankfully

    Note the generous reduced apr this year -7.9% apr since 2014-29.6apr.
    That is in some part as I haven't missed ay credit payments at all for all unsecured lending since dmp2012.

    Both cars were purchased 48 month term,I wasn't planning a noher car this year unilan accident-shocked my incurance company wrot my 2011 clio off appart from body damage it was serviced every year with only 32k milesthe 1.2 engine was 'minted' as as this years clio -didn;t have much time to decide as I as most people need a car to travle to work-though love my 2014 clio loads of tech/sat nav/bluetooth etc and it's very comfortale both were 5 doord thoug this car is much smarter ad in some respect 'lighter' when opeing and closing doors in a tight car park-lots and lots of cars on the roads past few years, what a difference in trafic volume past 5 years.

    both cars were purchased from the same very reputable local dealership which is why I'll continue with their servies this years car I took a 3 year service plan-my way of thanking the salesaman who found a clio I would like and make use of.


    I've still until late 2019 before I can save my 180 p/month when dmp finishes.-The cost of 2011 short unemployment.
    Though it blackhorse this year, Moneybarn did offer uptop 10K@19.9 apr range whichI kindly declined for the better finance offer.

    Hope you find a car soon, don't think you'll be left without any choice-there must be thousands wh's circustances have changed past few years -took me 1-2 years before going dmp route thinkijng I'll nver be able to buy a car on fianance again-I didnt find out I was wrong until 2014-my 2002 clio@90k miles had served me excellent accross 3 jobs/various locations
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • bazzyb
    bazzyb Posts: 1,584
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    If you have a CCJ and/or defaults, you are looking at 40% APR and a max loan of between £7k and £10k. You can also expect to pay a 20% deposit.

    This is not necessarily accurate as it depends on a lot of other factors, particularly how old the bad stuff is and if there is much recent good stuff.

    There are definitely lenders who will finance £20k with no deposit with a much lower APR with CCJs or defaults but it is not as black-and-white as that.

    OP, you may find it useful to apply directly to a car finance broker who will be able to work out the best lender for you and advise of criteria i.e. if you need a deposit and what your maximum budget would be with your affordability.
  • BossKy
    BossKy Posts: 23
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    thanks all - applied at Zuto and was accepted by 2 out of 3 lenders for up to 15K - rate isnt too bad either, and works perfectly fine for me.

    Would highly recommend Zuto to anyone in the same position, great customer service and good range of lenders for most situations.
  • Chappaz
    Chappaz Posts: 138
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    Car finance usually isn't too hard to find, particularly if it's hire purchase, because the car is an easy, high-value asset to take back if the borrower defaults.

    It's usually outside and within easy reach, and just needs to be popped into an auction. Car finance lenders are therefore generally a bit more relaxed as they know the asset is there to fall back on in 90% of situations.

    They'll still whack you with a fairly high APR though.
  • Fireflyaway
    Fireflyaway Posts: 2,766
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    Had 2 defaults and behind on mortgage but was accepted with advantage finance. They were really nice to deal with. It was a £7000 mini. Monthly payments were £220 over 4 years so pretty high. Got rid after 2 years though.
    Previously with billing finance . stay away they were horrid! Rude and treat you like dirt and talk down to you.
  • Lau0707
    Lau0707 Posts: 74 Forumite
    Hi,

    I had a car 2 years ago on finance, second hand, 32% APR, high repayments :( last year, it blew up, and I was left with owing 4k, and 2.5k repairs on a car that wasn't worth it....

    Last March, I walked into Suzuki, thinking they can't help me, I walked out with a 0% 4 year agreement, they bought my outstanding debt from first response which settled at 2.9k, added it on top of my finance, and I got a brand new Suzuki Swift, with Black Horse. £1700 deposit, at the time, my experian credit score was poor.

    I don't know how it happened, but it did lol. I have been working on my credit score for 3 years now, and my defaults are due to drop off next year. Hope this helps.
  • Dandytf
    Dandytf Posts: 4,795
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    Excellent, I hadn'y heard of Zuto until yor thread.

    If you dont mind me asking, what rate did you get, 'not too bad' -guess in 20's rate?

    Which car did you go for, nice to ear you got one of lifes essentials.

    Think I'll have a brosw of Zuto-for future reference.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • BossKy
    BossKy Posts: 23
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    Dandytf wrote: »
    Excellent, I hadn'y heard of Zuto until yor thread.

    If you dont mind me asking, what rate did you get, 'not too bad' -guess in 20's rate?

    Which car did you go for, nice to ear you got one of lifes essentials.

    Think I'll have a brosw of Zuto-for future reference.

    Apologies for late reply - I went for a mercedes e220 coupe £12,000 - APR is 18% - fine for me. works out to around 300 or so a month over 4 years.

    hope that helps.
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