Can Anyone give me some advice

[seano47]

Hi there peeps

right my Fabia has now gone back to skoda and need some advice am trying to get a new car on finance as i need one for work with offices beining unable by bus but i keep getting the knock for finance due to my poor credit rating but i havnt got nothing saved up just to buy a cheap run a round so thats why the financing seems the best solution

so has anyone got any thoughts or comments of how to obtain a car on finance or rebuild my credit score and get me back on track


Thanks Sean

[Gizmo68]

Have you tried your bank?

I personally haven't needed to get finance for many years so i cant give you my experience, but when my dad bought his last car the loan off his bank was lower interest than the dealer could give him.

As the bank is aware of your income and knows what available finances you have left each month they would be in an ideal situation to give you a loan - providing you are not constantly overdrawn that is.

[seano47]

Originally Posted by Gizmo68

Have you tried your bank?

I personally haven't needed to get finance for many years so i cant give you my experience, but when my dad bought his last car the loan off his bank was lower interest than the dealer could give him.

As the bank is aware of your income and knows what available finances you have left each month they would be in an ideal situation to give you a loan - providing you are not constantly overdrawn that is.

ye tryed the bank mate but no can do they wont even give me a current account av only got a basic cash account because of previous problems

[Wardy]

How about approaching your parents to sort a standard unsecured loan, then you pay them back?

From what I can see, people with poor credit ratings usually just get shafted even more with sky high loan rates!

Steve

[cheezemonkhai]

Originally Posted by seano47

ye tryed the bank mate but no can do they wont even give me a current account av only got a basic cash account because of previous problems

If they won't give you a current account there is virtually no way you can get credit. All you can do is save up and buy a banger (£100) then run that until you have enough to buy a better car.

If you can borrow £1000 from your parents you should be able to get a fairly reliable car that will last a couple of years with a little bit left over.

[monkeychild]

Originally Posted by cheezemonkhai

If you can borrow £1000 from your parents you should be able to get a fairly reliable car that will last a couple of years with a little bit left over.

As girly as they are, Nissan micras can be had for less than a grand are v reliable and frugal on petrol and parts.

[seano47]

Originally Posted by Wardy

How about approaching your parents to sort a standard unsecured loan, then you pay them back?

From what I can see, people with poor credit ratings usually just get shafted even more with sky high loan rates!

Steve

was thinking that but that is my least option as i dont really like them knowing my financial circumstances

[Wardy]

Can understand that, but apart from getting money through them, or a friend, I can't see any other way out apart from going with a high APR solution from somewhere offering to take on higher-risk clients.

Steve

[Tomo1971]

Sean, I feel for ya pal.

I was in a bad place a few years ago. Me and my then wife had got into quite bad debt. Although not at the repossesion stage if we had let it run its course it would of turned out badly.

My parents helped me in a big way, it was very very hard and felt so ashamed asking them but after the initial shock and dissapointment they were brilliant.

They basically took over our money and only allowed us to spend within a budget.

Parents will always love you and will help you if they can, bite the bullet, swallow your pride and approach them for help. Dont ask for money to buy a car, ask them to help and advise you to get your credit rating back on track but it should be mentioned for you to earn money, you need a car.

BUT, please dont be tempted by the Yes car credit type outfits. The interest is sky high and the cars are rubbish, they wont last the term of the finance and will cost you a fortune in the long run.

Hope you sort it out.
Steve