Car Loan

[snudgerchops]

Hi All,

Just wondering if anyone has had any recent success in obtaining a car loan with a history of bad debt/defaults?

I've been looking at carloans4u, but there are mixed reviews and the APR is very very high.

The car is a necessary evil I'm afraid as my partner works shifts and there is no public transport available at these times, our current banger is 12 years old now and our local mechanic has confirmed that it's not likely to reach it's 13th birthday.

Thanks in advance as always.

Snudgerchops.

[vossy]

Re: Car Loan

I have a friend who was made bankrupt not long back, he had a car on finance with Forward Finance I think it was, the apr was astronomical but he needed a car too, the best bet is a relative and pay them back - if possible. Good luck

[snudgerchops]

Re: Car Loan

I have a friend who was made bankrupt not long back, he had a car on finance with Forward Finance I think it was, the apr was astronomical but he needed a car too, the best bet is a relative and pay them back - if possible. Good luck

Thanks Vossy for the reply.

No relatives to turn to I'm afraid.

Snudgerchops

[vossy]

Re: Car Loan

I am sure my friends car was 3k, the total he has to pay back is almost 7k, a lot of car dealers will get you finance from somewhere, you just have to shop about.

[snudgerchops]

Re: Car Loan

I am sure my friends car was 3k, the total he has to pay back is almost 7k, a lot of car dealers will get you finance from somewhere, you just have to shop about.

Good God - £4k interest! These people should be shot.

[vossy]

Re: Car Loan

Good God - £4k interest! These people should be shot.

Your right there, but he was bankrupt and needed a car for work, you may find a dealer that is sensible, strangely there are a few out there, there is someone on here connected to the car sales trade but I am buggered if I remember who it is, one of the mods might know if you pm them - or all of them

[mgfboy]

Re: Car Loan

I practice banger economics these days ( my current car cost £470, thats less than i've paid on monthly repayments in the past!!!), if you look about you can get a really nice car under a couple of grand. If you have a good local mechanic have a word with him, they often know of little diamond that arn't going for much money,

[Never-In-Doubt]

Re: Car Loan

I'll ask our site team mod Jen to pop in. She knows all the finance firms.

She's your best bet!

Hang on

[jen_br]

Re: Car Loan

Hiya can you give me a rundown if you don't mind what kind of "bad history" are we talking about? Is it both of you one of you etc?

[snudgerchops]

Re: Car Loan

Hiya can you give me a rundown if you don't mind what kind of "bad history" are we talking about? Is it both of you one of you etc?

Hi Jen,

Thanks for dropping in.

Car would be in my partners name only. There is a breakdown of the debts in her diary "weebell".

Basically there are three debts, two of which I think are due to drop off the credit file around March next year. The last debt will remain for another 18 months. (5 years in Scotland).

Has RBS bank account with an O/D facility. Banked with them for over five years.

Been with same employer for over 10 years.

Is on the electoral register.

Received a Capital One credit card around three years ago, has had two increases to the limit the most recent of which was last month, an additional £600 was added to the limit taking the total limit to £2700. She did not request either of the increases.

Hope this is of some help, please let me know if you require anything else. Oh and thanks for all the hard work.

Snudgerchops.

[jen_br]

Re: Car Loan

Sounds ok risk to rate ratio depends what you want etc do you have any deposit ?

I'm gonna send you a form when I get home if you fill it in ill have an unofficial word with a lender.

[jen_br]

Re: Car Loan

Might need to chop the limit on cap 1 card

[snudgerchops]

Re: Car Loan

Sounds ok risk to rate ratio depends what you want etc do you have any deposit ?

I'm gonna send you a form when I get home if you fill it in ill have an unofficial word with a lender.

Brilliant Thanks very much.

[Never-In-Doubt]

Re: Car Loan

No way would a £2700 limit on their only card affect any credit policy decline.

That's way excessive

[snudgerchops]

Re: Car Loan

Sounds ok risk to rate ratio depends what you want etc do you have any deposit ?

I'm gonna send you a form when I get home if you fill it in ill have an unofficial word with a lender.

Hi Jen,

I realise you are busy - sorry to be a pest. Was just wondering if you were still going to send the form over.

Thanks as always.

Snudgerchops