bad credit car leasing advice
Discussion
Hi,
I wonder if anyone can help me?
I am about to sell my car, which is 4 years old and has dropped form £37k list price to around £13-14k resale value! As such, I have learned my lesson about buying cars and would like to lease instead.
However, due to a marriage breakup (which saw my wife run off and leave me with over £40k of debt, which at the time I could not service)I have been left with an adverse credit history (although I have made great steps to clear this up and now only have £13k outstanding - however 3 CCJs still show on my file).
I have spoken to a few online "specialists", who have proposed that I may be able to get some form of deal, but it is likely to be for a car around the value of £15k at best.
Does anyone know of any:
a) Brokers that would look the best deal out for me, for a commission
b) Companies that would offer me a wider choice of vehicles, with a higher value (cars I am looking at are in the £30k bracket)
c) Companies that lease pre-owned vehicles
d) Companies that lease prestige cars, but would be willing to deal with someone in the sub-prime category.
I have a very good job, earn considerably above average salary, could pay a substantial deposit and can demonstrate an excellent financial record since the debt was allowed to default. In short, I'm one of the good guys, who got dropped into a situation!
Any advice welcome,
Cheers!
I wonder if anyone can help me?
I am about to sell my car, which is 4 years old and has dropped form £37k list price to around £13-14k resale value! As such, I have learned my lesson about buying cars and would like to lease instead.
However, due to a marriage breakup (which saw my wife run off and leave me with over £40k of debt, which at the time I could not service)I have been left with an adverse credit history (although I have made great steps to clear this up and now only have £13k outstanding - however 3 CCJs still show on my file).
I have spoken to a few online "specialists", who have proposed that I may be able to get some form of deal, but it is likely to be for a car around the value of £15k at best.
Does anyone know of any:
a) Brokers that would look the best deal out for me, for a commission
b) Companies that would offer me a wider choice of vehicles, with a higher value (cars I am looking at are in the £30k bracket)
c) Companies that lease pre-owned vehicles
d) Companies that lease prestige cars, but would be willing to deal with someone in the sub-prime category.
I have a very good job, earn considerably above average salary, could pay a substantial deposit and can demonstrate an excellent financial record since the debt was allowed to default. In short, I'm one of the good guys, who got dropped into a situation!
Any advice welcome,
Cheers!
I work for a car finance company (broker) - from our perspective the 3 CCJ's are an immediate no with our main lenders (Lex / Arval / BMW / Motonovo / Close). I think you may struggle with a leasing agreement with any funder. But, you may be able to get a car finance loan on hire purchase. Best bet is a broker such as car loans 4 u, they can offer sub prime rates (for a higher APR). Also worth a call to your bank about a personal loan. Good luck!
The CCJ's being satisfied (paid off) will make a big difference, if they're included in your £13k then you'll struggle, because why should a finance co lend you £30k when you're ignoring the court order to pay what you owe already?
You do need a broker, they all work for commission, but the funder pays them upon you signing a lease / HP - by all means offer cash though, they'll just at it because claw-backs are a b
h.
Anyway, a good broker will know a funder who'll go over and above "computer says no" and accept a proper old-school underwriting report, most of them won't have a direct sales force and are only available via a broker anyway.
Then it will be down to the funder - if you adverse history is a few years old and most importantly paid off and otherwise things stack up you should be okay on a secured lend with a decent deposit.
You do need a broker, they all work for commission, but the funder pays them upon you signing a lease / HP - by all means offer cash though, they'll just at it because claw-backs are a b
h. Anyway, a good broker will know a funder who'll go over and above "computer says no" and accept a proper old-school underwriting report, most of them won't have a direct sales force and are only available via a broker anyway.
Then it will be down to the funder - if you adverse history is a few years old and most importantly paid off and otherwise things stack up you should be okay on a secured lend with a decent deposit.
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