car finance with poor credit/large deposit/good income?

[bootnec]

Hi as above,

my credit rating is poor,from some bad choices a few years ago.Although now i have a reasonably well paying job and i can put down 35/40% deposit on the car i want.

Is there a way to finance a car in this situation?having browsing the forum im thinking not.i came across something called non status car loans, guarenteed finance etc etc, but i cant find any info regarding typical APR etc.

thanks.

[bootnec]

.

[Countdown]

I'd suggest ringing the Finance companies and asking them directly.

Or you could just buy an older car outright ?

[IrrElephant]

Have you tried applying for normal HP deals? If you have a large deposit, most normal finance houses will still consider your application.

What car specifically are you after?

[The Stiglet]

IrrElephant said:

Have you tried applying for normal HP deals? If you have a large deposit, most normal finance houses will still consider your application.

Yes, as will main dealers.

Otherwise why not avoid the credit and buy a different car outright?

[bootnec]

Hi thanks for the replys,

The car i want is an E60 M5 2006 onwards,with it being nearly 6 years old im not sure HP will be an option.

I will make a few calls early on the new year.

thanks.

[surveyor]

A main stream lender that may be worth trying is Close Motor Finance. Their underwriting is not done by computers, but by people (who do use computers as well, obviously) which in your case may well work to your advantage.

[bootnec]

well funny you should say that,the car im intrested in, ticks all the boxes etc, is in a dealer,which uses closer.

I havent had any experiance with them myself though.

[surveyor]

Be open with the dealer and encourage him to encourage the underwriter to speak to you directly would be my suggestion.

[smokey145]

I suggest you read the buyers guide in the M forum and also ensure you get one with the capabilities to have a BMW warranty put on it.