Finance for those with bad credit rating. Where?
Discussion
Hello all
My gf is looking for a new car but has a very bad credit score. This is due to past issues but now sorted. The score is still very low.
She has just recently been rejected by Audi finance and is struggling to find anything decent.
Anyone know where to try? Score is around 300 I believe
Help greatly appreciated
Thanks
My gf is looking for a new car but has a very bad credit score. This is due to past issues but now sorted. The score is still very low.
She has just recently been rejected by Audi finance and is struggling to find anything decent.
Anyone know where to try? Score is around 300 I believe
Help greatly appreciated
Thanks
Deep Thought said:
My advice would be - dont.
If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
yes, this.If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
And whatever you do. DONT be a guarantor on any finance agreement or lend her the money.
Prizam said:
Deep Thought said:
My advice would be - dont.
If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
yes, this.If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
And whatever you do. DONT be a guarantor on any finance agreement or lend her the money.
TeamBigfoot said:
Prizam said:
Deep Thought said:
My advice would be - dont.
If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
yes, this.If she has bad credit she will end up paying a massive APR on some used car.
Better to buy something cheap for cash and running it for a while.
And whatever you do. DONT be a guarantor on any finance agreement or lend her the money.
Toyoda said:
rsbmw said:
So having had significant problems repaying debt, she's looking to get back into some debt asap?
Yeah but she wants a new Audi, innit.It doesn't always arise from reckless / feckless spending. I'd venture that most people who have built successful businesses have found themselves staring a potentially unsatisfied CCJ in the face at some point in their lives, or being one "cheque's in the post, honest" from a major customer away from not being able to pay the wages.
It's perhaps hard to appreciate if you have a working life where you can turn up and go home at the allotted hour and bank the money whilst effectively hiding for 40 years with no one questioning your contribution.
As an example of the former I can think of one customer, a solicitor who is currently driving a £15000 Audi for which he is currently paying about the same as someone with a good history would pay for a £25000 one.
Whilst he has clearly had problems in the past, his current income more than supports the payment ( after the sirens went off and the shutters slammed down, the finance company requested bank statements
)He's probably driving an older, less expensive car than most of his peers, but just as you would expect him to wear a suit of a particular quality and have an office of a particular calibre, it is at least congruent with the rest of his life.
Yes he could "punish" himself with a £1000 Volvo but if he can afford the inflated repayments then why shouldnt he.
In answer to the OP, I'm surprised that the Audi dealer doesn't have an avenue for sub prime finance. If this is the case then speak to any of the online car finance providers and be honest and upfront with your circumstances and they will be able to offer a credit line. Bear in mind that your preferred monthly payment won't stretch quite as far as it would with good history so you will likely be looking at a less expensive car for the same money.
The reason is because of an ex bf that got her into debt and fell behind in some payments.
New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
Mirinjawbro said:
The reason is because of an ex bf that got her into debt and fell behind in some payments.
New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
Absolutely crazy mental interest payments.New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
Absolute no no IMHO
Autotrader currently has over 9,000 Automatic petrol cars ranging from 500 quid to 5000.
Second 500 quid car has years MOT as well:
https://www.autotrader.co.uk/classified/advert/201...
I would suggest something like this for a year to build up a deposit and a better credit score, rather than paying 28K to borrow 15K which is just madness.
It's only a year and you never know, she might enjoy having the extra money from not paying out £450 a month (28K over 5 years) on credit. Feck, 450 a month! You could almost buy another car each month for that, if a 500 quid car lasted 2 months you would be quids in....
Please don't go the credit route, unless she is earning huge amounts and it is gauranteed to continue for at least a couple of years...
Second 500 quid car has years MOT as well:
https://www.autotrader.co.uk/classified/advert/201...
I would suggest something like this for a year to build up a deposit and a better credit score, rather than paying 28K to borrow 15K which is just madness.
It's only a year and you never know, she might enjoy having the extra money from not paying out £450 a month (28K over 5 years) on credit. Feck, 450 a month! You could almost buy another car each month for that, if a 500 quid car lasted 2 months you would be quids in....
Please don't go the credit route, unless she is earning huge amounts and it is gauranteed to continue for at least a couple of years...
Olivergt said:
Autotrader currently has over 9,000 Automatic petrol cars ranging from 500 quid to 5000.
Second 500 quid car has years MOT as well:
https://www.autotrader.co.uk/classified/advert/201...
I would suggest something like this for a year to build up a deposit and a better credit score, rather than paying 28K to borrow 15K which is just madness.
It's only a year and you never know, she might enjoy having the extra money from not paying out £450 a month (28K over 5 years) on credit. Feck, 450 a month! You could almost buy another car each month for that, if a 500 quid car lasted 2 months you would be quids in....
Please don't go the credit route, unless she is earning huge amounts and it is gauranteed to continue for at least a couple of years...
I take your point wholly and i agree with it wholly, however with respect the car you've linked to there isnt likely to create any sort of buy in to go down this route. Rough as a badgers ass springs to mind.Second 500 quid car has years MOT as well:
https://www.autotrader.co.uk/classified/advert/201...
I would suggest something like this for a year to build up a deposit and a better credit score, rather than paying 28K to borrow 15K which is just madness.
It's only a year and you never know, she might enjoy having the extra money from not paying out £450 a month (28K over 5 years) on credit. Feck, 450 a month! You could almost buy another car each month for that, if a 500 quid car lasted 2 months you would be quids in....
Please don't go the credit route, unless she is earning huge amounts and it is gauranteed to continue for at least a couple of years...
I'd be spending a bit more - as much as can be rustled up with cash and maybe borrowing from a family member or parent for a month or two and getting something a bit more presentable.
Lots of choice for £1,000 - £2,000 along the lines of a Fiesta, Focus, etc.
Isn't this the same as someone having a bad accident or motoring conviction and asking how to get less expensive car insurance?
And people turning round and saying "Oh no you'll have to start again with a 1.0 hatchback and work your way up" when in fact they accept that will have to pay more to insure their sports car but are just looking at ways to mitigate it.
Everyone suggesting that the OP's friend goes out and buys an old banger, for all we know she may be driving a very nice late model car much newer than that already.
Yes, rebuild your credit history but that will take a while and any credit is going to be expensive. If you want the car and can afford the higher repayments then go for it.
And people turning round and saying "Oh no you'll have to start again with a 1.0 hatchback and work your way up" when in fact they accept that will have to pay more to insure their sports car but are just looking at ways to mitigate it.
Everyone suggesting that the OP's friend goes out and buys an old banger, for all we know she may be driving a very nice late model car much newer than that already.
Yes, rebuild your credit history but that will take a while and any credit is going to be expensive. If you want the car and can afford the higher repayments then go for it.
Mirinjawbro said:
The reason is because of an ex bf that got her into debt and fell behind in some payments.
New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
Oh the humanity, if she wants something "a bit nicer" then that is fair enough I suppose.......New car is needed due to a bad leg and needs an automatic and something a bit nicer.
After shopping around she has found she can borrow 15k. However it means paying back 28.5k with that loans Apr. Terrible
I have an excellent credit rating and I wouldn't dream of borrowing £15k for a car and I have zero debt. I drive a £1200 shed I bought two years ago and I certainly don't feel the need to spend £15k on something "a bit nicer".
I guess I don't understand the have it now, just pay for it monthly mantra that seems to be the norm now. I sleep very soundly having no monthly payments and zero debt, it's a much nicer feeling that the weeks excitement you get when you get a new, shiny car.
Wooda80 said:
Isn't this the same as someone having a bad accident or motoring conviction and asking how to get less expensive car insurance?
And people turning round and saying "Oh no you'll have to start again with a 1.0 hatchback and work your way up" when in fact they accept that will have to pay more to insure their sports car but are just looking at ways to mitigate it.
Everyone suggesting that the OP's friend goes out and buys an old banger, for all we know she may be driving a very nice late model car much newer than that already.
Yes, rebuild your credit history but that will take a while and any credit is going to be expensive. If you want the car and can afford the higher repayments then go for it.
If shes driving a nice late model car then it should be a relatively easy swap in to an auto for next to no cost.And people turning round and saying "Oh no you'll have to start again with a 1.0 hatchback and work your way up" when in fact they accept that will have to pay more to insure their sports car but are just looking at ways to mitigate it.
Everyone suggesting that the OP's friend goes out and buys an old banger, for all we know she may be driving a very nice late model car much newer than that already.
Yes, rebuild your credit history but that will take a while and any credit is going to be expensive. If you want the car and can afford the higher repayments then go for it.
If i had bad credit i personally would be abhorred by the interest rates charge (and the example quote shes got) and i simply wouldnt pay it. I'd rather drive something lesser that incur ridiculous interest charges. I think most sane people would feel the same. And if shes that rich that paying £10K in interest isnt an issue then you'd imagine she either has savings / could save for a few months and get something half nice.
Even for £5K you can buy pretty much anything you'd want albeit in an older car. A resonable deposit and maybe borrowing a smallish amount would then mitigate the huge interest rate.
Edited by Deep Thought on Friday 24th May 11:31
Gassing Station | Car Buying | Top of Page | What's New | My Stuff