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T O P I C    R E V I E W
boys1211 Posted - 24 November 2014 : 17:48:06
Good evening
We started trust deeds July 2010, discharged January 14. Does anyone have advice re car finance ?? Is it possible , ideally would like to do the personal lease type deal.
Thanks in advance
6   L A T E S T    R E P L I E S    (Newest First)
David Tannock Posted - 25 November 2014 : 08:47:26
Hi boys1211,

Don't be afraid to fall into your local garage and speak with them about finance. Be honest with them about your situation and possible poor credit rating and ask them what they can do for you. They are salesman after all and will try to do what they can to make a sale. A lot more people than what you first think will have a poor credit rating so they should be used to dealing with clients in this situation. You may find that they are able to give you finance at a reasonable rate.

Make sure you do your homework, shop around and speak with a couple of organisations and look at how much you will pay back for the finance. Often people don't look at this, they only look at the monthly payment and think I can afford that. A case recently I was involved in the person wanted to purchase a 7,000 Vauxhall Astra but when I looked at the agreement they were paying back over 15,000. The cost for the finance was more than the car itself. All they focused on was how much the monthly payment was.

If you do find a car and finance let us know how you get on as it will be useful for other people on the forum.
BLUETHUNDER Posted - 24 November 2014 : 22:14:09
FORGET Moneybarn...the APR is a scandal... Try your bank or NATIONWIDE...
boys1211 Posted - 24 November 2014 : 22:06:43
Thanks so much for the advice guys x
twizzle Posted - 24 November 2014 : 19:44:00
When we were looking for a newish car we bit the bullet and asked our own bank (Santander) savings growing and bills & mortgage paid on time.
Low and behold we were accepted. APR was excellent.

Coincidently was approved for a PCP Personal Car Lease last month, can I say which company on the forum?
My company has a choice off co car or car payment, chose car payment as you can choose which car.

I would advise asking your own bank 1st as you never know, their APR beats bad credit loans by a mile.

Good luck.
lizs Posted - 24 November 2014 : 19:15:27
Hi boys1211. My hubby was discharged in May 2014, and he just secured finance with First Response Finance. He also got accepted with Car Loans 4 U, but went with First Response as they were slightly cheaper per month and less paperwork to forward lol. Heard of both companies from another poster on here. Good luck .
TDA (Debt Adviser) Posted - 24 November 2014 : 18:01:50
Hi boys1211. How are you?

We've certainly heard of people getting car finance soon after discharge. Sometimes on pretty reasonable terms.

There are a couple of firms, Moneybarn is one for example, that might under controlled circumstances provide car finance prior to discharge. They also offer other products geared towards various levels of credit impairment. Some can be quite expensive looking however.

Probably best to try mainstream credit first though. Hopefully some people will have suggestions based upon their own experiences for you.

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