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Original poster

Buying a car with shit credit

55 replies

shitcredit · 21/07/2019 08:47

Errrr any advice? Grin

OP posts:
Lightsabre · 21/07/2019 08:51

Save up?

WalkAwaySugarbear · 21/07/2019 08:52

Save up and pay cash.

Original poster
shitcredit · 21/07/2019 08:52

Thanks. Not possible.

OP posts:
HJWT · 21/07/2019 08:58

@shitcredit wouldn't do it! My sister has bad credit and pays like £350 a month for a car that is NOT worth it at all!

There are lots of finance company's online though that do finance for people with bad credit.

Google "Car finance with bad credit" I am sure a few will pop up!

waitWhatNow · 21/07/2019 09:00

Have you been rejected for a loan? How bad is your credit? Are we talking in the realms of you being refused credit?

waitWhatNow · 21/07/2019 09:01

By the way a bank loan can often be a better rate than any from car finance but I guess it all depends on your circumstances!

MonstranceClock · 21/07/2019 09:01

Check reviews for car dealerships. The Vospers near me don't run credit checks!

Original poster
shitcredit · 21/07/2019 09:01

Yeah - I wouldn’t get a loan I don’t think.

The thing is, here’s the situation. It costs over £100 a week to get to work using public transport. It costs around £40 to fill a tank of petrol and that lasts 2 weeks. And OK car insurance and stuff but it’s a no-brainer really.

OP posts:
LittleFairywren · 21/07/2019 09:02

Get a small loan out and buy it that way. it's not very easy to sell a car that has finance outstanding on it but if it turns out you need to sell it if things get tight then you have more freedom to sell it and pay off the loan with the proceeds.

LittleFairywren · 21/07/2019 09:03

Can't you get a little run around for a few hundred to tide you over?

Asdf12345 · 21/07/2019 09:03

Pay cash.

YorkieTheRabbit · 21/07/2019 09:04

Would you have free parking at work?

Original poster
shitcredit · 21/07/2019 09:07

Yup free parking at work. I wouldn’t get a loan from a bank.

OP posts:
Obviouspretzel · 21/07/2019 09:15

Even though a loan (if you could get one) will likely be cheaper than any finance package you get offered?

Original poster
shitcredit · 21/07/2019 09:17

I can’t get a loan!!

OP posts:
MonstranceClock · 21/07/2019 09:19

People on mumsnet don't understand skint op Grin

Have you got the clearscore app? It's free and it doesn't show on your credit file when it searches for things. It's pretty good at finding finance, credit cards and loans you might be accepted for. I've been using it for 6 months and my score has gone up by 100 points.

crosspelican · 21/07/2019 09:19

£100 a week is an awful lot. I live in the SE and people who commute to London (1hr on th train) use annual tickets for about £4 or £5k a year which comes in cheaper than that!

Will your employer help you pay for an annual ticket?

Will they help you get approved for a car? Forward you money to buy in cash? You can get a runaround for about £500.

Obviouspretzel · 21/07/2019 09:19

Sorry i thought you meant i wouldnt get a loan as in you wouldnt be willing to. Misunderstood you.

Obviouspretzel · 21/07/2019 09:20

As in "I wouldn't sleep with him".

Original poster
shitcredit · 21/07/2019 09:20

Thanks monstrance, I’ll have a look Smile

OP posts:
LIZS · 21/07/2019 09:22

If you have no cash and cannot get a loan I'm not sure what options you have. Car share schemes tend to not be for regular use. Is liftsharing an option, maybe suggest it to your company as a green initiative. How long is your commute?

DonkeyHohtay · 21/07/2019 09:22

If you can't get a loan, and can't pay cash, and can't save up then you'll have to carry on using the bus, won't you?

Alarmclockstop · 21/07/2019 09:26

Can you cycle some of the way and save on fare? There are cheap cars with mot on Facebook however with tax, insurance, repairs, mots, fuel it's not going to save you much.

TyrionsNextWife · 21/07/2019 09:28

How bad is your credit - is it some late payments and maxed out credit card or do you have defaults and CCJs?

You can get bad credit car loans or HP if your credits poor but not dire. The interest rates will be high though. If you have ccjs or bankruptcy etc then you probably don’t have much chance.

BarbaraofSeville · 21/07/2019 09:41

If you have shit credit a loan is likely to be very expensive and if you have no savings, chances are you can't afford to pay a loan back.

Could you borrow a bit of money from your parents or another relative to buy a cheap car - say £500?

Are there any weekly tickets etc available? Could you cycle?

Can you have a week off work to save a bit of money on transport? Can you cut right back to the bone for a couple of weeks or so - literally beans on toast, reduced food, sell anything you can, see if you have any credit on your utilities that you can get back, to free up a bit of money to buy a cheap car - but if you do buy a car, make sure you check the tax and insurance costs, as tax can be as little as £0-30 a year for a small cheap car, or as much as £300+, so you don't want this type of car.

Also insurance - you want one that's as cheap to insure as possible, so do some dummy quotes before committing, it can literally vary by £000s.

Also don't forget the cost of repairs. Expect to spend at least a couple of hundred pounds a year on repairs and put the money aside - if you don't have these costs, you're onto a winner, but if you do, you have the money ready and won't be faced with having a knackered car that you still have to pay the tax and insurance on, but having to find the bus fare on top as well.