Buying a car with shit credit

[shitcredit]

Errrr any advice?

As you acknowledge op, you will have to pay 'insurance and stuff', but have you actually looked into the cost of this? If you are a young driver it could be pretty expensive. On top of that is the excise licence (or whatever it's called these days), servicing and annual mot if the car is more than 3 years old. If the car is older you may have frequent garage bills (or you may not, but it's a bit of a gamble). You want to take a realistic annual costing and see if you could really afford it, plus the cost of paying off a loan.

I’m asking about finance available for bad credit so I can buy a car.

I’m not asking for sarcasm, I’m not asking for judgement either

Nope not a young driver. Nearly 40.

Ffs I’ve HAD a car since I was 17. My last one is dead and getting to work without one is nearly impossible. I would have to get a train at 6, bus at 7, another bus at 7:30 and then the same in reverse meaning not getting back from work until 6. And I have two children.

Sorry - I sound like an arsehole now but I REALLY was just looking for advice on buying a car with bad credit (like my OP says)

There are plenty of loans available for poor credit. You'll pay at least 50% APR compared with 5% or 10% from your bank. Wiping out the financial benefit of having a car in the first place.

The reason you're getting rude and narky OP is that your opening post says precisely nothing. Your OP says "buying a car with shit credit any advice". And the best advice is not to. Or to work on improving your credit rating first.

But that isn’t what I asked, is it?

OK then OP, crack on with the payday loans and 6000% credit deals. Hun. All information you could easily have googled.

OP do you have any credit unions that are local. They work on the proviso that you save at the same time as paying a loan. E.g you save £500 and apply for loan and get say £2000. You keep the £500 in savings with them and repay the loan with a bit on top to put towards savings so in effect your building up a balance that could go towards paying the loan off if need be.

Adverse credit deals are out there, the trouble is the repayments are sky high.

Can't you get a little run around for a few hundred to tide you over?
Hilarious.
OP I second Clearscore. If you sign up it will show you credit available to you.
My friend got car finance thru them, it was cheaper apr than a regular bad credit loan (12% I think?) Anyway, she got 2 k and bought the car, the years insurance and tax out of it. Given that insurance companies charge more to pay monthly you might as well. Make sure the monthly payment is afordable obvs.

🙄

Car club:

When we looked at a personal loan with poor credit we were looking at 4k over 4years paying £238 we would have ended up paying over 11k back over the 4 years which is crazy. Much better off to look at your credit score and see if you can improve it then go to a comparison site and see what the best deal they can suggest is

Getting credit for car finanace is usually easier than loans etc because if you don’t keep up with payments they can just take the car back.

There’s lots of brokers online, I think I went with Zuto last year.

I got a lovely Ford Kuga for £197 a month. Insurance is £70 (first year driving)
Car Tax £20
Petrol £80
Then obviously Mot costs etc.

Someone mentioned credit union upthread, they are really good to look into. If you get child benefit you can get a loan and then they divert your child benefit payment through for repayment.

Hi OP - what is the reason you have poor credit? Missed payments or something more severe - default / CCJ etc?

Car finance is one of the easiest types of finance to obtain (vs unsecured personal loan for eg) as some forms retain some recourse to the asset which they could theoretically take back and sell if you defaulted.

Most used car dealerships will have partnerships with 2 or 3 finance brokers - if the first one fails they go onto the next and so on. The dealership will want to sell you the car so they are often a good place to start if you can find a reputable one - finding you finance is then as much their problem as yours!

So there could be options - but it would be helpful to know the answer to the above first.

Or that’s what my dad told me, unless he was just scaring me to make sure I repay 🧐

Check out Zuto and Car Finance 24/7 OP. I got my car from the latter but both were able to deal with my circumstances. What others have said about clearscore too, they have offers and give you an indication of how likely you'll be to be accepted.

I've been there OP, totally get it.

Which part of the country do you live in OP? Companies like Chapelhouse are good if you have poor credit, you can get cars for approx £100 a month there.

Thanks so much for the Clearscore advice - am good to go!

Are cheap cars possible in your area? I looked on a few sites like motors.co.uk and found a £500 car from a dealer that took it as part exchange. I got a credit card that is 0% interest on purchases for 4 months (pre-approved, bad credit can get them, I’ve just moved an mines not great so getting credit wasn’t possible), paid cash for the car and did the months shopping on the credit card instead. It’s low enough il have paid it off by the 4 months. I obviously saved the cash first as first months insurance is higher etc but as a second car that we just need to stretch for 6monthsish (short term work related thing for us) it’s worked out cheaper and more manageable than commuting.

Loads of companies are available that are cheaper than payday loans but have minimum amounts you can spend, so you end up buying a 3k car instead of a 1k one. I’m assuming it’s a long term thing for you tho so that may be ok, annoyingly I can’t think what the company is called but I’m always hearing a radio advert for a place that immobilises your car if you miss repayments (so for bad credit) so maybe they arnt as expensive, maybe try and google the immobilising bit?

MN eh? It’s another world.
‘Just save up’
‘Get a loan from the bank’
🙄

Hahaha people in mumsnet don’t understand skint as fuck op!! We had one from a garage that didn’t check our credit rating, they just asked to see copies of our wage slips and we managed that way!!! I think (but am not sure) that all garages don’t check your credit score!!

If you're skint as fuck then you can't afford a car, surely. It's not just the purchase price a cheap run around can be a couple of hundred quid. There's the additional costs of annual servicing, MOT, car tax, insurance and fuel.

Your right I couldn’t afford it but I needed one due to various factors, I could afford fuel and insurance per month, I also pay for my tax monthly, I’ve never had my car serviced as I can’t afford it and wen the mot comes round I cross my fingers!!! (I put aside a bit a month for mot!!)