Financing Car Vehicles with Bad Credit File

[blondiegirl]

Has anyone with bad credit managed to finance a vehicle 'sensibly'? Cars don't last forever sadly and ours is soon going to need a lot of work (including a new gearbox) to get it through an MOT and keep it on the road.

 

Without a vehicle, self-employed hubby can't work, so we're really worried about what to do because we don't have savings to pay for this.

 

Not quite the typical post on here, but hoping someone might have been in this situation.

[renegadeimp]

All you will get are terrible subprime lenders who pile on tons of interest and charges and have very little regard for the law.

[honeybee13]

What's the problem with your credit file please, why do you think lenders won't want to help?

 

HB

[blondiegirl]

What's the problem with your credit file please, why do you think lenders won't want to help?

 

HB

 

Because we're in debt and on a payment plan.

 

 

Our credit file is (finally) pretty good after years of fighting,

but Idem are reporting AR/AP markers (so credit file doesn't look good) which I am doing my best to get changed.

 

 

In the mean time, we either borrow ££ from a loan shark (not going to happen)

or try and finance it (no savings or credit cards).

 

 

Can't lease it through the business because they do credit checks on individuals.

So very worried.

[blondiegirl]

All you will get are terrible subprime lenders who pile on tons of interest and charges and have very little regard for the law.

 

Yes exactly. My worry

[dx100uk]

I don't think AP should harm you in this instance that much

 

 

have you tried main dealers.

[blondiegirl]

I don't think AP should harm you in this instance that much

 

 

have you tried main dealers.

 

Yes tried to finance a vehicle the 'normal' way and we failed the credit checks despite having had 2 problem-free vehicles previously with them. They weren't interested. We tried to explain and said that over 6 years we'd not missed 1 payment but they said no because of the check.

[dx100uk]

i seriously doubt the AP marker was the reason IMHO.

[blondiegirl]

What other reason could there be?? I know we have 3 accounts with AP/AR markers which are detrimental on our credit files. They said that we'd failed the credit check. Sounds very plausible given that there's no other reason.

[renegadeimp]

Check your credit files properly and see if theres anything else. Don't go by guesswork. Go by facts

[honeybee13]

It would be worth having a chat with your local credit union, blondiegirl to see if they can help you. It's a much better option than a loan shark. You can find your local one through this link.

 

https://www.findyourcreditunion.co.uk/

 

HB

[blondiegirl]

Check your credit files properly and see if theres anything else. Don't go by guesswork. Go by facts

 

I have Often. All cards showing have the correct balance. The mortgage and mobile phones are correct and up to date. 1 'normal' credit card up to date. Address is fine. Nothing else on there. Some lenders just won't just people with AR/AP markers.

[blondiegirl]

It would be worth having a chat with your local credit union, blondiegirl to see if they can help you. It's a much better option than a loan shark. You can find your local one through this link.

 

https://www.findyourcreditunion.co.uk/

 

HB

 

Ah OK. Thank you very much for this. I will contact them (there is a local one). Appreciate the advice

[honeybee13]

I hope they're helpful, BG. A lot of the offices are part-time, keep trying.

 

HB

[blondiegirl]

I hope they're helpful, BG. A lot of the offices are part-time, keep trying.

 

HB

 

Thanks HB. I've just sent them an email explaining our circumstances. Hopefully they will be able to help. They say on their website no CCJs/DFs and we have none so fingers crossed because we have no other options!

[honeybee13]

You could also try ringing them, sometimes it's easier to explain on the phone than by email.

 

HB

[blondiegirl]

You could also try ringing them, sometimes it's easier to explain on the phone than by email.

 

HB

 

Yes I know - but I'm sat in work

[honeybee13]

I understand.

 

HB

[SeanG79]

AP/AR Markers are usually treated in the same manner as defaults and that can be an "auto-decline" within their underwriting procedures. With active AR/AP markers, it is likely you will have to use a "sub-prime" lender.

 

I would try a different dealer that has a wider range of lenders on their funding panel. With a sensible deposit and sensible term, I would expect you would be approved via a vehicle finance provider, especially that you have a mortgage and credit cards that are being paid on time.

[blondiegirl]

AP/AR Markers are usually treated in the same manner as defaults and that can be an "auto-decline" within their underwriting procedures. With active AR/AP markers, it is likely you will have to use a "sub-prime" lender.

 

I would try a different dealer that has a wider range of lenders on their funding panel. With a sensible deposit and sensible term, I would expect you would be approved via a vehicle finance provider, especially that you have a mortgage and credit cards that are being paid on time.

 

The problem is finding a dealer with a range of lenders. We've contacted 5 dealerships in a wide geographical area, and not one 'reputable' dealership will offer finance to us. We've looked on-line and spoken to various companies but no luck. Can't even seem to find a sub-prime lender. Plus we don't have a huge deposit on a vehicle because we have no savings and only 1 small credit card. We have a vehicle which we could use as a part-exchange, but we're not able to use this, as we have in the past, because we can't get the credit.