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#675975 - 14th Mar 2012 12:17pm Car finance
The_Lounge Offline
Newbeee

Registered: 11th Jan 2012
Posts: 27
Loc: New Brighton
Does anyone have any idea where im most likely to get car finance, with bad credit and no deposit. When I say bad credit, I don't mean adverse! smile

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#675978 - 14th Mar 2012 12:36pm Re: Car finance [Re: The_Lounge]
_Ste_ Offline


Wiki Master

Registered: 7th Aug 2005
Posts: 16021
Loc: New Brighton
Don't be a mug!
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http://www.youtube.com/user/stetopop

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#675979 - 14th Mar 2012 12:40pm Re: Car finance [Re: The_Lounge]
j_demo Offline
Forum Addict

Registered: 4th Nov 2011
Posts: 1880
Loc: Wallasey/New Brighton
fiat do credit, with no deposit, and they do it on pretty much anyone i reckon. i passed and i'd defaulted a couple of payments a couple of years back.

weird thing is, i could get a 10000 car on finance, but when i tried to buy a 1500 guitar from dawsons music on finance they wouldn't let me....... weird!

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#675985 - 14th Mar 2012 1:19pm Re: Car finance [Re: j_demo]
_Ste_ Offline


Wiki Master

Registered: 7th Aug 2005
Posts: 16021
Loc: New Brighton
Originally Posted By: jawide
weird thing is, i could get a 10000 car on finance, but when i tried to buy a 1500 guitar from dawsons music on finance they wouldn't let me....... weird!


Garages prefer people to get cars on finance because they make more money that way, it's called "the never never" and theres a bonus for any salesman who talks their customer into taking it out.

People with poor credit ratings get very bad repayment rates, my advise is not to do it, by the time you would of paid the car off it will be knackered and not worth anything.

If you can, buy a new car, if not i would pay cash.

The salesmen don't care about you, all they care about is getting their commission, i've seen it where salesmen have mugged a car off on somebody knowing full well that that person cannot afford the payments.

Think about it wink
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#676004 - 14th Mar 2012 4:13pm Re: Car finance [Re: The_Lounge]
Nelzy84 Offline
Forum Guardian

Registered: 21st Dec 2010
Posts: 3354
Loc: Wirral
Finance as ste said is for Mug, i know loads of dealership owners and they love it, it bread and butter for them, they use extortianate financers who are more than happy to loan tyou the money as over three years your adding an extra few grand on interest alone, Cars depriciate the second you drive them of the forecourt so unless you now how to play the game as a trader would for example your set to loose out from the outset.

Audi on Derby rd overed me an S4 for 23k happy to give me finance etc after putting me through a basic credit check. It was a pcp so you pay so much incramemtaly year 1 & 2 and then a balloon payment year 3 of say 8k, all the time the face value has depriciated from 23 K to 18 K and your paying 27k with interest meaning by the time you roll over to a new contract or hand the car back your paying 9k over the odds and the car still doesn't belong to you.

A new continental will cost you 130k today same car on a 59 plate 40k in auto trader thats a 90k depriciantion in 3 years.

If a car like a bentley can depriciate that much theres no hope of getting a decent finance deal on a run around.

Save the money is my advice mate as the financers are loan sharks that will kindly take the car away and anything else of value as collateral if you let them down, they are like Bankers you are only worth something to them when you are in their debt
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#676043 - 14th Mar 2012 6:58pm Re: Car finance [Re: The_Lounge]
cathie Offline
Smartchild

Registered: 19th Feb 2009
Posts: 448
Loc: Birkenhead
I got mine from motor range, filled in an application online for a car I liked and they called me back to let me know the finance (black horse) had been approved, I'm paying well over the odds but it comes down to choices and if, like me, you have little choice then finance is an option

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#676085 - 14th Mar 2012 8:06pm Re: Car finance [Re: _Ste_]
j_demo Offline
Forum Addict

Registered: 4th Nov 2011
Posts: 1880
Loc: Wallasey/New Brighton
Originally Posted By: _Ste_
Originally Posted By: jawide
weird thing is, i could get a 10000 car on finance, but when i tried to buy a 1500 guitar from dawsons music on finance they wouldn't let me....... weird!


Garages prefer people to get cars on finance because they make more money that way, it's called "the never never" and theres a bonus for any salesman who talks their customer into taking it out.

People with poor credit ratings get very bad repayment rates, my advise is not to do it, by the time you would of paid the car off it will be knackered and not worth anything.

If you can, buy a new car, if not i would pay cash.

The salesmen don't care about you, all they care about is getting their commission, i've seen it where salesmen have mugged a car off on somebody knowing full well that that person cannot afford the payments.

Think about it wink


i actually forgot to mention it's 159 per month, for 47 months then at the end of it, the final payment is the residual value of the car.

it's because with all this recession thing going on, they can't get rid of cars so they're getting what they can for them, i saw the "offer" on a car driving past my work one day, phoned up windsors in heswall and told them my details and situation, they said its not a problem and then everything went through ok, so there's actually no major APR or whatever i have to pay...

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#676097 - 14th Mar 2012 8:38pm Re: Car finance [Re: The_Lounge]
ASE71 Offline

Smartchild

Registered: 20th Apr 2009
Posts: 430
Loc: Wirral
You will get an excellent deal from Chester Saab smile

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#676104 - 14th Mar 2012 9:12pm Re: Car finance [Re: The_Lounge]
KevinFinity Offline

Forum Master

Registered: 30th Apr 2009
Posts: 2324
Loc: Wirral
Car finance is a bad financial idea. I know because I fell for it once too. Lesson learnt, never again. You may get the instant gratification of a shiny new or newish car but in the long run you will pay way over the odds.
I felt sick after I realised what I had got myself into. After about two years the car was wrote off. It was in the small print that in the event of that happening, regardless of blame, the finance company (black horse) wanted the full remaining finance paid in full within 28 days which was not far off 9000!. The insurance pay out didnt come close to covering it and I needed another car as well. So I was left with a shortfall of about 3000 I had to find quickly and no car.
So there are a few hidden pitfalls as well as being ripped off severely.
Oh and don't ever think about going to Car Craft.

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#676192 - 15th Mar 2012 9:32am Re: Car finance [Re: The_Lounge]
FayePlayer Offline
Member

Registered: 11th May 2011
Posts: 67
Loc: Birkenhead
Please don't go for finance. i did it 2 years ago on a little fiat panda and since not having a job i'm now in the shit with it. i did my car through stoneacre in Liverpool and i've recently only just found out that after being in the car showroom for more than 6 hours when i got my car in 2010 that it was actually given to my mum who is on income support and benefits due to ill health and no way of making the repayments on the car. they took my details only for the direct debit and was unaware if who was responsible for the car. let's put it those way it is now in the hands of trading standards as they have conned both me and my mum out of money. i was only aware as they told me that my mum was acting as a guarantor and not actually buying it because of my age only 22 at the time but with a good full time job. god help stoneacre when trading get standards get hold of them. i would recommend if to haven't got the cash apply for a loan and the repayments will be lower. hope this helps Faye

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#676632 - 17th Mar 2012 12:10am Re: Car finance [Re: The_Lounge]
DodgyDave Offline
Enthusiast

Registered: 9th Mar 2009
Posts: 155
Loc: Prenton
Yeah go the bank, I went to stoneacre and they wanted over 115 a month on a car which was older and not as nice as the one I got, I went elsewhere and got a loan with Santander and I'm glad I did now as I have just lost my job and Santander said they will at least half my monthly repayments.

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#906094 - 22nd Oct 2014 6:11pm Re: Car finance [Re: The_Lounge]
lauren_lfc89 Offline
Enthusiast

Registered: 19th Jan 2012
Posts: 148
Loc: Woodchurch
Can anyone recommend anywhere decent to get a car on finance, or are majority of people still against this.
Any responses appreciated

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#906140 - 22nd Oct 2014 9:30pm Re: Car finance [Re: The_Lounge]
mikroc Offline
Wise One

Registered: 28th Dec 2011
Posts: 796
Loc: Out an about
It just depends on your personal. Situation will you still have a job to pay in the next year ?
_________________________
If he dies he dies

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#906143 - 22nd Oct 2014 9:43pm Re: Car finance [Re: mikroc]
lauren_lfc89 Offline
Enthusiast

Registered: 19th Jan 2012
Posts: 148
Loc: Woodchurch
Thanks for reply. I am in a secure job so that isn't a problem.
Just debating finance or save for a while and then buy one.

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#906146 - 22nd Oct 2014 10:08pm Re: Car finance [Re: lauren_lfc89]
ZipperClub Offline
Wiki Addict

Registered: 2nd Dec 2012
Posts: 7253
Loc: Our House In Our Road
If I cant afford it I don't get it. I have seen to many mates in debt for years, new car, look flash, great. Then they have no money for years trying to pay for it.
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One Way Or Another

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