wirral forums

Car finance

Posted By: The_Lounge

Car finance - 14th Mar 2012 12:17pm

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
Posted By: _Ste_

Re: Car finance - 14th Mar 2012 12:36pm

Don't be a mug!
Posted By: j_demo

Re: Car finance - 14th Mar 2012 12:40pm

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!
Posted By: _Ste_

Re: Car finance - 14th Mar 2012 1:19pm

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
Posted By: Nelzy84

Re: Car finance - 14th Mar 2012 4:13pm

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
Posted By: cathie

Re: Car finance - 14th Mar 2012 6:58pm

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
Posted By: j_demo

Re: Car finance - 14th Mar 2012 8:06pm

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...
Posted By: ASE71

Re: Car finance - 14th Mar 2012 8:38pm

You will get an excellent deal from Chester Saab smile
Posted By: KevinFinity

Re: Car finance - 14th Mar 2012 9:12pm

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.
Posted By: FayePlayer

Re: Car finance - 15th Mar 2012 9:32am

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
Posted By: DodgyDave

Re: Car finance - 17th Mar 2012 12:10am

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.
Posted By: lauren_lfc89

Re: Car finance - 22nd Oct 2014 5:11pm

Can anyone recommend anywhere decent to get a car on finance, or are majority of people still against this.
Any responses appreciated
Posted By: mikroc

Re: Car finance - 22nd Oct 2014 8:30pm

It just depends on your personal. Situation will you still have a job to pay in the next year ?
Posted By: lauren_lfc89

Re: Car finance - 22nd Oct 2014 8:43pm

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.
Posted By: ZipperClub

Re: Car finance - 22nd Oct 2014 9:08pm

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.
Posted By: Salmon

Re: Car finance - 22nd Oct 2014 10:03pm

All depends on you. How much do you want to spend, how much can you afford ? A car should be very low on the list of expenditure when you are making a budget.I think the very fact that you are asking points to a fairly tight budget and remember that getting the car is only the first step to buying and keeping it on the road in a decent condition.
Posted By: reddragon

Re: Car finance - 24th Oct 2014 8:34am

Always think ahead when buying a car: the repayments/ the tax/ the insurance and of course the repairs all very well paying the finance rates but it's the extras after that you need to think about
Posted By: DavidB

Re: Car finance - 6th Nov 2014 4:06pm

Don't get a newish car on finance - the reasons why you shouldn't are obvious.
Just deal with having an older, cheaper car, it's not the end of the world, and it's no worse than having a 2 year old bog spec model you are still paying off.

As an example, a mate bought a brand new Tigra in 2006 - she paid it off over 6 years. By the time she had paid it off, it was worth a quarter of the final value. The final deposit had to be paid also - who wants to pay 2 grand+ on a car they're now bored with (now that it isn't new)
In that time, she went without money just so she could do the whole new car status thing to impress the neighbours.

TL:DR - nobody cares about your 2 year old Punto. Paying finance over 5 years hurts. Buy a 500 used car instead.
Posted By: j_demo

Re: Car finance - 6th Nov 2014 6:01pm

for a used car: bank loan.

that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is.

i got a 4k bank loan over 4 years at 90 a month through my bank (hsbc) meaning overall i'm paying 4300-ish so 300 interest over 4 years on 4k is actually quite good compared to what other options are available.

the finance on it through Lookers came to nearly 6k over 4 years... which was scandalous.

in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit history isn't spotless but i still got a decent loan etc so you should be able to as well.
Posted By: Gibbo

Re: Car finance - 7th Nov 2014 12:06pm

Last car I bought that was of a high value I bought on the credit card, then arranged a bank loan to pay off the card. That way I got a bit of extra protection on the credit card.

Totally agree about car finance. When I was buying said car, from Evans Halshaw in Wigan, the promised to match or beat the figure from Tesco bank. They did, if you didn't include the initial payment, final payment, arrangement fee for setting up the finance and possibly even a fee at the end. It added about 500 to the total.

Their sweetener was "well, we'll fill the car up with fuel".
Posted By: _Ste_

Re: Car finance - 7th Nov 2014 12:10pm

Originally Posted by j_demo
for a used car: bank loan.

that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is.

i got a 4k bank loan over 4 years at 90 a month through my bank (hsbc) meaning overall i'm paying 4300-ish so 300 interest over 4 years on 4k is actually quite good compared to what other options are available.

the finance on it through Lookers came to nearly 6k over 4 years... which was scandalous.

in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit history isn't spotless but i still got a decent loan etc so you should be able to as well.


This, the sensible option.
Only 300 interest over 4 years and as a bonus you don't get told who can and cannot service your car happy
Posted By: conan

Re: Car finance - 7th Nov 2014 3:49pm

Yep that ^^^^^

Or buy a car for 500 ive had loads of old cars most of my life.

This year i bought an XFR Jaguar from a private seller for a good price.He had bought it new and paid a FORTUNE in monthly payments.I had been saving for a while and know that when i sell it next year i shouldnt lose too much if anything at all..





© 2020 Wirral - wikiwirral.co.uk