Car Finance with poor credit rating

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ents22

Guest
I missed some loans payments last year. The loan is now cleared but i got turned down by one of the mainstream banks when i applied for car finance. Is there any alternatives for
car finance ??
 
Your local credit union would be a good place to start. Had the same problem a couple of years ago but came to an agreement with my branch and everything was sorted. You could also try tesco finance ang GE money but i would say to stay away from the latter because of the stories i have heard. Good luck anyway....
 
indebtedgal said:
Interested in hearing some of the negatives about GE Money?
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As GE money specialise in "high risk" customers the rates are (or at least can be) very high [from previous posts this seems to be more for mortgages than car loans!]. Search the forum for "GE Money" to see some of the general opinions on them.

ents22 said:
I missed some loans payments last year. The loan is now cleared but i got turned down by one of the mainstream banks when i applied for car finance. Is there any alternatives for
car finance ??
Click to expand...
If you had genuine reasons for the missed payments you should discuss these with perspective lenders (also worth looking into having the reasons documented on your ICB report). A CU is usually a little more accomodating with these matters, but worth having a proper discussion with your bank(s) of interest before fully ruling them out.

Many lenders will accept "high risk" customers (problems with credit ratings etc.) but you do pay for the service. It's really a last resort as the costs could/would be very high. Search out the lowest APRs and then rule them out when they refuse.
 
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