Interesting product for people with a poor credit history to get a car

Brendan Burgess said:
... Very few details, but the concept is interesting.
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It's a shame they haven't managed to put more flesh on the bones on their [broken link removed] though, which is still under development, and the business plan / business model are still at the "smoke and daggers" stage to quote Bertie.
 
Interesting thread

Interesting thread Brendan.!
Trying to factor in a newer vehicle into my finances somewhere down the line and to say my credit rating is poor would be an understatement :)
 
A company already based in Ireland is going to offer car finance for people with poor credit rating. Their rates will be higher of course, but they will at least offer another option for people who have had their credit rating affected.
 
Called into this place today, only.window shopping for now. Some nice cars there.
I think it's a great business idea.
 
RichInSpirit said:
Called into this place today, only.window shopping for now. Some nice cars there.
I think it's a great business idea.
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A lot of good people got hit in the downturn and their ICB (cedit rating ) is poor.
They still need a vehicle to get to work and this seems like an ok idea if done fairly.
On HIGH interest rates let us look at an example

Car Costs 6,000 less 1,000 deposit .
Customer borrows 5,000 over 36 months.

Normal car finance @ 7% = 154 each month.
This finance @17% = 178 each month.

So costs 24 more per month for cstomer to be back on the road.That is half a tank of petrol.

I would urge caution though on Cost of Car.
Make sure car is close to its real price , not bumped up because customer is stuck.
If he keeps this payment clean he will somewhat (repair) his credit rating.
 
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