trying to obtain auto finance with bad credit

C

chiefwigam

Registered User
Messages
19
HI there i am a new user on this site and find it extreemly helpful,
Hopefully some of you may be able to help me, i made some bad business decisions 4 years ago and incured some serious debts, i buried my head in the sand as i tried to battle my way out of them, i have 2 judgements against me and mised mortgage repayments, i have remortgaged my home to consolidate my debts, i have payed off anything outstanding i have been in full time employment for the last 12 mounths and im on a good salary, i have been offered an extreemly good position with another company, salary is up €23k the only thing is they dont offer a company car but instead a car allowance of €650. i have tried 3 lending agencys and they all came back with the same answer, "sorry ICB report not great)my own bank told me to come back to them in 6 mounths (which would be too late). i have no loans or credit cards just a mortgage, my remortgage just took place 2 mounths ago, can anyone steer me in the right direction of a lender that may be a bit more understanding
Thank you in advance
Chiefwigam
 
Try GE money [broken link removed]I thing they take a more lenient view of peoples credit history but you pay a higher interest rate for the privilage. Try them for the six months and revert to you bank if your bank give you a loan. Make sure you can pay of the loan in full at any time
 
thanks asdfg
i had a loan with GE and it was them that obtained a judgment, im sure they wouldnt welcome me with open arms???
 
chiefwigam said:
i have been offered an extreemly good position with another company, salary is up €23k the only thing is they dont offer a company car but instead a car allowance of €650.
Click to expand...

Is that 650 per annum or per month? If per month the car allowance would probably pay for a car lease. It's a more expensive way of doing it but since they still own the car they may be more willing to do business with someone with bad credit.
 
Its unlikely you'll get any kind of a loan for quite some time with that kind of history, except perhaps from the credit union.

I can sympathise as had to turn down an offer myself as I would have failed the security clearance requirement due to prior credit problems. All I can say is that it isn't something a prospective employer is going to want to hear as an excuse for not having a car, so look for a different job or drive something very humble indeed.
 
shall i take it im up the creek withyout a paddle????
i havnt had a credit union account since 2000, i was a very regular saver with them had 1 loan and paid it back within 12 months without a problem, but the account has been closed since 2000, i thought they only give loans 2 or 3 times the amount saved?????? can anyone advise please?????
 
chiefwigam said:
shall i take it im up the creek withyout a paddle????
Click to expand...

Yup.
You might get a vintage Beamer from about 1998 or so fairly cheap. The likelhood of you getting a loan for 5 years after a court judgement are pretty much nil unless you dig out one of those companies like the Associates who specialise in subprime lending.

Google it and you might find a few of these lenders (basically moneylenders). Wouldn't recommend them though, the interest rates would be extremely high.
 
I don't think anybody here would be allowed to recommend any of these lenders, and there is still no guarantee they will loan you anything.

As I said, there are other jobs, and unfair as it might be, if you cannot fit the requirements for the job due to a previous credit problem, however unfair it may see, it might be best to look for a more suitable opportunity. I took me over 2 years to get something better, but it was certainly better than ending up in trouble because I had a history of bad credit preventing me from getting security clearance.
 
i would suggest you open a credit union account now and start putting in something on a regular basis. The lending 2/3 times the amount of savings is pretty much gone and its based more on your credit history with them. Do this for 6 months - then talk to them about helping you get a loan. In the meantime perhaps leasing a car is the best solution. Don't rule out the credit union even if you get a different solution. you are going to want access to credit at reasonable rates in the future and with your credit record they are your best option.
 
Try this one, could you ask your mortgage company for a small extension on your loan say 25000 (for renavation)and you could raise your repayments slightly, with the car allowance you get, you wont borrow money for a car anywhere else as cheap,If this don't work go to a garage owner and see would they be able to come up with some plan for you, Like a long time rent at say 110 per week, I'm sure there is someone out there who wants to make money
 
To be really honest I don't think you have a hope of getting any kind of credit with court judgments on your history. I just have arrears and I am turned down every time by everybody but my own bank (and even then now they've been bought out that could change). Even the bank I previously banked with (AIB) have turned me down twice for very modest loans.

I'd really recommend a total rethink of the situation. Its completely unrealistic to expect to be able to get a loan in your circumstances. I know that sounds harsh but believe me, I live with it every day myself. Having a nice car or a house of my own is a pipedream that will have to wait the two years until the bad record is gone off my credit record. Its a harsh reality you eventually have to learn to live with. And to be honest you will only cause yourself more stress and anguish by trying to hoodwink yourself into a delusion that you can get credit with a poor record.

Sadly we live in a world where though credit is easily obtained for most people, but its extremely unforgiving if you have any sort of poor record.
 
Any chance you can save for a few months and buy a cheap car?

It looks like borrowing of any kind is out of the question for a few years, and I would advise against a sub-prime lender anyway-the interest rates will alomot certainly add to your problems.

€2,000-€3,000 will get you a good reliable Japanese car. Insurance (if it is high) may be payable by direct debit to help spread the cost (at a finance charge of around 8%)

A search on www.carzone.ie for used cars under €3,000 throws up 960 cars-surely something will suit.

If it's something more snazzy you want-then too bad-it looks like you're out of options. Maybe not what you want to hear, but it looks like you'll have to wait a couple of years.
 
You must log in or register to reply here.
Back
Top