Buying a car from a dealer (well carcraft) advice

Yes! Car Credit went out of business after they got themselves into a lot of financial trouble through selling so many dodgy cars.

Bascially Watchdog ****** them over, rightfully so.
 
[TW]Fox;10211898 said:
He's right though, people will say odd things. Remember, to the general public, big car = expensive, small car = cheap. It's that simple as far as they are concerned. I used to get the same sort of comments all the time with my Mondeo.
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When I bought my old Mondeo the first thing my Mum said was "How did you get the money to pay for a car like that!?"

She had no idea it was £400, she assumed I'd paid around 3 grand for it.
 
paradigm said:
Thats going in my sig. Ironic++
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Wow! I've never been sigged before :D ta

Lopez: What mondy you have m8? I was surprised i wa chatting to this lass in an office i was working on and she was looking out the window going "omg i think she's gonna hit your car" to which i replied "so? It only cost £100" Which i was surprised to hear back was a "really good deal" Even tho i see it as a banged up rust bucket. To be fair a coat of t-cut and triplewax does wonders.
 
Ultra_Extreme said:
Wow! I've never been sigged before :D ta

Lopez: What mondy you have m8? I was surprised i wa chatting to this lass in an office i was working on and she was looking out the window going "omg i think she's gonna hit your car" to which i replied "so? It only cost £100" Which i was surprised to hear back was a "really good deal" Even tho i see it as a banged up rust bucket. To be fair a coat of t-cut and triplewax does wonders.
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I bought a 1995 Mondeo 1.8 GLX for £400 in late 2003 I think? Kept it until Jan 2007, sold it to DRZ off here for about £300 who kept it a few months and sold it on again for roughly the same money.

It wasn't perfect (especially after I messed up the front bumper :p replaced it eventually) but it did the job.

We also had a '98 Mk2 Ghia X that Kate paid £1300 for in 2004 and sold it the other day for £700. They're great at what they do :)
 
"Freedom Car Credit provides finance for people regardless of credit history from any dealer. They accept applications from self employed, mortgage arrears, CCJs or even no credit history at all."

So effectively subprime lenders. Perhaps it's not as bad as cowboys from Yes Car Credit, which by the way, and I might be wrong about, still trades as Yes Loans, but still - is your financial situation really this bad that you can't get car loan from high street bank, or do you just pick stuff at random and it happens to be bad car supermarket, bad lender etc at random?
 
I also doubt the rate they have offered you is 7.2% APR. 7.2 isn't actually a bad rate for a personal loan that isnt secured on a property, infact its quite good. Banks etc will usually only offer rates like that to people they know they will get the money back from.

Companies who offer credit to people with poor or no credit history accept there is a high risk the borrower will default on payments. Therefore, they charge much higher interest to maximise their return before the borrower eventually defaults.

It wouldn't make sense to both lend to people with poor history AND offer them very competitive rates. You don't need to offer them competitive rates, they can't just pop to HSBC and get a loan.
 
I have 7 CCJ's a bankruptcy and probably the worlds worst credit history. At uni i decided to just take everything and then go bust. Apart from the slight cost to me at present in that i will pay a higher interest rate now, and as fox said i cant just walk into a bank and get a loan, but i still managed to spend a fortune at uni, have a great laugh and come out next to debt free. Which im sure will annoy everyone .
 
Then there is no point to get into car loans at all dude. They will immediately tear you a new one by hiking your interest rate every month. Grab a grand from under a mattress, get yourself Lexus LS or Nissan QX from private seller and just sit quiet out of loan system for 6 years. There is no point to keep paying 5 years from now for what will be then an old car with finance at 40% APR... And it will be that high. That's why it's "variable".
 
Nah i could afford 4k outright. i just dont want to lol, What i mean is, the business needs to offset income against tax, preferably on a vehicle, my technical income will only allow for up to about a 6-7k vehicle, the business could theoretically afford more like 12k or so but as a sole trader im somewhat stuck. A £1000 car for cash is basically no different to my £100 mondeo now, i kinda need an amount going out each month even if its not value for money.
 
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[TW]Fox;10221785 said:
You should. Poor credit and £4k in the bank? Buy a car for £4k.
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+1

Makes more sense than getting ripped off on finance. Get a car worth 4k, pay 4k. Not one worth 4k and end up paying closer to 6k for it.
 
I remember my visit to carcraft ;)

Surely you could pick up a ghia mondeo for 1k ish? Can see where you're coming from though; image is everything but imo, you will almost certainly regret buying a car from Carcraft, 3/6/12 months down the line.
Usually when you are, financially, in a better position and you look back and think, "wtf did i do that for?"
 
Just to reinitiate what I said above. I popped into town for 30mins yesterday so parked on a pay and display. As I left the car to get a ticket this bloke who was walking his kids looked at it and shouted to his misses "gawwww, this one's a Ghia!".

The bloke was smartly dressed, not some scally wag from the rough areas I imagine.

I went back over to the car and he said "I hope you don't mind me admiring your car"

Therefore, it must not look like a crap old banger despite being almost 10years old and has over 130k on the clock!
 
you just wanted to tell that story didnt you ;) tbh i really WANT a post 2000 shape. Im listening very carefully to what you are all sayin, thanks for the advice. Ive taken a look at private sales and to be fair theres a lot to be said for paying up front, 2k2 mondeo TDCi's with about 100k on the clock and FSH/MOT seem to go on ebay for about 2-3 k depending on spec which is a few K less than the dealers before you even talk about finance. TBH ill have another word with my financial advisor (who told me to get a car on monthly as offsetable monthly assets, apparently one off assets dont relieve as much in taxes or something) and see what the real world difference is.

Im still going to carcraft though lol just to have something relevant to post in here :D
 
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