getting finance

theultimate · 11 Jul 2007 at 07:42

wanting a new car and ive been knocked back with finance again!
im sick of it now, anyway i can sort my credit stuff out had a few probs in past but sorted stuff out, whats best way now just to wait??

schnipps · 11 Jul 2007 at 08:06

theultimate said:
wanting a new car and ive been knocked back with finance again!
im sick of it now, anyway i can sort my credit stuff out had a few probs in past but sorted stuff out, whats best way now just to wait??

Knocked back from what type of finance? Personal loan or car loan as they are 2 different things, have you also checked your credit report to see what the problem is. It is possible to get a car when you have a bad rating but i wouldnt advise it as the APR will be high.

If you have a bad default it stays for years and years, only way to get it better is to level it off with good ratings.

Teledude · 11 Jul 2007 at 08:33

I have similar issues - best way is to get an understanding other half/family member, and get them to guarentee your finance

G|mp · 11 Jul 2007 at 08:37

Everytime you apply and get turned down its goes against you as well

schnipps · 11 Jul 2007 at 08:41

Teledude said:
I have similar issues - best way is to get an understanding other half/family member, and get them to guarentee your finance

Yep this is correct, did it with my gf for her car. Her credit rating has a number (8) on it which is the worst you can get. She messed up a catalogue payment 2 years ago and its caused us a massive amount of grief over lots of things, from business bank accounts to cars and mortgages. I had to go with her on the car finance to get her on it but even that was a rubbish APR.

She accpets she messed up and has to pay the consequences of the rating affecting her with poor ARR'S probably for another 4 to 5 years i would guess.

Samtheman1k · 11 Jul 2007 at 09:38

theultimate said:
wanting a new car and ive been knocked back with finance again!
im sick of it now, anyway i can sort my credit stuff out had a few probs in past but sorted stuff out, whats best way now just to wait??

Check your record on equifax for £2 and see what the problem is. I couldn't get finance a while ago because Telewest kept black marking me for not paying bills, despite me setting up a direct debit and them simply taking it late and thus blaming me :rolleyes:

A quick call to telewest got the black marks removed so it may be worth checking what is actually affecting your credit score as it may not be what you think.

Also, I moved house a lot of times in the last few years, and that was a problem for some companies.

Fireskull · 11 Jul 2007 at 10:17

I got turned down because i dont have a credit rating