Car credit companies

[hammerman]

Hi. I'm going to be looking for a motor soon but i have a very bad credit rating which includes going through a debt management plan and several defaults to my name.

I was looking at the "yes car credit" type companies. I appreciate they charge a high interest rate and probably a bit extra for their motors as you can only buy from them if you get credit with them.

Anyone any exp[erience with the companies. I'm not looking to borrow a fortune....maybe a couple of grand to get a little hatchback.

Any suggestions or help would be useful

Thanks

[dee5]

Me and my ex got our car through welcome finance! They are awful we had to go back 3 times to sign the papers as they had done them wrong. Then they cancelled the direct debit but when we rang to inform them, they told us it was still in effect. It took them 4 months to work it out and then they wanted the full arrears which we didnt have! Plus it cost us nearly 9grand for a car that would have cost us 4-5 grand if we had gone elsewhere!

[johnny37]

No personal experience but when they see you looking at cars the first thing they will say is 'ignore the price on the windscreen Sir - how much a month do you want to pay', They will then package the finance accordingly, even if it takes five years to pay it back. As Dee5 says, you will end up paying double. For a two grand car may I suggest you try and save that amount and pay cash to a genuine car dealer not a finance company maquerading as a car dealer. Or borrow it from a relative.

[CheekyChops]

I had one from a place like that a few years back. Yes, I did pay through the nose for it, probably double what I would have paid elsewhere but at the time I had bad credit and couldn't get a loan anywhere else.

Asking my parents was not an option (you don't really want your parents to know about your CCJ's, defaults etc!) and I needed a car for work, there was no time to save up.

It did cost me loads more but I had no problems with the Company in question and once that one was paid off, my credit had improved and I was able to get a bank loan for my next car.

[johnny37]

I work on mot so i know it is easy to have a failed tail light without knowing it. What worries me most, particulalry with insurance is that the people who post these sort of questions think it is optional. And they almost always get caught while committing some other sort of offence. i dont know what the solution is. Even confiscating the car is not a punishment when it is only worth �200. There was a recent BBC Car Wars prog where a 'woman' was caught, the car taken away, and within 15 minutes was caught again with another car. As regards these posts, when they so obviously know they are doing wrong, I wonder if some people just post the questions out of mischief.

[johnny37]

Sorry. worng thread!

[hammerman]

LMAO Johnny37.....i was thinking "what the **** is he on about" until i read your last post....LOL