How would you go about getting car finance? How would you go about getting car finance?
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  1. #1

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    Default How would you go about getting car finance?

    I'm looking to buy a new Z4 M Coupe, it's alot of money, I'm a contractor so obviously I can afford the monthly payments.

    Problem is, when I was a wee bit younger I defaulted on a loan, well the bastards sent it too the debt collectors after I missed a monthly payment, anyway they put on my credit history as defaulted So my score comes out very poor.

    Should I even bother trying to get this much finance? Are there any way I could obtain the credit, or have any of you been on this situation before, I'm guessing the financers would prob take one look and laugh. Also the missus would kill me if I secured the house against it so don't want to be doing that.

  2. #2

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    Depends what 'wee bit younger' is. It only stays on your records for 6 years, iirc - if it's longer than that then you don't have to declare it.

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    about 4 years ago...

    I've checked my credit historu myself and I know my score is poor, so I'm guessing car is out the windows, especially borrowing 30-35k anyway (I have about 10k deposit)

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    Quote Originally Posted by dotnetter
    about 4 years ago...

    I've checked my credit historu myself and I know my score is poor, so I'm guessing car is out the windows, especially borrowing 30-35k anyway (I have about 10k deposit)
    Finance? Cash is king in the world of the contractor m'boy!

  5. #5

    Contractor Among Contractors

    richard-af is too good to be a permie

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    Quote Originally Posted by dotnetter
    about 4 years ago...

    I've checked my credit historu myself and I know my score is poor, so I'm guessing car is out the windows, especially borrowing 30-35k anyway (I have about 10k deposit)
    Some credit Co. will, undoubtedly, take you on, but the APR will be intergalactic... not sure whether they pass debts down the line if you default again... you may end up with a visit from Messrs. Legbreaker & Armsmasher.

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    Quote Originally Posted by dotnetter
    I'm looking to buy a new Z4 M Coupe,
    Are you a hairdresser?
    "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


    Thomas Jefferson

  7. #7

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    Quote Originally Posted by Ruprect
    Are you a hairdresser?
    it's not a hairdressers cars its a very quick 2 seater coupe

    I might as well forget it then to be honest, ill stick some cash away for a while.

    But what with finishing the house, getting married, holidays etc, i never have any bloody savings

  8. #8

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    Quote Originally Posted by dotnetter
    But what with finishing the house, getting married, holidays etc, i never have any bloody savings
    I wonder why
    Hard Brexit now!
    #prayfornodeal

  9. #9

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    When I was a wee lad I had appaling credit as I was missing off the electoral roll for 3 years (my mum took me off her house when I was at Uni, despite me telling her not too!).

    I tried my father in law as a guarantor, but no mainstream company would touch me.

    In the end I got a 1k loan (no savings fresh out of uni so only a couple of hundred quid for a deposit) through one of these "can't get credit?" firms, I only borrowed a grand because the interest rate was 27%!!
    Best avoided if you can.

  10. #10

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    Have you thought about personal contract hire? (or even YourCo contract hire). Residuals are pretty good on the Z4, hence the rates will be comparitively low.

    ....and then when you get bored you can chuck the keys back.

    This one's pretty cheap, not the 'M' but I'm sure you could find one :

    http://www.lingscars.com/car_detail....=1599&status=0

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