Buying a car on finance

[yorkie pud 10]

hi just wondered if anyone knows of any car dealers that do finance for people with a bad credit rating and no its not for me lol

[dan2802 53]

CarCraft but boy is it gonna cost!!!!

[GrannyGranny 10]

Carcraft as above but looking at their site you will be charged nearly 20% APR and paying for it over 5 years. If he defaults he wil lose the car.

 

Tell your " friend" to save up and buy cheap car with cash. A decent condition small petrol car such as a Fiesta or Micra can be bought for a grand privately.

[paulpyatt 10]

s6 motors thats where we got ours from, we had to do it in mine and my partners name.

[sazaboo 10]

for the amount you need to put down as a deposit at some places, you could but a car!

 

its never worth it in the long run, the APR is always high, maybe as high as loans or credid cards? dont know myself without looking but if your friend has a bad credit rating, they are gonna struggle whichever route they go. Save up!

[CaptainChaos 10]

I'd certainly go down the private purchase route, if only to avoid dealing with carcraft.

 

Purchase a small petrol car, at the max you can afford as a lump sum, keep watching the trader and identify the long running ads, the seller will be more amenable to a deal.

[CaptainChaos 10]

In fact further to last post, found this on first page of classifieds

 

http://www.sheffieldforum.co.uk/showthread.php?t=851248

[jenand8285 10]

s6 motors thats where we got ours from, we had to do it in mine and my partners name.

 

I would not recommend S6 Motors! Someone I used to work with had alot of trouble with them. They took her car in px, which was already on finance & agreed to pay of the remainder of the agreement & then set her up a new finance agreement on the car they sold her. Anyway they did not immediately pay off the finance on her old car so she was still left paying the direct debit for two months on both cars!! They also refused to look at the car 3 weeks after purchase when it had a brake fluid leak. AVOID THEM!!!!!

[Chris_Sleeps 10]

They took her car in px, which was already on finance & agreed to pay of the remainder of the agreement & then set her up a new finance agreement on the car they sold her.[/b]

Was the first car financed by the same company as the second? There are massive legal issues with selling/exchanging a car that is on finance and hire purchase.

[jenand8285 10]

Was the first car financed by the same company as the second? There are massive legal issues with selling/exchanging a car that is on finance and hire purchase.

 

No, it was with different companies. They told her they would settle the finance directly, They gave her X amount for her car, the settlement figure was slightly higher by about £300 so she paid that cash, as a deposit. But when the new aggreement came they had added the £300 to the new finance deal. Unfortunately, she was young & inexperienced and just left them to arrange it all, it was only after she signed she realised they had not taken off the £300, when she questioned them about it they said it was for 'fees'!

 

Maybe she was wrong to agree to let them pay off the finance, but as a trader she trusted what they said. They did not want to know at all once they had her log book & new finance deal, and discussions went on for months, I know as we shared an office and she used the work phone without discretion! And for this reason I would advise to stay away.

[Grandad.Malky 11]

With these type of deals they ask what you want to pay per month and then build a deal around that, its not until you get home and do the sums that reality sinks in.

 

Don’t sign anything on the day, ask for a printed breakdown of the costs first ……… I bet you will come away empty handed.

[dimbat 10]

With these type of deals they ask what you want to pay per month and then build a deal around that, its not until you get home and do the sums that reality sinks in.

 

Don’t sign anything on the day, ask for a printed breakdown of the costs first ……… I bet you will come away empty handed.

 

Anyone think of buying a car on fiance cant do sums and doubt very much they can add or budget, if you havnt got the cash to buy it you cant afford it, go buy a banger for £200 , your car is to get from A to B and not a status symbol:loopy: