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Hello there Edwin, I am after getting car finance and have came across so many companies who state they are the best to go with etc i am so confused. I have recently come off a debt management program from where i had 3 defaults totaling just shy of £15k they are all now clear and within the last year and a bit i have managend to obtain a aqua, granit and capital one credit card to help rebuild my credit profile. I have closed the aqua and granite now and only have the capital one card which is on £0. I also have an overdraft of £1500 on my bank account but i never touch that. My credit score is at 312 at the minute but i expect that to raise now my defaults are all paid off. I have been employed for 5 years with same employer and on electoral role. Lived at address for 16 years and work ful time. I have £1000 or can even have £2000 deposit and am looking for £7-8k. Would hire purchase be my best option? Who in your personal opinion would be my best company to go with as i only want to apply with one company as my searches on my credit profile are excellent at the min and i dont want to damage them. Thanks for taking the time to read this i hope you can point me in the right direction. Carshop.co.uk, MSG car finance and Moneybarn are the other companies i am looking at.
Hi Luke, i really appreciate the detailed question and i will do my best to answer you in the best way. Firstly - You do have a good chance of being approved as you have a large deposit, a good stable employment history and a very good electoral roll history. Congratulations on completing the DMP too and you've definitely done the correct thing by obtaining a few credit cards to build your credit history back up again. I have a very good feeling that we could get you approved if you'd be willing to apply with us. Carshop.co.uk will deal mainly with people with good credit histories so i'd advise against applying there if i'm honest. We have more lenders on our panel than MSG car finance and we do deal directly with Moneybarn ourselves (forgive the sales pitch :-) To answer your question though hire purchase is 100% the correct way to go. Kind Regards, Edwin
Thanks Edwin. Even with my low score I can be accepted? How do you go about obtaining my car? I would like to obviously test drive a few as I have a few in mind. Also who would I pay the deposit to? Are there any fees when applying and what documentation would you need from me eg passport? Driving license copy? Thanks again Edwin
Hi Luke, yes - there is a chance we can get you approved even with your low score as you have a large deposit. If you wanted to choose your car from your own dealer that is ok as we can broker the deal. You'd obviously need to pay the deposit to the supplying dealer and we'd sort out the paperwork with yourself. The funds for the car would need to be sent directly to the supplying dealer. In terms of documentation we'd need your driving licence, passport, last 3 months payslips or bank statements and a proof of address (utility bill etc). We charge a small data check fee for facilitating the deal of £99 - that's it.
Hello Edwin, can i just say thank you so much for your answers and your time in reading and getting back to me.
I have just signed up to CreditExpert as they are rated number 1 for credit rating related stuff and they offer more help and advice in building a better score. Now my score on there is '884 Good', Do the companies you use when searching my credit file to get me finance what do they use? Experian or Credit Expert?
Back on topic when would the £99 fee be due as you mentioned above? Also when i apply with a large deposit do i have to pick the amount of finance i want or can a advisor tell me what my limit would be?
Thanks again Edwin!
Hi Luke, after applying and then approved you'll be given a credit limit depending upon your income. You seem to have a good credit score so that's great news. Most of our lenders will use both credit reference agencies. The £99 fee only becomes applicable when you proceed with the deal. Kind Regards, Edwin