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Can anyone recommend a loan co for bad credit

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Hoggle*&*Ludo

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#1
I am having a nightmare trying to get a car. I need one ASAP now the weather is getting bad and it is dark early as I have to walk to work and can't really go anywhere once it gets to this time without relying on lifts.

I just got declined at Arnold Clark which has upset me. I only need a few grand to get something half decent. Is there any reputable companies who could help?
 

lauralucy

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#2
if you go to a used car dealer most of them offer finance anyways, its what i did. might be worth a go. do you have a deposit or will the whole car be on hp?
 

clairelove

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#3
a few yrs back we went to afford car finance, we had a car worth 8 thousand, and was told if for any reason we couldnt keep up with the mthly payments of £267 then the car would be removed and that was that...

well when my hubby lost his job we missed 2 payments, the took the car off us then dropped the bomb shell that we owed intrest included 12 thousand pound, they sold the car via auction they said for 3 thousand so we owed £9000..

we were never told any of this at the time, we were there 4 hours as they wouldnt=made it hard for us to leave until we signed the forums by then we were then bound....

unsecured loans can be secured on to your house if you own one via a chaging order, which they then can false you to sell your house.

so please be very careful in what you sign as we learnt the hard way, and people will be very, very pushy with you and try to make you think its a fab deal when infact its a con which gets you into more debt and at the end of it not even a car to show x
 

Hoggle*&*Ludo

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#9
I won't get accepted for ordinary finance, Arnold Clark even referred me to a sub prime company and they still declined me. This is from mess I got myself into when I was younger.

Why can't they judge you on your present circumstances/income?
 

clairelove

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#10
we were black listed and approved car finance take you on regard of your credit rating thats why intrest is sooo high we found out x

oh the company approved car finance went through was freedom finance x
 

This Little Piggie

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#11
Harsh as it may sound and no offenece meant, if you have been refused by a decent company, you either cant afford it or you dont have a good enough credit history. My advice would be not to get involved with any Tom Dick or Harry loan company. I talk to people who get involved with the wrong kind of loan company and it is truly devistating :(
 

torieraa

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#12
Have you actually checked out what your credit score is?

If you use credit expert or one of those companies you can normally check your credit rating online for free. you will have to sign up and provide bank details but providing you cancel within 30 days this is normally free.

You may very well be supprised by how good your credit rating actually is! I know I was.

If you have a half decent credit rating I would strongly advise you try one of the big name high street banks who are more responsible lenders. I have a loan with santander who I have to say have been really good with me. When I lost my job they agreed to let me pay off £20 a month until I am back on my feet. The so called "we will give anyone a loan" people are only interested in making money and quite often will decline a loan if they think you will make all your payments on time which means no missed payment fees for them.

Also be very careful about how much you apply for as each time you apply for a loan or a credit card it will bring down your credit score.

HTH :)
 

Layla - NSGPR

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#13
I agree with Katiepops - have a look at money saving expert they have good advice

Also I would not go near car finance companies, they are really not good, and take advantage of people with limited income and who are in difficulties. You can end up paying a lot more for a car than it is actually worth. My partner ended up with 11000 debt from a car finance company, and the car was only worth £5000.

Although you don't have the best credit rating I agree with torieraa about checking out more reputable high street banks. I bought my car on a 0% interest tesco credit card. I paid it off in a year and never paid any interest that way. You have to pay it off though or you will pay interest on balance after the % period (which was 15 months in my situation)

Good luck - I hope you get something sorted.

layla
 

Beautifulmess

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#15
The only way I know of getting good credit is by getting a credit card which is risky. The bank also says, it goes up slightly every 3 years or something? I need mine to improve if I'm to get a joint morgage with my boyfriend at some point >.<
 

Bailey

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#17
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Sign up to Topcashback or Quidco and then join Credit Expert through them you get around £5 cahcback for a 30 day free trial (remember to cancel as a monthly fee applies)

If you look around you can get cars with tax & year's MOT for about £500 which would be better than taking a loan with extortionate APR.

Get a credit card, buy one thing on it per month (a weeks shop) and set up a Direct Debit to pay it off in full every month (this way you won't pay interest). This will help to build up your credit rating again.

http://www.money.co.uk/credit-cards/bad-credit-credit-cards.htm
 
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