Hello sisterhood, I'm a long time follower, first time poster. Here is goes... A few years ago we were struggling badly with our finances and the usual stuff that goes with it. I know everyone goes through it... Fast forward, I have a good paying job and with the help of direct debit and learning how to better manages our expenses we are no longer drowning. I would like to obtain a loan to purchase a 2nd car. I got a copy of my credit report and I have 2 defaults (that are being paid on arrangement). So with this in mind, I turned to a finance company who 'specialise obtaining loans for people with bad credit' - you know, really good reviews, really understanding yada yada... I had one phone call with them and straight away it was 'we can't help you'
I know that it's possible and I know that I can't improve my credit score for the future without borrowing. I just want to know how to go about it. Who to go through? I don't want to apply everywhere as I am aware that multiple knock backs will also adversely affect my credit. To anyone who has been in my situation, what did you do? Thanks in advance xx
Finances
Finances
Posted in:
Money
4 Replies
I'm still without a car! Same situation as you. It's false advertising that they specialise in "bad credit" my default is $800 im almost finished paying it but very frustrated that the "broker" put my application forward knowing I'd get knocked back. Would love to find out what others have done! Goodluck :)
The ones that truly work with bad credit charge HUGE interest rates to make up for that, leaving people in a bigger hole than they can get out of. Google micro loans and no-interest loans.
You had a very lucky escape, there has been a clamp down on those types of car places.
The answer you don't want to hear is - do without the 2nd car. You don't want to use borrowed money to buy things that depreciate. The next bit of advice is see a financial counselor (Salvos have a free service) to help you with a plan to save for the next car. And third, if you really need a 2nd car, and you own the first one outright - sell #1 and buy 2 cheaper cars for cash with the money. But remember 2 cars = 2x regos, 2x insurance, 2x services, double the petrol, etc...
My husband has 4 unpaid and no arrangement made defaults and still got approved for a 22thousand dollar car loan. Try moneynow finance