Approved Car finance

[vtr2007]

has anyone been with them before?

[vtr2007]

so has anyone bough a car off them before?

[thoms04]

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[vtr2007]

lol i wish i had ive got the worst credit history ever

[thoms04]

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[vtr2007]

have you got any links for this?

[vtr2007]

i wont get accepted for a credit card

[thoms04]

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[vtr2007]

ive tried all this before

[thoms04]

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[johnny_vts]

If you have a poor credit rating, my advice would be the following:

1) Contact both experian and equifax for a copy of your credit report (it costs £2) - www.experian.co.uk , www.equifax.co.uk

2) Look through the report and check to see if there are any default accounts, late payments or CCJ's - or any data that is incorrect.

3) You MUST clear any defaults to ensure your history is returned to satisfied. If any data is incorrect, challenge the company alleging the late payment, default, CCJ by letter.

4) As thoms04 states - building up credit slowly is the best method to an improved credit rating.

5) Do not apply for credit on multiple occasions within a short timeframe; this is looked at very negatively by credit companies.

As for Approved Car Finance and all the credit 'shark' companies out there, i would avoid if possible. As thoms04 has said, you are charged an extortionate APR and the cars will not be the best quality. Use at your peril...

[devilsadvocate]

Would stay away from companies like that unless you have exuasted every other option. APR can be upto 30%, which is propper high. Its not as difficult to get credit as you think. You need to build up your credit rating gradually. Start with your bank and get a small overdraft, pay in regularly (wages) and DONT go over it. After a while they will prob offer you a credit card at 0%APR for 6 months or similar. Get one and use it every now and then for small purchases and make sure you pay MORE than the minimum amount (all if poss).

After 6 months you can usually ask for a credit limit increase assuming you have not spanked it or gone over the limit, could be a £1500 limit. Eventually they will offer you a loan

Im 19 and here is my AVAILABLE credit

Capital One - £200 Limit - £100 Owed
Vanquid (W*****S) - £750 Limit - Nothing Owed
HSBC Mastercard - £2000 Limit - Nothing Owed
HSBC Loan £7500 - 10.9% APR due to the fact im only 19
HSBC Overdraft - £550 - Nowhere near hitting it

As you can see other than the loan i owe very little but i built my credit rating to what it is now over 18 months total. Sitck with one bank like i have and they will reward you later on. DONT miss payments if you can help it. I Only earn 16K a year btw.

[vtr2007]

how do you clear defaults?

[Tupps]

16k a year is a tidy wage at 19, cant see why you needed a loan tbh :(

[johnny_vts]

how do you clear defaults?

Read my post above which describes how to go about getting your credit report - then get in touch with the company you have defaulted against and pay any outstanding balance. Your credit report will then be returned to satisfied.

[Foggy]

Used to work for a printing company, and we used to print for Welcome Car Finance. Rates varied between 30% and 55% depending on peoples credit score. Flapping rip off!

[seat-craig]

i got 0% finance on my car. im on 12grand a year + commision and i passed

[devilsadvocate]

16k a year is a tidy wage at 19, cant see why you needed a loan tbh :(

Went to uni for a year up in London before dropping out. Still got debts to pay off and used the rest of the loan to buy the car instead of doing finance. That way the car is mine and i can sell it in two years time without worrying about finance.

[vtr2007]

bump bump!

[Kelly]

Finance is a silly idea when it comes to cars. If you ever decide to sell then it's difficult. At least if you get a loan you own the car to be able to sell it.

Believe me, there will be a company out there that will give you a loan; you jusxt have to keep trying

[vtr2007]

lol i hope so ive tried everywhere