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Old 31-01-2008   #1
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help advice needed

I have been refused finance for my 500, I have a £2000 deposit to put down and the cost of my vehicle will be around £9000, I have bad credit history, but no ccj or bankruptcy any ideas from anyone for a finance company I could approach, I am classed has sub prime customer. I could raise a higher deposit doing more overtime at work but it will just take longer for me to get car although I am in no hurry.
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Old 31-01-2008   #2
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Re: help advice needed

Scotsdale and Blue do subprime finance but expect a shocking rate!

Have you thought about Fiats Ideal finance. With it being a PCP they may be more willing to give it to you.
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Old 31-01-2008   #3
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Re: help advice needed

where scots dale and blue and i cud tri ideal but the more searches i have the more it will dampen my hcredit history
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Old 31-01-2008   #4
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Re: help advice needed

Can't find their number. Will have a look at work tomorrow and post it or you. But they will give you an insane rate.
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Old 31-01-2008   #5
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Re: help advice needed

i am willing to pay a high interst rate but in the maenwhile i will just keep adding to my deposit I would like to be in a 500 by xmas 2008
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Old 31-01-2008   #6
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Re: help advice needed

Darren it's none of my business but I don't recommend going subprime...
Sounds like you have a good plan by building up your deposit...and Beasty is right when he says go for the fiat finance,...at least that'll be slightly less sharkish...good luck
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Old 31-01-2008   #7
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Re: help advice needed

Credit is not as easy to obtain in the current economic climate compared with say 2-3 years ago when you couldn't stop people throwing money at you!

If you havenít done so already apply for two credit cards simultaneously with not too high limits. Pay your deposit on the vehicle and then the rest on the credit cards between them. Then when the first bill comes in, swap the amounts (i.e. pay one off against the other) and that takes care of the first (up to) 56 days without paying a penny. Then you will receive a monthly credit card bill with a low repayment amount but if you get the right credit cards (obviously) you will have zero interest for up to 18 months in some cases for balance transfers. Either then build up any additional funds to pay off at the end OR pay off any additional you can during the zero interest period.

Nothing illegal, works a treat and as long as you keep your payments up you will rebuild your credit history.

Then if you are really switched on... at the end of the interest free period of one card because you have a good credit rating back, you can then take out another card, swap the balance ot the new card with its own zero interest period and cancel the original card... etc Zero % finance for 3 years at least
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Old 31-01-2008   #8
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Re: help advice needed

thats good advice nsh500 i have been accepted on a capital one card last year but i didnt go ahead was high interst too but i will apply agin cos thats a good way to builr credit agin
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Old 31-01-2008   #9
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Re: help advice needed

Quote Originally Posted by N500SHP View Post
If you haven’t done so already apply for two credit cards simultaneously with not too high limits....
One slight problem with that idea...
Quote Originally Posted by darren111 View Post
I have been refused finance for my 500...

I have bad credit history, but no ccj or bankruptcy


Quote Originally Posted by darren111 View Post
i have been accepted on a capital one card last year...
That's no indication that you will be accepted again.

Capital One are known for not turning anyone down (unless they are totally uncreditworthy) but give extremely low credit limits to all but the squeaky-clean, so even if they do accept you they may only give you a limit in the hundreds, which won't be any good to you at all.

You say you want to take delivery of a 500 by Christmas 2008, so my advice would be to forget about paying for it 11 months ahead and spend the the time saving up for it whilst also concentrating on paying any and all existing credit (loans/finance/overdrafts/mortgage/rent/bills etc) on time every month. If you do that you'll be amazed how quickly you can 'repair' your bad credit history.
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Last edited by Scrogg; 31-01-2008 at 20:34.
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Old 31-01-2008   #10
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Re: help advice needed

that too is good advice scrogg and i suppose the more i add to deposit the less to finance and the less risk i will be to a finance company
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Old 31-01-2008   #11
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Re: help advice needed

Quote Originally Posted by darren111 View Post
...and i suppose the more i add to deposit the less to finance and the less risk i will be to a finance company
Exactly.

I know you are excited and want a 500 now, but if you are realistic, and a little hard on yourself, you will soon be in a much stronger position.

Yes, you will get finance somewhere now, but do you really want to be be paying somewhere in the region of 40-50% APR on it?
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Old 31-01-2008   #12
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Re: help advice needed

All good advice above, but if you are a homeowner you can get a personal loan at a low rate.

Cheers

D
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Old 31-01-2008   #13
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Re: help advice needed

Check out the Fiat deal below.




500 1.4 POP, 1.3 MJET POP, 1.2 LOUNGE, 1.2 SPORT


OTR£9,300Deposit £930Balance financed £8,37036 monthly payments£161.95Optional final payment (inc.£200 fee)£4,429.40Total amount payable £11,351.55Typical APR9.9%





500 1.4 LOUNGE, 1.3 MJET LOUNGE, 1.4 SPORT, 1.3 MJET SPORT


OTR£10,700Deposit £1,070Balance financed £9,63036 monthly payments£186.77Optional final payment (inc.£200 fee)£5,077.59Total amount payable £12,918.08Typical APR9.9%





Terms and conditions

Offer subject to status. A guarantee or indemnity may be required. Fiat Financial Service, PO Box 108, Leeds, LS27 0WU. Retail customers only. Not available in conjunction with any other offer. Terms & Conditions apply. 9.9% APR typical. Excess mileage charges may apply.
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Old 31-01-2008   #14
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Re: help advice needed

Quote Originally Posted by The Beast View Post
Have you thought about Fiats Ideal finance. With it being a PCP they may be more willing to give it to you.
It's doubtful.

It's the amount borrowed, not the monthly payment, that's the major factor in whether an application is approved.

Granted FAFS are a little bit more likely to lend the money than some of the other lenders dealerships use, as they are under pressure from FIAT to help them get more sales, but if the application has been rejected rather than referred to a sub-prime division of the same company even that is unlikely
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Old 31-01-2008   #15
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Re: help advice needed

Quote Originally Posted by Scrogg View Post
It's doubtful.

It's the amount borrowed, not the monthly payment, that's the major factor in whether an application is approved.

Granted FAFS are a little bit more likely to lend the money than some of the other lenders dealerships use, as they are under pressure from FIAT to help them get more sales, but if the application has been rejected rather than referred to a sub-prime division of the same company even that is unlikely
True, but I'd rather give it a go and fail than just head straight for a subprime lender.

I can never belive it when somebody goes to subprime then accepts it. Maybe if they have no car and desperately need one, but the people who have something that is completely fine just want a change and still accept those rates. Nutters!


Edit: Although I have never dealt through FAFS, so have no idea if they actually are more accepting.
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