Poor Credit Car Finance

[Ruby]

Almost four years ago my hubby and I were 'encouraged' to use an elderly relative as a 'guarantor' to get a newer car on a PCP plan. My mum was in a hospice terminally ill with cancer at the time so I was feeling very low and not thinking straight! I have greatly regretted getting into this arrangement ever since.

The lease is coming to an end very shortly and I am having panic attacks and sleepless nights over it. It appears that the finance is in the relatives name not ours dispite us making all the payments so as far as the finance company are concerned we do not exist. Our credit history is filled with defaults from when hubby was made redundant albeit we have not moved address for over ten years and are on the electrol roll. Our financial situtation has greatly improved in the past two years but that does not erase the defaults (yet) that are on our files - the newest one was placed in Feb 2011 by a DCA. Hubby is also self employed.

Has anyone got any advice on the best way of getting another (decent) vehicle without being completely ripped off. We have not had any credit searches on our file for ages and the last thing I want is to start spoiling that by approaching too many companies. We live in Scotland so anyone who can recommend a company that is fair and 'thinks outside the box' would be greatly appreciated.

I should also mentioned that we wouldn't mind re-financing the current car we have under our name as it is in very good nik but don't think the finance company would accept us as they turned us down 4 years ago.

[Hurricane Puffrose]

Re: Poor Credit Car Finance

Personally, I would go with a second hand car for now, if you are a member of the AA/RAC you can have a vehicle fitness test doe in the garage before you buy it and its normally free.

I cannot complain about our rattlebox, its a 7 seater peugeot, 1.9 litre diesel, its affectionately know as the rattlebox after silly knickers here booked it in to the garage for a check cos it was rattling, and it came back with a set of colouring pencils found in a box under the passenger seat!

If you ask to see the MOT certificate, you can check the statuses of its MOTs for free at the DVLA website too.. so any major disaster mobiles can be avoided!

[bluebottle]

Re: Poor Credit Car Finance

With regard to motor finance companies, have you thought of checking with Which? who can provide reports on which ones are the least and most problematic as well as giving you the best deal. Their website is at www.which.co.uk.