Car finance - will i get this with poor credit?

roxyella13

hi

Im looking to get finance to upgrade a couple of years in my car. I have a BOI loan & 2 years ago i fell 2 payments behind, mainly because I was on maternity leave, didnt have full wages coming in. since then i have paid extra to get my loan a/c back up to date, earn more money, & i only have 3 payments left on this. I have a cc which i have never missed payments on, and I also had car finance which finished last year and have missed nothing on this either.

Because i had missed two payments on the Loan before, should this have a big impact on me getting Finance on another car, im looking for about 7k?

has anyone got finance after missing a couple of payments? i have checked my credit report and only this is standing out. I had the loan for 5 years, kept getting top ups, these were the only ones i missed in 5 years

Appreciate any advice!

chris85

roxyella13 wrote: »

hi

Im looking to get finance to upgrade a couple of years in my car. I have a BOI loan & 2 years ago i fell 2 payments behind, mainly because I was on maternity leave, didnt have full wages coming in. since then i have paid extra to get my loan a/c back up to date, earn more money, & i only have 3 payments left on this. I have a cc which i have never missed payments on, and I also had car finance which finished last year and have missed nothing on this either.

Because i had missed two payments on the Loan before, should this have a big impact on me getting Finance on another car, im looking for about 7k?

has anyone got finance after missing a couple of payments? i have checked my credit report and only this is standing out. I had the loan for 5 years, kept getting top ups, these were the only ones i missed in 5 years

Appreciate any advice!

It will have an impact, how big will depend on the bank and how their lending terms view this. its hard enough getting finance these days to be honest so any bad marks on credit rating are likely to hinder the application. That being said do apply and talk to the bank and show them loan almost cleared now.

coylemj

It's less likely to be a problem if you're refinancing with your own bank. In the current climate you may have a problem getting finance from a different bank as they may have a policy of not touching anyone with a blemish on their record - plus they may be suspicious as to why you're trying a different bank from the one you've been dealing with up to now.

Stick with your own bank and I'd say you should be ok.

SJT1

If it was only 2 payments you missed your bank might not of put it up on the Credit Bureau, if they did you're goosed! Best thing for you to do is go onto www.icb.ie and do a credit check on yourself as this is what every bank will be looking at when making their decision, it only cost €6 and will be posted out to you in a few days

roxyella13

I did a credit check alright and it is showing these 2 payments, i didnt think i would be caught if i only missed 2 payments over 5 years, and theres less than 1000e owed on it now!
thanks for you advice

SJT1

roxyella13 wrote: »

I did a credit check alright and it is showing these 2 payments, i didnt think i would be caught if i only missed 2 payments over 5 years, and theres less than 1000e owed on it now!
thanks for you advice

I've seen people get declined for this many times in the past. These missed payments mean you have a bad credit rating. None of the manufacturers banks will approve you for finance based on this. Your 2 best options are trying your own bank or the credit union. The ICB is taken quite seriously with nearly all banks these days.