Needs new car - No money and poor credit rating. What to do?

Danye

This is a massive long shot, but....

My friend desperately needs a car. He's no money and he's a poor credit rating. Is there any garages / dealers that would offer him finance or is there anyway that he could get a car?

Apologies if this is in the wrong forum.

Supergurrier

How does he propose to run said car ?

If he can't raise 1k to buy a servicable car then he hasn't a hope of insuring/taxing and running one.

Danye

Supergurrier wrote: »

How does he propose to run said car ?

If he can't raise 1k to buy a servicable car then he hasn't a hope of insuring/taxing and running one.

What relevance does your reply have to my question???

But seeing as your being nosey I'll entertain you. He works in a decent enough job. His insurance on his current peace of junk of a car is €410 and he pays his tax quarterly. He can afford to run a car, he just can't get ahead off himself to buy one. Two kids, a massive mortgage and all the bells and whistles that go along with that.

DoctorEdgeWild

If he's struggling with money then finance may be a bad option.

Maybe a credit union loan and a car for a grand or so? There is great value out there if he's willing to buy based on quality and not reg plate.

Danye

DoctorEdgeWild wrote: »

If he's struggling with money then finance may be a bad option.

Maybe a credit union loan and a car for a grand or so? There is great value out there if he's willing to buy based on quality and not reg plate.

Thanks for that. He was looking at that, although he seems to think because he has no shares in them at the minute he'd be refused and if they were to look at his credit rating he wouldn't get anything in anyway. I don't know a whole lot about it though, that's what he's told me.

The reason he was thinking finance is because he was thinking they might not look into his credit rating too much. As I said he's in a good job so paying a loan / finance back to him would be no problem. It's just the tough couple of years previously have left him with a bad rating and trying to get a couple of grand together would take a while. He needs a car ASAP.

Thanks for your advice though.

faceman

Credit union all the way. But he will likely need to show a few months of putting savings in the CU first. Worth it though especially if his credit rating is in the gutter. More than just for the car.

Saipanne

Dealers finance deals go through a bank, no?

Danye

Saipanne wrote: »

Dealers finance deals go through a bank, no?

I don't know? I'm a novice with things like this.

Supergurrier

Danye wrote: »

What relevance does your reply have to my question???

But seeing as your being nosey I'll entertain you. He works in a decent enough job. His insurance on his current peace of junk of a car is €410 and he pays his tax quarterly. He can afford to run a car, he just can't get ahead off himself to buy one. Two kids, a massive mortgage and all the bells and whistles that go along with that.

Tell "him" to get some money saved in his local credit union and then get a car loan in a couple months while repairing his credit rating somewhat in the process.

If that isn't feasable borrow cost of a cheap car from family or a good friend.

Danye

faceman wrote: »

Credit union all the way. But he will likely need to show a few months of putting savings in the CU first. Worth it though especially if his credit rating is in the gutter. More than just for the car.

Yeah, in the long term that's what he'll do.

He's just looking for something immediate. Credit Union is no use to him for that.

Danye

Supergurrier wrote: »

Tell "him" to get some money saved in his local credit union and then get a car loan in a couple months while repairing his credit rating somewhat in the process.

If that isn't feasable borrow cost of a cheap car from family or a good friend.

I'm not sure as to why you have him, in inverted comas?

He, sorry, "He" ( that's just so you understand ) needs a car ASAP, as I've mentioned in a couple of posts now at this stage.

Danye

Supergurrier wrote: »

Tell "him" to get some money saved in his local credit union and then get a car loan in a couple months while repairing his credit rating somewhat in the process.

If that isn't feasable borrow cost of a cheap car from family or a good friend.

I'm not sure as to why you have him, in inverted comas?

He, sorry, "He" ( that's just so you understand ) needs a car ASAP, as I've mentioned in a couple of posts now at this stage.

Rabbo

The reality is that it's probably not the best idea to deal with a lender that is willing to lend to a person with poor credit rating at a short notice. Could he not borrow a grand or two from a friend or family for a few weeks?

Danye

Rabbo wrote: »

The reality is that any lender that is willing to lend to a person with poor credit rating at a short notice is probably not the best idea to be dealing with. Could he not borrow a grand or two from a friend or family for a few weeks?

This may be what he'll have to do eventually. He's trying to exhaust every avenue he can first before putting his hand out.

Lord Hat

Danye wrote: »

I'm not sure as to why you have him, in inverted comas?

He, sorry, "He" ( that's just so you understand ) needs a car ASAP, as I've mentioned in a couple of posts now at this stage.

Could you not lend him a grand for a decent runabout?

Danye

Lord Hat wrote: »

Could you not lend him a grand for a decent runabout?

Haha.. If I could I wouldn't be on here asking for him I'm afraid.

Stheno

Danye wrote: »

This may be what he'll have to do eventually. He's trying to exhaust every avenue he can first before putting his hand out.

All of the finance dealers go through do credit checking so that's a no go for him

His only option is family and friends until he builds up savings in the credit union

Danye

Stheno wrote: »

All of the finance dealers go through do credit checking so that's a no go for him

His only option is family and friends until he builds up savings in the credit union

Thanks for that. I wasn't exactly sure what way it worked.

Thanks for the help.

Saipanne

Saipanne wrote: »

Dealers finance deals go through a bank, no?

They would look for someone to go Guarantor on the loan.

Saipanne

Danye wrote: »

I don't know? I'm a novice with things like this.

I'm pretty certain the finance goes through a bank. If you read the small print of the deal, you'd find the bank. So his credit rating will come into play here.

Supergurrier

Maybe sell something to raise funds.

If he had an old car scrap it for metal cost (friend with a trailer or a tow rope)

Ask family member for loan of a car short term.

Saipanne

[Deleted User] wrote: »

They would look for someone to go Guarantor on the loan.

That's an option. Could he get someone to do that?

Danye

Saipanne wrote: »

That's an option. Could he get someone to do that?

Yeah maybe? Instead of getting a loan he could ask somebody to go guarantor?


I'll say it to him. Thanks for all your help folks.

mickdw

Wasnt there a new scheme launched just last week where the credit unions are to lend 1000 to pretty much everyone who asks via a government backed fund in a bid to help people avoid money lenders.
Sound like it may just suit your friend.
Get 1k and spend it wisely and you could end up with a perfectly good car.
Very very easy to buy scrap too.

kyote00

rent one while he gets back on his feet ?

jackofalltrades

Danye wrote: »

The reason he was thinking finance is because he was thinking they might not look into his credit rating too much. As I said he's in a good job so paying a loan / finance back to him would be no problem. It's just the tough couple of years previously have left him with a bad rating and trying to get a couple of grand together would take a while. He needs a car ASAP..

I'm fairly sure most, if not all reputable credit providers now check borrowers credit history with the ICB.
If he's looking to borrow off anyone on this list they'll look into his credit history.
I take it when you talk about a "bad rating" and a "massive mortgage" you mean he missed a payment or two.
If that's the case it would definitely make things a lot harder.

You could always check the Bangernomics thread to see if there's anything in there that would suit.
If people knew the budget and type of car he was looking for, they might post some suggestions.

another36

Carleasingirealnd.ie

The lease to both private individuals and businesses

OP I got a credit union loan for 3K recently with no savings history (well, in the last 5 years!). They made me put a few hundred in alright, which maybe he could borrow from friend/family member. Worth popping into the credit union anyway for a chat!

bbsrs

Contact his mortgage provider ask for a three month moratorium , tell em he can't pay his mortgage for three months as he needs a car for work ,if he can't buy the car he'll loose his job and the mortgage will run into difficulty. Shouldn't be an issue..

Cee-Jay-Cee

Get him to ring his bank and ask if his mortgage contract has the option to allow him to not pay it for one month and then pay the missed month over the following 11 months apparently it's an option in a lot of mortgages but the banks would never tell you it existed.

If not and his credit rating is shot anyway then don't pay the mortgage for 2 or 3 months. He can be straight up with the bank and tell them in advance, they're not going to repossess his house and it just means it'll be added on at the end. It's what I would do in his situation.

People are struggling yet the bank always gets paid despite them causing the worst depression in modern day financial history. Screw them and put his own and family needs first, not theirs.

HandsomeDan

Is your name Lloyd and your friend's Harry by any chance?

power pants

Cee-Jay-Cee wrote: »

Get him to ring his bank and ask if his mortgage contract has the option to allow him to not pay it for one month and then pay the missed month over the following 11 months apparently it's an option in a lot of mortgages but the banks would never tell you it existed.

If not and his credit rating is shot anyway then don't pay the mortgage for 2 or 3 months. He can be straight up with the bank and tell them in advance, they're not going to repossess his house and it just means it'll be added on at the end. It's what I would do in his situation.

People are struggling yet the bank always gets paid despite them causing the worst depression in modern day financial history. Screw them and put his own and family needs first, not theirs.

id probably skip this advice op :eek:

darragh o meara

Mordants garage in Clonmel have something your friend might be interested in: www.payasyougoauto.ie

He's not the most liked fella down this way but it seems to be a runner in my books if it checks out. Thinking about going down this route myself but for completely different reasons.. With this there is no credit checks.

Stheno

darragh o meara wrote: »

Mordants garage in Clonmel have something your friend might be interested in: www.payasyougoauto.ie

He's not the most liked fella down this way but it seems to be a runner in my books if it checks out. Thinking about going down this route myself but for completely different reasons.. With this there is no credit checks.

There's an refundable application fee of €200 (50% refunded if application is rejected), a documentation fee of €250 and a minimum downpayment of €1000, from the op posts the person who needs a car would struggle to find that.

And as well, for that amount of money he'd get a car he can use for a time

darragh o meara

Stheno wrote: »

There's an refundable application fee of €200 (50% refunded if application is rejected), a documentation fee of €250 and a minimum downpayment of €1000, from the op posts the person who needs a car would struggle to find that.

And as well, for that amount of money he'd get a car he can use for a time

Agreed, just highlighting it as an option, there not many if any places lending to sub prime customers nowadays, although I get the feeling they're not too far away with our economy back on the mend again..

unkel

You don't need 2 grand to buy a car. €500 will get you a half-decent safe car with a long NCT

His old car is worth about €200 in scrappage, so he'll only need €300

Surely, he can pay for that on pay day?

Teddington Cuddlesworth

A family friend, used to live in Monesterevin, had a second hand dealership and to get sales up he used to do his own finance on cars worth less than 1500.

OP depending on where your friend is get him to go to some of the older smaller dealers and see if any of them would do something where he could pay off 50-100 every month.