Bad credit history and need a car laon

KateJ23

If anyone could give me advise it would be greatly appreciated.

I have a poor credit score - its frustrating. I took a 5k loan out in my late teens/early twenties and only finished paying it off in my late twenties. Little old innocent me didn't know it would have a negative impact on future me.

So that leads me to this week - my car died. hole in the petrol tank. 600+ to fix (not including tax). I've already put 700 into it this month alone. I cant afford that anymore.

I looked into upgrading my car - found a decent family car (i have 2 young kids so wanted something with the decent boot...) its a 2011 car, 8k price.

I went to the bank for a loan and got rejected. also rejected at the post office. I'm so stuck on what to do.

I don't have anything in savings, we bought a house within the last 12 months so ever spare penny has gone into painting/decorating/furniture etc...i was stupid enough to not start a rainy day fund for myself...

Can anyone please advise on what my next steps would be here? Is there a finance offer I can do through a garage to get a car? one that will actually give me a loan...

I have a fulltime permanent role, I have no other loans other than my mortgage at the minute.

I've borrowed my sister in laws car for a few days but obviously i cant keep asking her for it!

Bigus

Look at the bangernomics thread here in motors on Boards, plenty of good cars for under 2k outright purchase price and no loan repayments.

KateJ23

I will, thank you!

Kimbot

Also if you have a credit union account try them for a loan if you have enough in savings.

punisher5112

Get a Renault Megane or fluence puck up a 2011 or 2012 for around the €2k mark....

KateJ23

Kimbot wrote: »

Also if you have a credit union account try them for a loan if you have enough in savings.

I only opened it a couple of weeks ago, Not sure if i will qualify for one yet but ill give that a go - thank you!

KateJ23

punisher5112 wrote: »

Get a Renault Megane or fluence puck up a 2011 or 2012 for around the €2k mark....

Brilliant thank you ill look into both of these!!

Leroy42

How did you get a mortgage if your credit history is so bad as to not stretch to car?

It would seem to me, that its the debt on your mortgage, and the repayments required along with your lack of savings, that is the bigger issue here.

You could ask for a payment holiday from the mortgage for a few months, that would allow you to build up the cash. With the current limits in place due to Covid, car journeys may not be as big a deal as they otherwise might be.

Spear

Try the personal finance forum instead:

https://www.boards.ie/vbulletin/forumdisplay.php?f=544

and as a number of people keep insisting on trying to keep this off-topic thread going, it's being locked to prevent this.