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Want to buy a car using monthly payments, but my credit history isn't great

  • 06-12-2021 12:32am
    #1
    actuallylike
    Registered Users, Registered Users 2 Posts: 1,450 ✭✭✭


    Hello all,

    I'm looking to buy a car on monthly payments, have never bought before. I was looking to use ~10% of my monthly income which would be €290 (can probably round up to €300, but would go down to €250 as well).

    Problem is, my money management isn't great, are their checks about credit history first? I've been able to put away around €400/month before so based on that I should't think there'd be a problem. I've also made a few changes to my monthly payments recently, so they should be reflective in my balance soon. Coupled with a raise due in January, I'll be back in the green very soon.

    I did partake in some investing over the past year, so I haven't been saving as much throughout the year so not a lot of savings recently tbh, assume this is the time line they'd be looking at.

    Do dealerships assess your history before they enter a contract? I would assume they do. Pretty clueless about it all.

    Thanks all.



Comments

  • #2
    cml387
    Registered Users, Registered Users 2 Posts: 8,644 ✭✭✭cml387


    If you are worried about your credit rating you can check on the Central Credit Register

    Note that the ICB ( the body t hat used to operate the credit check process) ceased its operations in September and deleted all its records.



  • #3
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,378 ✭✭✭✭jimmycrackcorm


    It's no harm to try with a dealership as often they can get you a credit deal for a car even without a great record. I don't know about the CCR, but loan requests used to show up on the ICB records so it wasn't a good look if you were refused a loan through that. But your follow-through option should be to regularly save in the Credit union and you'll have the best chance then to get a loan.



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