Finance Bad Credit

johnconran

Looking for a bit of advice.

Back,in 2013 my wife's business failed, and as I was registered with revenue for tax affairs, I was on the hook for all the debts.

We faced up to our commitments as sole traders, didn't run away, and entered a PIA for a 6 year period, to settle all debts. This was completed in 2022. While agreement ran we were obviously unable to take in new debt, so ran our cars into

the ground.

Now that agreement is completed, we are basically debt free, having discharged all our creditors. Our only commitment is our mortgage. We owe nothing to anyone else. Here's my question.

The PIA is going to be on the system for about 5 years, and this seems to be ruling out conventional finance. I turned to Fininace for You, as I desperately needed a car for work, but a year in, I just realised it was madness and cleared the loan by selling the car. Is there any other way To raise finance with this history. Finance for you were charging over 20% and the break clauses were crazy, so I'm glad I'm out of that, but now I need to finance a car, and am looking for a provider. We have a decent income in the house, and as I've mentioned no debt other than the mortgage. Affordability is not the issue. Any help would be appreciated.

hoodie6029

Your local Credit Union is probably your best bet.

User1998

Why do you need to finance a car? It doesn’t seem like you can afford a newer car outright, and you don’t have access to cheap finance so why can’t you settle for an older car? Would you have the funds to buy an older car outright?

https://www.boards.ie/discussion/comment/122215480#Comment_122215480

Exactly, just save up for a few months and buy something cheap and keep that until you are eligible for mainstream credit if that's the route you want to take

hoodie6029

https://www.boards.ie/discussion/comment/122215480#Comment_122215480

https://www.boards.ie/discussion/comment/122215496#Comment_122215496

If you need a car pretty damn quick, as the OP does, saving for a few months isn’t an option.

https://www.boards.ie/discussion/comment/122215509#Comment_122215509

No one is entitled to finance, especially someone with bad credit.

I don't see anywhere the op says he needs a car quickly, he said he did need one quickly for work but didn't like the finance agreement so sold the car and cleared the loan so he can't need one that badly if he was prepared to sell the one he had.

hoodie6029

https://www.boards.ie/discussion/comment/122215527#Comment_122215527

The OP had a car, sold it to get out of unfavourable loan terms and now is seeking another car. It’s reasonable to infer from that they need a car PDQ. Let’s let them come back and clarify that.

Buddy Bubs

If buying cash not an option, forget about the cost price/interest charge breakdown of your monthly payments and just pick a budget per month you can afford and buy a suitable car that fits that budget. You'll have to go a year or 2 older, go for a smaller car than otherwise wanted but such is life.

There's no mainstream options with bad credit, they're not even that cheap for used cars anyway.

johnconran

Actually need a car pretty quickly. I suppose I was trying to find out if there are any lenders that would take account of ability to pay, rather than just history, and if any one here had any experience of them. The ones I used, I wouldn't use again, and I will get the head down for a few months and buy something small rather than go down thst road again. Thanks everyone.

User1998

https://www.boards.ie/discussion/comment/122216704#Comment_122216704

Credit Union would be the best option. Even if you took out a €3,000 loan with them and got something cheap & reliable it would be a much better option than paying a crazy interest rate with a sub prime lender. The Credit Union would give you a bigger loan in a years time if you pay off the first loan consistently.