Car Credit

[STFC Village]

I'm thinking of getting myself a new motor, either a Focus or a Golf, but clearly i won't be able to buy a 2nd hand one outright. What companies would people recommend? The only one i know of is Yes, but i've heard some dodgy rumours about them.

Thanks in advance

[oxford_fan]

yes are no longer in business i think. still taking repayments but not doing any new deals, read it somewhere today. i also saw a tv ad for them today, which is a bit off.

don't go with a company like yes anyway, they're a complete rip off. under value your car, charge you extortionate interest rates, and the cars they sell (sold) aren't properly checked.

possibly better looking around for cheap APR's on big loans?

there must be some internet searchy thing which will get you the best deal

[STFC Village]

Dodgy rumours confirmed, cheers OF

[Sussex]

What companies would people recommend? The only one i know of is Yes, but i've heard some dodgy rumours about them.

Those types of companies (back pages of the tabloids) are aimed at people with bad credit ratings, don't bother.

If you buy from a garage/used car dealership type place, their finance deals tend to have high % APR.

Assuming you credit history is ok, work out how much you want to borrow and look for the best deal on the high street and internet banks - smile etc.

I was bankrupt at 21 mind!  

[Sippo]

There are so many good loan deals out there. I use Egg, and have had no problems whatsover. Get a loan for either 3 or 5 years, the re-payments maybe quite high but at least the car wil be worth something once the loans been paid. Good low interest rate unlike companies like yes. They make their money (or try to before going bust) out of the high interest rates they charge.

[STFC Village]

What companies would people recommend? The only one i know of is Yes, but i've heard some dodgy rumours about them.

Those types of companies (back pages of the tabloids) are aimed at people with bad credit ratings, don't bother.

If you buy from a garage/used car dealership type place, their finance deals tend to have high % APR.

Assuming you credit history is ok, work out how much you want to borrow and look for the best deal on the high street and internet banks - smile etc.

I was bankrupt at 21 mind!  

I'll ignore all of that then

Being 21 myself, my credit rating should be fine. No CCJ's and all that bollocks off the telly!

I was thinking of a bank loan anyway, just needed confirming that it was the way forward

[land_of_bo]

www.moneysupermarket.com

[Leggett]

yea, loans the best way. i've got an awful credit rating, get in.

[Bedford Red]

As above. go round the banks, use the internet etc to find the best rates.

As well as comparing the APR's, check the monthly payments as well so you can compare them as 1 APR can be lower than the other but the payments can still be higher! Sounds daft I know but the banks can use APR's in different ways, I know as I worked for Lloyds for 18 years.

And don't get sold that Insurance rubbish with it, it's so expensive for what it is. If you want some cover, take out Income protection or something like that which is a lot cheaper.

[mattboyslim]

I have recently had a bit of cash to invest and find www.thisismoney.co.uk  is a good way of searching for best deals, I got a bank account in Scotland with high interest as a result, also just used it to save £80 on travel insurance.

[Northern Red]

The Motley Fool is also good - www.fool.co.uk - although you may have to give them your email address to register

Just beware as all these sites make the loans from their 'partners' seem like the best when in fact there may be a better one out there for you....

And on the car front - do the maths on what you can afford on a loan, before going car shopping - not the other way around (ie find an expensive car and then justify the huge repayments)

[mattboyslim]

This is money is run by the publishers of the Evening STandard and the Daily Mail, so I don't know what financial affiliation they have, they just list each deal and link you to that banks site, pretty useful tool.