How would you go about getting car finance?

[Ardesco]

When I was a wee lad I had appaling credit as I was missing off the electoral roll for 3 years (my mum took me off her house when I was at Uni, despite me telling her not too!).

I tried my father in law as a guarantor, but no mainstream company would touch me.

In the end I got a 1k loan (no savings fresh out of uni so only a couple of hundred quid for a deposit) through one of these "can't get credit?" firms, I only borrowed a grand because the interest rate was 27%!!
Best avoided if you can.

Default makes your credit rating much worse than missing from the electoral roll for a few years. You'd be surprised how many students dissapear of the elctoral roll while they are at uni

[dotnetter]

Have you thought about personal contract hire? (or even YourCo contract hire). Residuals are pretty good on the Z4, hence the rates will be comparitively low.

....and then when you get bored you can chuck the keys back.

This one's pretty cheap, not the 'M' but I'm sure you could find one :

http://www.lingscars.com/car_detail....=1599&status=0

I've looked quite heavily into contract hire actually, it seems to make sense even though my account says it's better to be through a personal loan than company contract hire.

They still do a credit check though don't they?

[WindyAnna]

Don't buy a car, spend the deposit money you've got on a year's membership with this lot:

http://www.ecurie25.co.uk/

Or a similar club ....

[dotnetter]

I've looked into that also would be nice ot have a decent car and also join something like this.

was looking at P1 and GT Club

[Red 7]

I've looked quite heavily into contract hire actually, it seems to make sense even though my account says it's better to be through a personal loan than company contract hire.

They still do a credit check though don't they?

Personal contract hire is your alternative if you want to hire and your accountant thinks YourCo contract hire is a bad idea.

Personal loan (or) HP (or) HP + balloon payment (PCP) are a whole different ballgame.

Yes you will be credit checked for contract hire, but I think you'll find the credit scoring isn't quite as harsh as turning up at a franchised dealership and asking for finance. All depends how bad your rating is really.

Your default is on file for 6 years (that's 6 years after your last payment against it - not six years after it appeared) but some finance co's will only check the last 3 or 4 years of history,

It won't be easy to arrange, but it is possible.

[gingerjedi]

Have you thought about personal contract hire? (or even YourCo contract hire). Residuals are pretty good on the Z4, hence the rates will be comparitively low.

....and then when you get bored you can chuck the keys back.

This one's pretty cheap, not the 'M' but I'm sure you could find one :

http://www.lingscars.com/car_detail....=1599&status=0

It's that crazy Chinese girl they had on Dragons den! She went around the country with a hand painted routmaster bus to advertise her business, fair play to her.

Her website is a mess though... tone it down a bit love

[dotnetter]

Yeah I'm not giving my money to that crazy missing link

[Bagpuss]

Why not apply for a 0% credit card and see what happens? you might get one in todays climate. If so just keep shifting the debt.
I currently have 20k on 0% earning interest.

as churchil said cash is king, expect 5-10% off list for cash

[VectraMan]

Do you know any respectable Italian businessmen? I've heard they're quite keen to loan money to people like you.

[oraclesmith]

I'm looking to buy a new Z4 M Coupe, it's alot of money, I'm a contractor so obviously I can afford the monthly payments.

Just because you can afford it, doesn't mean you should buy it !

And just because you can afford it today, doesn't mean you can afford it tomorrow.

Interest rates rising, property market crashing, shares tumbling - you'll need all the money you can get.