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Hire purchase with a poor credit rating
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Is it possible to buy a car on hire purchase from a garage if you have a bad credit rating?
I've just checked mine on experian and it says my rating is very poor because it's been searched too many times in the past three months. I have some credit outstanding on catalogues but not a huge amount and I've had one late payment in the past year. To me that hardly makes for a poor credit history.
I've just checked mine on experian and it says my rating is very poor because it's been searched too many times in the past three months. I have some credit outstanding on catalogues but not a huge amount and I've had one late payment in the past year. To me that hardly makes for a poor credit history.
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Can you bear to wait 3-6 months before you go to buy your car?
If so, then do, as the searches will have gone by then (as long as you dont do any more- store cards, mobile phones, loans, credit cards, hp all count).
You probably could find someone to sell to you on HP, but they will give you a very very poor rate- rip off city, very bad T's and C's and often their cars will be below par too. (i refer to the yes car credit brigade, which you should avoid!!)
If you wait until the searches disappear, you should find the rates offered are much better.
The reason multiple searches make a difference, is they indicate someone who is applying for lots of lines of credit, and may be about to get themselves into financial trouble.
If so, then do, as the searches will have gone by then (as long as you dont do any more- store cards, mobile phones, loans, credit cards, hp all count).
You probably could find someone to sell to you on HP, but they will give you a very very poor rate- rip off city, very bad T's and C's and often their cars will be below par too. (i refer to the yes car credit brigade, which you should avoid!!)
If you wait until the searches disappear, you should find the rates offered are much better.
The reason multiple searches make a difference, is they indicate someone who is applying for lots of lines of credit, and may be about to get themselves into financial trouble.
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