If you are thinking about buying a car and you are in Debt, your options are quite limited. Sometimes you can strike it lucky and find a cheap run about that is reliable. If you are like me, then any car you buy turns to, well I won’t put the word but you know what I mean.

So if you are like me then you probably need to get credit to buy a car. It’s not easy but it may be possible to secure the finance you need to get a car.

A Wise Word from an ageing owl

If I could turn back the clock then I probably wouldn’t have taken out car finance. When I turned 30 earlier in the year I started realising how foolish I have been over the years financially. Why you might ask? Well because it is more money spent each month and more debt. So my first piece of advice is to really think about it. Sleep then think about it again. It is a big commitment taking on more debt when in debt. Maybe you could save up or use public transport?

Still not convinced? Fine how about the amount of interest you will pay? The actual price of the car I bought was a little over £7000 yet because of my bad credit it will cost me over £11,000 when it is paid back. That’s a lot of interest but that’s the price you pay for being in debt. My car isn’t even that good.

Still want Car Finance when in Debt?

OK well I have said my bit so let’s look at what options you have. For a cheap run around you might want to consider someone like Pounds to Pocket for a 12 month loan. However the interest rate is very, very high. Make sure you can afford it. To be honest I wouldn’t bother it’s just too much money.

Another option is a car finance broker such. I got credit through a broker and you can see from this blog just how messed up my credit file is, as well as how much debt I have. I was approved with a company called MoneyBarn in the end although typically a broker will have a fair few lenders to search through.

So in essence your best shot is a broker. At least then they can assess you situation and make applications with the lenders they think are likely to approve you.

As I say above though, please think about it. It’s a lot of money to buy a reasonable car as it is, without the extra interest our bad credit scores bring. However if you are set on applying then good luck.