# Car finance with poor ICB - How to...



## rainbows end (6 May 2013)

Hi all,
I was wondering if anyone ever managed to overcome an obstacle like this one. I am separated. Was turned down for a car loan with bank as ex husband has a late payment history on our joint mortgage.This led to a poor ICB report.
I urgently need to get a new car to get to work. I am in permanent employment with a fair salary (approx 50,000) with a good payment record.
I cannot get to work without a car and my current car is about to fall apart.
Any idea's how I could get finance or a loan. I have capacity to pay.
Much appreciated if anyone has advice.


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## RichInSpirit (6 May 2013)

Nearly all finance for cars nowadays are hire purchase agreements meaning the finance crowds have great security. 
I'd imagine the likes of Volkswagen bank wouldn't be looking too hard at ICB records. 

If you are slow paying they just swipe your car back .


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## mark1 (6 May 2013)

I was in similar situation 3 yrs ago, the garage organised the finance which is probably your best starting point. They will try a number of different finance houses for your loan. I know in my situation I my car just died and I didn't think I had much prospect of a loan or finance either.i got a copy of my ICB report months later and it showed that they had tried 5 different finance houses before securing the loan. Good luck with it


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## TrebleT (7 May 2013)

Hi All, 

I have just applied for car finance through a garage and been refused they didnt give a reason but I dont understand why as I have a great credit rating as I check it every 6 months with ICB myself to ensure I dont get a bad credit rating.  I need to get a new car as mine wont last much longer I was only looking for about 6-8k.  I have just changed jobs and am only here a short time so maybe thats the reason.  The garage told me to go try for a personal or bank loan I am with Ulster Bank and sure they have their own internal scoring system and because I use my overdraft sometimes I dont qualify to be even looked at by them very annoying.


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## a-tax-payer (7 May 2013)

Hi Rainbow,

Do you really need a car loan on a salary of 50k?
Would you not consider buying a cheap second hand car for cash? 1-2k ish?

Maybe you could trade in your current car for a second hand model in a garage perhaps too.


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## rainbows end (8 May 2013)

Hi all. Thanks for the feedback, I don't mean a 'new' car. I mean a safe car that is reliable and works efficiently and won't drain me on garage bills. I'm on a tight budget and I don't have any savings at all - unlikely to have any (ever) by the looks of things. Current car worth 500e - that loan about to be discharged and bank won't top up. I'm getting really annoyed. Someone told me today they are in arrears on their mortgage and they somehow got finance - through the parents I think. There are obstacles everywhere


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## TrebleT (9 May 2013)

The parents obviously acted as a guarantor, I wouldnt be able to do that nor ask my husbands parents to do that.  I have a great credit rating I got my report today I think because I am in a new job it went against me also I was told that because my credit card limit is 3100.00 and when my statement was issued it was 3150.00 thanks to the charges they put on as in interest etc I was over the limit.
Here is the funny bit Ulster Bank who I am with have their own scoring system and because I use my overdraft from time to time I dont qualify with them so have spoken to my credit union and am seeing if they can help.  I too need a car that is going to last me for the next 6 year plus.  Time will tell.


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## plant43 (10 May 2013)

My impression is that car finance houses don't use the ICB scoring system but have their own internal scoring system based on current salary, time in employment, mortgage rent payments etc.. 

As RichInSpirit pointed out, most car finance is HP so security is not usually an issue. Usually you will be required to pay some form of deposit.

a-tax-payer: a "cheap" car can sometimes be a false economy.


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## rainbows end (8 Sep 2014)

Just a quick note to finish this thread. BMW finance were fabulous and 1 year later I still love my car


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## Slim (9 Sep 2014)

rainbows end said:


> Just a quick note to finish this thread. BMW finance were fabulous and 1 year later I still love my car


wow! Did you buy a beemer, what type? New or used?


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## dereko1969 (9 Sep 2014)

Is it 2006 again?


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## Gerry Canning (9 Sep 2014)

dereko1969 said:


> Is it 2006 again?


..........................................
Derek you could be right? 

Would any poster lend their OWN money to an acquaintance without these queries being answered.  

1. Someone not paying their joint mortgage?

2. Someone who just changed jobs ? (without checking info on new job)

3.Without knowing How much trade-in/own cash they will put in?

4. Someone @ limit on Credit Card + using a bit of overdraft?   

From what I see ,some HP companies will be able to charge plenty , repossess if need be, and ensure buyers must come back to their high rates again.

In short buyers will remain on never-never.

C,est La Vie !


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