Hi boys1211.

Hopefully some people will share their own experiences with you soon.

As far as we know there are companies offering hire purchase on vehicles to people with imperfect credit histories, but the rates may be quite loaded.

At a saving rate of £900 per month you might be able to buy a pretty decent vehicle outright within a few months of trust deed discharge?

Another thought may be leasing? Deposit requirements may be lower allowing you to build up an emergency cash fund more easily.

Thanks TDA

Was also thinking of a personal lease but just trying to plan ahead, is it easier to get accepted for a lease rather than HP??

boys1211

Hi boys1211.

I'm not sure that it would be.

Hopefully some other members with completed trust deeds will be able to explain the vehicle arrangements that they have been able to make.

Hi boys 1211,

Well done on nearly completing your TD. The next 11 months will fly by.

I had the same issue, I tried for a loan a year after discharge to get a used car but was turned down. The only way I could get a car was to get a brand new car and my finance went through with black horse (I don't think this was HP as there was no balloon payment at end. I had a term of 5 years and the car would then be all paid for, so just a loan secured against vehicle) my application went to the underwriters and I waited about 24 hours for it to be approved. I still had all defaults and TD on credit report, the defaults were marked as settled. During the TD I had a contract mobile and right after TD I had a credit card and catalogue which I think helped.

It's worth looking at your credit report now, check you default dates as they should be the date you started your TD, it's one thing you can sort now before you are discharged.

Good Luck

Thanks very much blacklily for your reply.

How do I check our credit rating, and is it for free??

Cheers

boys1211

You can get free reports after signing up for 30 days trial-just be sure you then only subscribe if you actually want to, it's not cheap on a monthly basis if you don't need monthly updates.

Hi boys1211.

As RBSB says all the majory credit reference agencies offer a trial of their services.

We think CreditExpert fits the bill best based on the research we've done. You can access that via their website or via the following page on this site:

(Page later updated to: https://www.trust-deed.co.uk/repair-your-credit-rating.html).

As mentioned, these free trials quickly become paid for services so (if you dont want ongoing access) a diary note to cancel at your end will be needed.

Thanks for putting up the link TDA, never sure whether it's ok to mention specific companies/services or just leave links out?

Hi RBSB,

For a fair number of reasons we ask that external links aren't used on the forum.

Internal linking to other pages on this site can sometimes be helpful in pointing people towards information that adds to the answers being given on the forum.

I agree, it is very helpful.