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23/10/2016 1:19 pm
Hi folks,
Don't know what to do. My car is wrecked, it's now costing more to fix than it's worth. Our actual trust deed payments are finished, and are now paying towards equity release. My folks have offered a loan to pay this amount off. But, if they paid it off, and my TD was then compete, how long would it b before I could secure car finance?
23/10/2016 3:29 pm
Hi Nemo,
That's a tricky one to answer as it really just depends. We have heard of mixed success from people on the forum who have secured finance once they are discharged.
If you do find finance you need to pay close attention to the interest rate and how much you would pay back. People always say that it's best to be honest and up front with the car dealer about your credit situation.
Would it be an option that if your parents will give you a loan to clear the TD could they buy a car for you and once your TD is finished you could start paying them back?
David is not currently posting in the Trust-Deed.co.uk forum
23/10/2016 5:40 pm
Hi Nemo. There does seem to be a wide variety of experiences on here. For my own part, I secured finance through Arnold Clark for a pre-registered new car 7 months after I was discharged. It was just at their normal APR too. I was upfront and they said they would look into different lenders if the normal Black Horse application was denied. Sailed through instantly though.
Glad that's over with....
