Actually it's harder to get finance if you DON'T have a loan, basically it could be that you don't have a credit history as yet, my credit history is bloody awful but I still got finance from GMAC on my D n that's even though my bank won't give me a loan at all.
Problem now is because you've been refused by several companies you're screwed as it all goes against you, easiest way to get a good credit history is by having things like a mobile contract.
As for using your old car to pay off your loan, bad idea, settling early is another bad thing to do, not as bad as defaulting but it's nowhere near as good paying it off in the time you agreed to.
If it fails again don't do it again, go to your bank and see what you can do with them, may actually be cheaper but then there's no guarantee.
You need to bear in mind mate that every time you are credit searched, your credit score goes down, this can have negative effects on gaining finance within 3 months of getting the search done.
it might be worth trying another guarantor, im 17 and ive got my d on finance, also try a big deposit, my car was 16,500 or there abouts and with a guarantor and a 4,000 pound deposit i got 0% finace first time?
also got a contract phone with guarantor, witch apparently helps credit rating.
It also helps, a positive credit rating can be gained by having a Credit Card i.e. Mastercard etc, use it once then clear it off, not even anything major expensive is still a positive credit rating in that you will clear your owed debt and thus your credit rating will constantly improve
mate im 19 have a small over draft i use it pay it off fully each month, have direct debits outa my account and they wouldnt let me have it.. ive got my mum to get the finance out in her name with all the direct debit payments comming out of my account, £8400 i think £198.40 a month!
Yeah my mum and dad would happily get me it, If they could=p They had alot of bother, dad got paid off 5 or so years back so they had to get up to their eyes in debt to keep the house, now they cant get credit due to it=p I mean they're guna try if i get knocked back again, but thats probably my last option =/ I have a bankloan, overdraft, alot of direct debits and 2k coming into my bank each month.. I still fail to see why i wont get it=p?
I only really helps to see how you are doing at the moment mate and gives you a rough idea if you would be accepted or not. Make sure that all the information is correct and that the number of previous searches is correct etc.
It won't. It will tell you if you will be damaging your credit by trying again and it looks like it like the man from DelMonte, he say 'Not a chance matey'
I would but my dad fell out with the bank a few years back and is blacklisted so no credit4them =/ i got declined by finance companys, so im guna have to save for a few months
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