Taxi Driver Online

I am trying to be pro-active here and be wise for the future. The motor I have has probably got another year of use before the major inevitable problems come into play. I have always bought my cars (i am a ph driver) outright with cash because my credit is [edited by admin] poor. However this year the money I am putting away is not enough so far to repeat the process of passed car purchases. These taxi supply companies say they can give car finance to individuals with bad credit. Does anyone know this to be true, or is the best advice to continue to save what I can and buy the way i have always done. Cheers.

There is always a price to be paid, and these vehicle firms charge well over the top.

However if you have no other avenue, then what choice have you got?

I take it you can't borrow from family or friends?

Or keep your motor for an extra year?

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IDFIMH

You'll struggle to get Sub Prime finance nowadays, they all got rinsed when the recession kicked in and the banks went bust.

There's a few out there who'll give you a loan for a motor but they'll have your pants down.

the guaranteed finance for bad credit records comes in at double the APR and thats after a £100+ application fee

the fact is if youve been at a few years, only need a £6K car but still havent the money is it worth the hassles?

ive done DMF/clutch/starter/aux belt+tensioner, various suspension bits, water pump, front and rear brakes, and an unfortunate burst PAS pipe, the total must be at least £1800, over 12 months plus i now need 2 extra tests+plates a year on top of the standard plate, but to get a new car in the age limits id need £7000, unless i want a proton..............

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Of all the things ive lost, i miss my mind the most

I echo the thoughts of "Sussex" and "Wannabe"................the bottom line is that you will be paying top dollar/pound when you go to these companies.

You are probably basing your change of car/cab on past history! the chances are is that you are probably doing less mileage now than what you have been doing in previous years i.e trade being down in most parts of the country, you will not be doing the same mileage/wear and tear, so you need to give yourself some slack and take leaf out of the book of "Wannabe" - pay a bit out...................but save a LOT in the long run

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if you cannot be yourself, then who can you be.

A different take on this:

If you can get finance at an affordable rate, for you, then a successful account with payments made as they fall due regularly and on time will do your credit rating a power of good.

totally agree, and if the level of work is sufficient then it could easily justify the expenditure

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Of all the things ive lost, i miss my mind the most

Very valuable insight guys. Thanks for the info. I will get my plan in place. Great strategic thinking fellow cabbies

I know one guy who chose the "disposable car" route, a tacuma then a proton, £1500, just in the age limits, run for a year, sell for as much as possible after using it (about 50% of purchase price)

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Of all the things ive lost, i miss my mind the most