I tend to agree with the view that if you cannot buy it cash, you ought to be buying something more sensible. But then it sort of fits with the bad credit history...

I've seen people actually double teh cost over four years! If the interest rate ain't a ripoff, the 'insurance' definitely is!

 

Strange comments these guys....who has a mortgage???

Whats the issue with buying things on finance, not many people rock up with 20 large ones in a suitcase to buy a car...

I put 1/3rd cash down and financed the rest, will never have more finance than the road value of the car, so worst case, sell it, pay if off and know that i have lived my life and enjoyed things i wanted....

Clearly all these things need perspective, but dont think its right to judge others / make presumptions about their financial situation?

Dont get me wrong, a debt ridden britain has finance deals to blame, but if you are sensible, there is nothign wrong with finance / personal loans...afterall we all pay a mortgage for a house we don't really own...

its just living...it aint cheap, but better to have lived and enjoyed than spent all your years saving for something that you probably wont want by the time you can afford it....

Its all down to personal views i guess....but thats just my view....

 

Just funded mine with a personal loan from Sainsburys Bank - 8.3% apr. Chopped company car down to an unpleasant eco model but tax saving is paying my loan

 

Live and let live I say. I worked hard and saved up over the years to be in a position to buy my S2000 outright (15k at the time). It's a car that I wouldn't have even thought about owning in my late teens/early 20's due to running costs and I would have probably killed myself anyway!

 

Then she cannot afford an S2000 and should not be buying one.

 

The OP asked the best option for financing an S2000 if you have a bad credit rating.
Nobody cares why, but the fact remains you'll pay top dollar for any loan with a bad credit score.
And the fact you 'need' finance (as stated by the OP) suggests you don't have any cash in the first place.
Which compounds the problem.

So the replies rightly keep common sense in mind and advise "Don't do it".

As for mortgages, no comparison is there?
You're home always has some equity to trade with later.
A car only goes one way - downwards - and if you damage it, it goes down really fast

 

I agree with the above comments- some sensible advice. But if your sister is intent on getting this car then try searching the money supermarket website.

 

OP mentions no details as to how much is needed, she might have 50% cash for all we know...just because someone has poor rating does not imply they have no cash??? Simply not having a credit card can give you a bad rating??!?!

Telling someone jsut because they cannot put all the cash up for car not to get it I am sure is a little hypocritical on many of us.

I would recommend speaking to YOUR bank as they know your credit history and for whatever reason it may be bad....would suspect they will be more willing to oblige...hence my initial statement before people started saying "Don't get it....".

tell that to someone who bought 2 years ago.....

All I am saying is that rather than come on and say don't get it, why not offer some constructive advice on where one could obtain finance and let the OP (sister) make her own mind up whether she still wants it once she has the info (cost of finance).....that was the question after all.

 

One of the money supermarket sites is the best place to start.
Then perhaps her bank, they always like to keep customers happy.

I’m sure you’ve seen some of the ones advertised on TV on Dave, you should probably avoid them – they tend to have high APR and bulk out the cost with fees.

Nothing wrong with financing a car as long as you’re sensible about it.
Sometimes it’s sensible to finance a car now, rather than spend your savings on a non-exciting car and then take 3 times longer to save up for the one you want.