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Which is easiest to be financed for a houese or vehicle?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
IMy credit is not great at all, I have heard even with bad credit it is easier to be financed for a house than it is to be financed for a car. Like you request a loan for a house and a car the exact same day and exact same time to the minute. You may get approved for the house but not the car, anyone have any expierience or inputs on this?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You are far more likely to be approved for a car, and much more quickly, simply due to the lesser amounts of value involved.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    a car of course, but if youve got a bad credit rating, you wont get either
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It depends on your income, what product you want and the level of your deposit. With a good deposit and a good income you're more likely to be approved for a mortgage than a car- the level of security on a mortgage is better- but with a less good deposit and income you're more likely to be approved for a car. With a poor credit "rating" you will find it harder to secure good rates for either, though, which is more your concern.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hey there johnsterwen,

    You seem to be a difficult situation right now as you have bad credit rating but understandably you need credit to finance big purchases, such as a house or car.

    I'm not sure of an exact answer to your question as I have not brought a house or a car. But the MoneySuperMarket have an excellent page about what products are available for people with poor credit rating. At the top of the page you can enter your details and MoneySuperMarket will pass on your details to one of their approved partners (Aspire Money) who specialise in solutions for people who have been refused credit elsewhere. If you don't want your details to be passed on then don't fill out this section.

    There is more information at the bottom of the page that you can access yourself. For example there is a 'car finance' calculator for people with bad credit ratings and there is also a tool for 'finding a mortgage or remortgage'.

    Who knows maybe you can have both the house and the car?

    I hope this helps.

    :)
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