car finance

kperry1034 · 24 February 2013 at 6:38PM

How hard is it to get finance on a new car,looking at a car for £7000 ,but have £3700 settlement on my current car..

stephane_2 · 24 February 2013 at 6:42PM

That will all depends on your credit history....

kperry1034 · 24 February 2013 at 6:49PM

stephane wrote: »

That will all depends on your credit history....

credit is fair,no defaults,or any missed payments,not on electrol role,but will be after the 1//3/2013

Apples2 · 24 February 2013 at 7:01PM

If any lender looked at your posting history on here they would all run a mile. It seems you haven't repaid anything....ever!!
Good job they only keep records for a finite time.

Why would you be offloading a car with nearly £4k owing (are those payments up to date/any missed/late)?

kperry1034 · 24 February 2013 at 7:08PM

sorry mum.........did have poor past bad credit from 6 years ago,managed to get my self sorted,the reason my car is at £4000 because it was from ACF with 48.9 Apr,so I want rid asap

forgotmyname · 25 February 2013 at 2:41AM

Is your credit good enough to borrow £11,000 ??

Thats a huge shortfall to stick onto the value of the next car.

Not on the electoral roll will be an issue. Being on there for a short time will also be an issue because they will ask for the last 6 years.

No trace may scare them away, Will you be taking this loan and vanishing off the face of the planet?

They like stable people, Long time at one address and one job. Preferably people that dont need to borrow money.

pheonixrising21 · 25 February 2013 at 9:58AM

forgotmyname wrote: »

Is your credit good enough to borrow £11,000 ??

Thats a huge shortfall to stick onto the value of the next car.

Not on the electoral roll will be an issue. Being on there for a short time will also be an issue because they will ask for the last 6 years.

No trace may scare them away, Will you be taking this loan and vanishing off the face of the planet?

They like stable people, Long time at one address and one job. Preferably people that dont need to borrow money.

Where do you get the £11,000 figure from? Just curious, as the OP mentions £7k for the new car, with a settlement of £3,700. There is no mention of how much the old car is worth or how much deposit the OP is going to put in.

So, unless the old car is worth £0 and the OP is putting in no deposit at all, I'm struggling to understand where £11k comes from?

poppasmurf_bewdley · 25 February 2013 at 11:49AM

pheonixrising21 wrote: »

Where do you get the £11,000 figure from? Just curious, as the OP mentions £7k for the new car, with a settlement of £3,700. There is no mention of how much the old car is worth or how much deposit the OP is going to put in.

So, unless the old car is worth £0 and the OP is putting in no deposit at all, I'm struggling to understand where £11k comes from?

I think it's a fair assumption that the present car will be in negative equity. If it's not, then it's up to the OP to tell us.

I would ask the OP if the present loan is a HP agreement? If it is, have you paid at least half the payments? If it is, and you have, then you can Voluntarily Terminate the agreement and hand the car back.

If not, I think it is fair to assume you will have to borrow about £11k, and from what little you have told us about yourself, that target would seem to be unattainable.

pheonixrising21 · 25 February 2013 at 12:39PM

poppasmurf_bewdley wrote: »

I think it's a fair assumption that the present car will be in negative equity. If it's not, then it's up to the OP to tell us.

I would ask the OP if the present loan is a HP agreement? If it is, have you paid at least half the payments? If it is, and you have, then you can Voluntarily Terminate the agreement and hand the car back.

If not, I think it is fair to assume you will have to borrow about £11k, and from what little you have told us about yourself, that target would seem to be unattainable.

It probably is fair to assume some negative equity, but to get to a figure of having to have credit enough for £11,000 on a £7,000 new car is assuming that the old one is worth absolutely nothing! Obviously we won't know the true value unless the OP tells us.

Good shout on the VT though

kperry1034 · 25 February 2013 at 9:35PM

Can vt the car,because its a point of sale agreement (ACF ripped me off) settlement fig is £3700,car px is about £1100

forgotmyname · 25 February 2013 at 11:33PM

pheonixrising21 wrote: »

Where do you get the £11,000 figure from? Just curious, as the OP mentions £7k for the new car, with a settlement of £3,700. There is no mention of how much the old car is worth or how much deposit the OP is going to put in.

So, unless the old car is worth £0 and the OP is putting in no deposit at all, I'm struggling to understand where £11k comes from?

Psychic. Seems i must have had an off day as its only £9900 they need to borrow. Note to myself: MUST TRY HARDER.

It just shouted to me i must get a new car this ones ready for the scrappers.

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