Are we able to get a loan at all?

socmwils23

So what happens if te worst happens and one of you loses your job? Could you still afford it then? I have always been taught by my parents that at least one partner (preferably two) can handle all the bills on their own.

This advice paid dividends earlier this year when my other half left her job and had two months out of work. My wages took up all the slack and whilst it was tight we could afford all our commitments. Could you do the same?

I have read a lot about people spending fortunes on new cars and whilst i admit it is very nice to have the latest greatest model you might as well throw your money down the drain. It will decline in value so fast once you have it.

To me your main priority should be a house. Cars can come later. I know you say a house is a big step and it is but you have just spent a large amount on a car. Is that not a big step?

---lee---

Thank you for replying Zedy - I'm so nosey!

I can understand why you want a new car. You have both worked hard through both uni and your jobs and want something to enjoy which is fair enough. It sounds like at this point in time you want the car more than the house.

I think in years to come you will appreciate what the others have been saying and cars will probably become less important, but this is something that you need to get out of your system right now, so enjoy it. Seasons greeting to you too.

Lee.

margaretclare

zeddy wrote:

Thanks for the suggestions, but we do want this car and really that is our choice if we want to spend that amount on the car - it's a personal lifestyle choice.

It's only a 'personal lifestyle choice' if you have that amount of money spare, sitting in the bank doing nothing, and if spending that sort of money will not impact seriously on other aspects of your 'personal lifestyle'.

I assume that by talking of moving back with parents you intend for this move to cost you nothing, in other words you don't intend to pay your parents anything, and that way you think you'll be able to save for a house (by paying over the odds for a car loan but paying nothing for living expenses)?

Dream on!

Aunty Margaret

mountainofdebt

I guess you can't put an old head on young shoulders.

zeddy_2

Hi once again!

I think that perhaps this discussion is best left as we agree to disagree! I can understand exactly where people are coming from and their point of views about borrowing money to buy a car. Magaretclare, the reason I call it a personal lifestlye choice is because that is exactly what it is. People are free to spend their money on what they like in my opinion, if we choose to spend our hard earned cash on paying a loan for the next few years, is that really so odd? Plenty of people spend the amount we will be paying on monthly loan repayments on going out and entertainment in a month or on clothes or their children or their hobbies; we are paying the loan instead not as well as these things.

Scomwils23, thanks for your advise about budegting all your outgoings on one wage. This is actually something that we stick too ourselves too! I think it makes perfect sense to do this too as then all the other wage you have is almost like extra cash. We have been a bit lucky recently because my partner found out he is paying too much tax and his wages have gone up by around £200 a month, which makes things easier!

Thank you for being understanding about how we feel Lee. We have the full backing of our families and friends in this, so although it's not actually going to make a difference what people say on this forum, it is nice to know that some people from the 'outside' can understand our motives for doing as we have!

Maybe it is just a bit more of a generational thing at work here. Nearly everyone I know of my age, has a loan or debts of some description, for cars houses and even children, whereas I know a lot of people who are a bit older wouldn't spend anything that they didn't have. This is definately the way I would like to be able to live, but we are not in the position to be able to at the moment. I know a lot of people would say well tough luck then, if you haven't got the money then you can go without, but luckily we live in the sort of culture where we are able to buy now and pay later when we don't have the money all at once and lets face it who has £150k in the bank to buy a flat?

I wish everyone at moneysavingexpert.com a very Happy New Year and hope it's a healthy and happy one for you all.

ms_london

zeddy wrote:

This is definately the way I would like to be able to live, but we are not in the position to be able to at the moment. I know a lot of people would say well tough luck then, if you haven't got the money then you can go without, but luckily we live in the sort of culture where we are able to buy now and pay later when we don't have the money all at once and lets face it who has £150k in the bank to buy a flat? QUOTE]

Getting a mortgage for a property is slightly different. I just hope that one/or both of you doesnt suddenly lose your job or become ill - it does happen you know. Although I suppose you could always end up living in it??!!!

It isnt compulsory to have debt you know, I just hope that you are right & all works out in the end.

Ms_London

ms_london

P.s Is it a joint loan? What would happen to the car/repayments if you split up?

I might be cynnical, infact I know I am, (and only 25 - eeeek!!), but it does happen.

But otherwise, enjoy the car :0)