Need a loan for a car

m0t

I have been driving round in an old car for the last 3 years, which hasn't been a huge issue up until now, but recently I have been spending upwards of £200 a month keeping it running.

I have now been presented with yet more problems with the car and have come to the conclusion that it would make more financial sense to get a £5k loan over 3 years and pay back £170 a month instead of spending £200 a month in parts to keep a rusty old banger going.

My problem is that I have come to this conclusion just after getting a Credit Card with a £2k limit that I am very worried will mean I won't be able to get a loan.

My problem is I have only been in employment for 10 months, before that I was unemployed and further back I came out of university. When I finally started work I owed £2100 in overdrafts and £500 on a Credit Card. Now I owe £450 on an interest free overdraft in a student account (which I will be paying in full in May) and £500 on a loan for a television (which I only took out as it is interest free for 6 months - I will be paying this in full in 2 weeks).

I have a Mastercard with a £500 limit which I have been paying off in full for the last 3 months and the above mentioned Amex card with £2000 limit. I only applied for the Amex card because it gains airmiles, 2000 miles reduces flights to Japan/America etc by £300 and they give you 3500 miles to start with.

My credit report is all green - as far as I know I have never missed a payment although a year or so ago I went over my overdraft a couple of times due to payment timing issues. Credit Expert scored me at 865, so I can't be all bad.

My gross salary is only £25k pa and I am worried I will have exhausted all my credit - will I get a (decent) loan, or would it be better to wait 2 months until I have paid off the TV and Student OD and try and apply? I also seem to have an issue with the length of time I have been in employment, only 10 months.

Thanks for any help.

Simon11

£200 a month keeping the car going- You mean Petrol or just costs for maintance/new bits?

Few questions, Do you live in London, how many miles do you drive daily/weekly, Can you car share with others?!

What car are you looking to get for 5k?

m0t

I live in London but I get the train to work. I only use the car at weekends for shopping and visiting my girlfriend (who lives a way away). When the car breaks down its more frustrating because I spend the 2 days a week I get off (and the 2 days I get with my girlfriend) sorting it out.

The £200 covers parts only, I do the labour myself and the insurance cost is negligable. I don't include tires or breaks as these are consumables.

I live with my mum so my total living costs are £330 pm.

Simon11

Why not joining street cars if there are cars nearby?

£50 joining fee and start from £4 an hour.

Includes 30miles of petrol. No need to pay for insurance, depreciation, fueld(Under 30miles), ect ect

Simon11

http://www.streetcar.co.uk/
There are a few other car sites out there offering similar deals! Its def worth it if there are cars near by and don't need to drive often