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Advice needed!
Blondie220587
Posts: 5 Forumite
in Loans
Hi
Firstly i would like to say hi as i am a new member on here, so hello
.
Secondly i need some advice, my partner and i are looking to buy a second car due to a change of job which requires long commuting for him, and are thinking about taking a loan out to cover the cost, we have been looking at spending around 4-5k. I have one overdraft 1500, he has two, one 1800 and the other 1000, as well as this i am paying off purchase 0% interest which ends in sept, and he is paying off another two purchases one 0% which ends next month and another 0% that ends in December. Apart from this there is no other debt and he is on 23k a year and myself 10k.
Do you think taking out a loan is a good idea? or is there any other way we could finance a car of this price? Any other advice is welcome!
Many Thanks
Firstly i would like to say hi as i am a new member on here, so hello
.Secondly i need some advice, my partner and i are looking to buy a second car due to a change of job which requires long commuting for him, and are thinking about taking a loan out to cover the cost, we have been looking at spending around 4-5k. I have one overdraft 1500, he has two, one 1800 and the other 1000, as well as this i am paying off purchase 0% interest which ends in sept, and he is paying off another two purchases one 0% which ends next month and another 0% that ends in December. Apart from this there is no other debt and he is on 23k a year and myself 10k.
Do you think taking out a loan is a good idea? or is there any other way we could finance a car of this price? Any other advice is welcome!
Many Thanks
0
Comments
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Are you actually living inside the overdrafts??0
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Hi,
yes were living inside them, two are student ones, and one we are paying off monthly.0 -
Any lender is going to look really unfavourably on this fact as it shows you can't manage your current outgoings, let alone taking on more.
You'd be better off waiting to clear the overdrafts then look at the situation.0 -
mmm true, we manage are outgoings really well, and always left with alot of money left over each month maybe we should try and save it up over the next few months then buy one!? But then i dont know how he'll get to work, so need a car asap really. (Our overdrafts are interest free by the way) as we have only just finished uni so i think its ok that we are living out of them for now and paying them off slowly!?0
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If you are inside your overdraft you do not have ANY money left over !!
from the Banks point of view, you have no money at all, you are spending someone else's (the banks).0 -
yeh see what you mean Chris. I think it will be best to pay the overdraft off then as quick as we can then have a look:(0
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Agreed. I think the best idea is to get a cheap runaround for a few hundred quid until you are in a better position.0
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