New Car

paulryan99

Hi
Not sure if this is the righth place to post this?
I'm looking at purchasing a new (ish) car as both my self and my partner are expecting our first child.:j

However I'm unsure which is my best option. I'm not sure if a personal loan or a car loan from a bank is our best option or if applying for finace through a garage is the best way to go about it. If anyone has some advice or previous experience they could share it would help us greatly. I've seen some garages offer black horse finance - What are they like to deal with?

We both finished university last year and are working in full time permanent employment however after checking our crredit reports we were told that because we have relatively little history of credit, our credit rating is quite low and we may be declined.
I've read the horror stories of continously applying for loans and want to be prepared before making an application.

Any advice is greatly appreciated
Thanks

immoral_angeluk

Have you approached your own bank?

Congrats on the pregnancy btw

Clive_Woody

paulryan99 wrote: »

Hi
I'm looking at purchasing a new (ish) car as both my self and my partner are expecting our first child.:j

Congratulations are you both due around the same time?

sillygoose

Presume at your stage in life you want a reliable runabout nothing especially flash. Kia offer good used deals on the Ceed which is a perfectly decent Golf/Focus comparable hatchback. Better still they offer 0% finance on it, the full 7 years warranty restored, 2 years breakdown cover, full vehicle inspection etc.

As a start, this would be an ideal risk-free, reasonable cost way of getting on the road.

http://www.kia.co.uk/microsites/usedceed/

paulmcerlean

Sillygoose, the OP is looking for advice on good loans options, not cars, of which a Kia Ceed does not fall into any 'good' category regardless of warranty. It is also not a Golf comparable hatchback in anything other than size. A 5 second sit in a Golf would prove this point.

Depending on your circumstances the lowest rate will come from your bank, and the easiest acceptance will be dealer finance with the loan secured on the car.

All however will need you to have a good clean credit report.

sillygoose

paulmcerlean wrote: »

Sillygoose, the OP is looking for advice on good loans options, not cars, of which a Kia Ceed does not fall into any 'good' category regardless of warranty. It is also not a Golf comparable hatchback in anything other than size. A 5 second sit in a Golf would prove this point.

Depending on your circumstances the lowest rate will come from your bank, and the easiest acceptance will be dealer finance with the loan secured on the car.

All however will need you to have a good clean credit report.

As I am sure you realise I was talking about loans, the op said they are considering nearly new (used) car. I was clearly pointing out a 0% deal on a used model thats a pretty good rate of loan in my book!

I presume your a Golf driver at the way you have taken umbrage or have not experienced many cars but actually the Ceed is a very decent car, and for a young couple with a baby and more bills on the way I would encourage them to look beyond pointless badge snobbery and do the sensible thing. When will VW build cars that are reliable enough for a 7 year warranty?

Peelerfart

Is this the top gear website ? I'm thinking of buying a lada and I'm after some advice

ANewEra

Beats me why people will insist on financing new/newish cars when there are loads of decent cars at half the price - not to mention without the added interest on finance.

Last year we bought a 2002 Skoda Octavia with 65k on it, for £2500 (part exed the old one and paid the rest cash) it's a great family car with room for the kids, reliable and relatively good on fuel.

To the OP, can you save your money for a few months and do it this way, so much the better option than finance - car depreciates + added finance is just a bad way of getting into debt. If you cannot afford to save each month then how are you planning on paying for the finance anyway?
Just a thought.

Plus with baby on the way (congratulations by the way) you could do without finance repayment for the next few years.

epsilondraconis

Peelerfart wrote: »

Is this the top gear website ? I'm thinking of buying a lada and I'm after some advice

My advice is to make sure you have some food to put in it...