Loan

oranget1

I need a Loan to buy a Car within the next 2 months, i am thinking of getting a £7000-£8000 Loan.
I earn 20K a year
I have a house on joint mortgage, so we pay £285 (each).
I have an overdraft of £400, which i have only started early this year and over the past 4-5 months have been constantly in ( but i plan to be out of it this month or next.
I have a credit card with £2000 on it.

My question is, should i apply for a loan now, or wait and clear some of my debts first ?
Will these go against me ?

i have had a loan before, with Alliance and Leicester for a car, which i ended up paying off early to purchase the house

Who is best to get a loan with ?

Thanks

CLAPTON

if you are constantly in your OD and owe 2k on CC how will you be able to afford the car repayments

oranget1

I have only been in my overdraft over the last few months because of holiday and things for the house, i intend to be out of my overdraft this month, and hopefully get my Credit card down to £1000 over the next 2 months

Ferdy147

Wait till your debts are settled. Don't buy a car till you can afford it.....if you need a loan for a car you can't afford it. Buy a cheap car for £500 till you can afford the car you want. Make sure you have savings too before splashing out on a car.

immoral_angeluk

You don't need a loan to get a car, if you're able to save you will save yourself a lot of money in the long run. However if you WANT to get a loan for a specific car, then your best bet is approaching your own bank, but if you've been in your overdraft they don't look upon this lightly as they'll look at all your account history and behaviour. You will also need to show them you can afford the repayments, and pass the credit check.

oranget1

Ok, well i don't plan to get the loan for another 2months or so, but i need a car for work as i will be travelling soon, so need something for that.

I will be out of my overdraft at the end of this month, but will still have a £1500 on my credit card, will that affect me ?

thanks