Thread Closed

Would_like_to_know

Thread deleted.

chalkie99

Surely no-one "has" to finance an £18,000 car?

If you are going to try and borrow circa £40,000 for a house extension why would you use up any of your available credit on a depreciating asset when you could buy something used and cheaper?

How much will you, realistically, need to borrow for the extension and how much are your incomes?

CLAPTON

how much do you earn
how much does your wife earn

how much is the house worth
how much is the mortgage

Would_like_to_know

Thread deleted.

Would_like_to_know

Thread deleted.

Apples2

Would_like_to_know wrote: »

I am sure you will appreciate that I am a little reticent to post my income details on the forum,

Why not??

Who do you think is going to recognise you personally from your username of Would like to know?

Sounds like you have your head cleanly in the clouds.

You want an £18k car with, what appears to be, zero savings alongside funding an extension to a home you cannot afford either.

I have a feeling we will be seeing more of you on this forum under one name or other if you go down your intended route.

CLAPTON

Would_like_to_know wrote: »

Chalkie

Thank you for your response.

I am sure you will appreciate that I am a little reticent to post my income details on the forum, especially as that is not the point in question. I will however advise that the level of funding likely to be required for the extension is approx £35k.

You are correct that no one "has" to purchase an £18k car but again the questions was not about whether to purchase the car, rather how best to finance it. Might I suggest that in future, before you appear to start being sanctimonious about peoples purchases (apologies if I have misconstrued your post), you might pause for reflection on the fact that there may be reasons for the purchase that have not been included in, nor is relevant to, the post.

If you do not have any constructive advice on the question posed please do not leave a comment. Should you have some words of wisdom I am all ears.

my questions are 100% relevant

paddyrg

The reason you are asked these questions is that these things will affect whether credit is available to you. People don't just enquire about a total stranger's finances for no reason.

chalkie99

Would_like_to_know wrote: »

Chalkie

Thank you for your response.

I am sure you will appreciate that I am a little reticent to post my income details on the forum, especially as that is not the point in question. I will however advise that the level of funding likely to be required for the extension is approx £35k.

You are correct that no one "has" to purchase an £18k car but again the questions was not about whether to purchase the car, rather how best to finance it. Might I suggest that in future, before you appear to start being sanctimonious about peoples purchases (apologies if I have misconstrued your post), you might pause for reflection on the fact that there may be reasons for the purchase that have not been included in, nor is relevant to, the post.

If you do not have any constructive advice on the question posed please do not leave a comment. Should you have some words of wisdom I am all ears.

Yes, you have misconstrued my post and you are out of order calling me sanctimonious.

Whether or not you will be able to finance your requirements depends almost entirely on your income and your level of existing debt.

The other responses so far are all from regular posters here who provide solid advice. Do you really think people are just trying to wind you up?

You are now talking about a bridging loan. You don't seem to have any way of offering security for that. Also, extensions rarely return their cost in added value.

The bottom line is you probably need a joint income around 100k to fulfil your requirements, based on £18k car finance and £35k for building works.

Have another pop if you want to - you wanted opinions. I don't know you and it's nothing personal.

lawrie28

You should look at leasing the car. No only is it going to work out more cash flow efficient, but will save you from the large depreciation cost.

At the very least, you need to look at HP - that way the debt is secured on the car, rather than being an unsecured loan. You will need to pay a deposit on the car however.

Being honest with you, don't spend the money on the car. Buy a year or two year old version of the same model - it will probably cost about £8-9k, depending what your looking at. Or if possible, keep whatever car you have now.

That way, you can start saving up for the extension, reducing the size of loan needed, because a £35k unsecured loan is going to be hard to get in the current climate.

27col

Another newbie getting uppity when they don't like the replies they are getting. There is absolutely no point in wasting £18k on a new car, which immediately becomes a reducing asset, when, as someone has already said, you could get something just as useful for less than £10k. If it was me I would be putting the money towards an extension. Perhaps if you took the time to read similar threads on these forums you might realise why people ask what you consider to be nosey questions. It's to enable them to assess your chances of getting the finances for what you think that you want to do.