Need advice - Best way to pay for new car?

Ferdy147

NeverEnough wrote: »

Rubbish. OP has clearly stated she can and is in stable employment with no monthly payment issues. She did not ask for your judgemental comments, she asked for advice on financing the car, not your opinion whether she should have it or not.

I don't know why this forum seems to have a multitude of judgemental characters who creep out the woodwork whenever financing a car is mentioned. It is a perfectly normal transaction to finance a new car - not everyone wants to own or drive a banger or a piece of rusting ancient rubbish on wheels, and financing options are not all evil and to be avoided!!!!

GlitterGirl, ignore the "you can't afford xxxx, just save up" judgemental bunch like the poster above - they always seem to crawl out the woodwork when people like yourself ask specific questions about the best finance options for a car. You have clearly been careful about money and have simply fallen foul of the current somewhat haphazard manner in which finance houses assess creditworthiness. Tixy and others have made helpful comments and given decent advice in answer to your questions - hope you enjoy the new car and that it serves you as well as your soon-to-be retired one!!!!!

I'm not being judgemental. Just offering sound advice rather than 'put it on the other halfs credit card'.

At the moment the OP cannot afford a £6k car and can't seem to get a loan for that amount in her own name. What if she splits with the other half?

It's all very well answering the OP's question but there's nothing wrong with providing a sensible alternative which I have done.

This board is here to help people and sometime that means not just answering people's questions and advising them how they can take on more debt.

ILW

Put it on the card, then get another card offering say 12 months interest free and transfer over. Pay as much as you can and it could be pretty cheap credit. (This does assume you are thetype that is not going to get carried away with the credit)

tommytynan123

Just turned on my PC and saw this thread.
I havn't gone back very far on comments but I can understand what Ferdy is saying about affordability etc.

Qs I would ask myself are:
1. How vital is the car to getting to work and out and about ?
I work 12 miles away and if my car broke I know I could arrange a lift to/from work and if I phoned in saying 'car snags' then no real snags. I also know that if I had an important meeting then one of my staff would not hesitate in coming to get me (petrol money) Perhaps I'm lucky that my staff think I'm great (honest)!!:rotfl:
2. Price does not = dependability !! BUT if you want to pay 'cheap' then do it at a garage you know from their part exchange cars. My 2 sons despair because they are always put on my insurance as additional BUT they also know that if I have to pay more than 5p for a car I am very upset !!!! :laugh: I buy my cars from the same garage who I use for MOTs etc. I would rather catch a bus (although there are no buses to my work from my home for a 8.30 start without walking the last mile) rather than use another garage for repairs etc. My latest acquisition is a 12 yr old Renault with 40K on the clock. Old cars are not all rubbish.
3. Money. Most people would rather pay £500 rather than £5K for the same dependability - it is hard to find but it is findable. Also remember that if you spend £500 then you may have £500 spare or at worst available on a card to quickly buy a car if yours dies. You can ALWAYS buy a car for £500 within about 2 hours.
Think old but good and forget looks and registration. Sniff sniff around and you'll find the gem.;)

bouncydog1

Depending on who your partners card is with, it might be possible to do a super balance transfer which is cash to a bank account. There is usually a fee for doing this but the loan will be interest free for a number of months e.g. 12.

Fee for MBNA is 4% for example.

If you have the cash to pay, you might also be able to haggle the garage down - is there also a chance you might get a bit more if you sell privately rather than part exchange?