Car finance dilemma help appreciated

needtosavecash

Hi all as recommended by another user in my other thread (debt diary section)

I have dropped into this section for advice on my car finance with black horse!

I am 12 months into a 60 month deal,since getting the finance I realise it was the worst thing I did but what's done is done! But the money I'm pouring into a car I don't even want/really use could cover my half of the rent on the house I'm about to start renting and although I can afford both just about it would make things so much easier if I could reduce this! Or get rid all together (I know this would probably trash my credit ratting) so i was thinking of refinancing I suppose with a new car that'll be more practical and cheaper a month! Obv I know I'd have to carry the negative equity from this car over but with a new deal I was hopping for one of these balloon deals where after so long you can hand the car back or pay the amount and take it etc!

I'm abit up in the air as you can problably tell not sure what todo about it!

Any help really appreciated

Thanks :beer:

[Deleted User]

How much are you paying a month? I mean even worst case scenario on a sensible car, it's only £300 a month for my brother.

Best case scenario would be keep your current car. Don't swap your luck, you'll lose out in the long run and probably only save a negligible amount.

CLAPTON

what sort of finance? personal loan , HP or what


how much do you still owe on the car
how much are the monthly payments
what is the APR

how much is the car worth.. realistic selling price

needtosavecash

Well the hp was for 10,250 it's over 2 companies and is 15% apr!

I'm paying £310 a month with ppi

The car only worth around 5k now! I paid well over the odds from carshaft! Aka car craft last may!

I paid 8k for and then was talked into a warranty for a further £1500

I'm going to get the agreement out tonight and look through it all!

Cheers

pvt

needtosavecash wrote: »

Well the hp was for 10,250 it's over 2 companies and is 15% apr!

How does that work?

Which one gets to reposses the car first?

You sure it isn't one HP deal plus one personal loan?

pvt

paulmcerlean

If it's with blackhorse how is it with two companies?

needtosavecash

sorry i should have made it clearer

becuase id never had credit before when trying for finance black horse wouldnt finance the full amount for the vehcle,so the sales guy arranged for another company to "top up" to finance this is with a smaller company "all in one?" i have 8k with blackhorse and 2.5k with "all in one"

2 direct debits go out for it a day after each other one for black horse and one for all in one

kymbo82

needtosavecash wrote: »

Hi all as recommended by another user in my other thread (debt diary section)

I have dropped into this section for advice on my car finance with black horse!

I am 12 months into a 60 month deal,since getting the finance I realise it was the worst thing I did but what's done is done! But the money I'm pouring into a car I don't even want/really use could cover my half of the rent on the house I'm about to start renting and although I can afford both just about it would make things so much easier if I could reduce this! Or get rid all together (I know this would probably trash my credit ratting) so i was thinking of refinancing I suppose with a new car that'll be more practical and cheaper a month! Obv I know I'd have to carry the negative equity from this car over but with a new deal I was hopping for one of these balloon deals where after so long you can hand the car back or pay the amount and take it etc!

I'm abit up in the air as you can problably tell not sure what todo about it!

Any help really appreciated

Thanks :beer:

I am in a very similar situation with my hp car stuck with the thing! Will be watching this thread

CH27

needtosavecash wrote: »

Hi all as recommended by another user in my other thread (debt diary section)

I have dropped into this section for advice on my car finance with black horse!

I am 12 months into a 60 month deal,since getting the finance I realise it was the worst thing I did but what's done is done! But the money I'm pouring into a car I don't even want/really use could cover my half of the rent on the house I'm about to start renting and although I can afford both just about it would make things so much easier if I could reduce this! Or get rid all together (I know this would probably trash my credit ratting) so i was thinking of refinancing I suppose with a new car that'll be more practical and cheaper a month! Obv I know I'd have to carry the negative equity from this car over but with a new deal I was hopping for one of these balloon deals where after so long you can hand the car back or pay the amount and take it etc!

I'm abit up in the air as you can problably tell not sure what todo about it!

Any help really appreciated

Thanks :beer:

All you will be doing by refinancing is ending up with more debt.

I think you need to pay the loan off & learn a valuable lesson from your situation.

nomoneytoday

Selling the car for £5000 wouldn't solve the issue, as you would still owe most of the debt.
You would then owe another £5000ish and have no car
I doubt the more economical replacement would save that much in petrol to offset the depreciation..