Likelihood to be accepted?

bigadaj

Yes bugsy, we get the idea you like your cars. However in normal circumstances a house is an asset likely to appreciate whereas a car is almost certain to depreciate.

KingElvis

In debt and blowing 8k on a banger, the world's gone mad, mad I tell you.

bigadaj

KingElvis wrote: »

In debt and blowing 8k on a banger, the world's gone mad, mad I tell you.

Yes, well you did die in1977 and things have change a lot since then.

chanz4

SuperHan wrote: »

My insurance is paying out, not my fault at all. So I can buy another equivalent car, but the new car I was looking at buying will save tax, insurance and petrol costs.

The reason I'm thinking of getting a better car is because, like I said, in 6 months time that was the plan anyway, and I didn't think it was necessarily worth the hassle of insuring/taxing/buying/selling a cheap interim car and then getting a nicer one in a few months.

My overdraft isn't an issue for me - it's something that gets paid off regularly, and is interest free, so it's pointless moving money out of my ISA to pay it off.

I thought the problem would be with my income being very low at the moment as I only work part time. I may have a word with Natwest regarding their graduate loan, as they allow early repayment with no penalty and will pay out loans to students who don't have secure jobs yet, so they should be willing to offer me something! I will be able to pay off the entire thing in a years time, so I'm not hugely spending outside of my budget.

I don't want to go down the HP route, or any sort of car financing option, as like you say, I appreciate they're not inexpensive ways of obtaining money!

I will have a think about the merits of a cheaper car, but I am in a good place financially, or will be in 12 months time, I'm not just trying to get an expensive car then struggle with repayments - I know what I want to do is affordable. I was just wondering what the chances of a loan with little income would be, and bargainbetty's answer is as I expected!

Going into your overdraft on a regular basis shows distress, you need to stop using it.

I have a brandnew cc and a 3 year old bmw, in honest they loose a lot of cash.

KingElvis

bigadaj wrote: »

Yes, well you did die in1977 and things have change a lot since then.

Yep, and for the worse I'm afraid....payday loans, loan sharks, people buying tat they can't afford with money they don't have.

Lord have mercy.

27col

BugsyBrowne wrote: »

I say that about couples living in a four bedroom house with a nice garden, I think flash gits with their flash bedrooms and garden and how much they payed 'towards their house.

The difference being that houses don't depreciate as much as cars, even allowing for the drop in house prices at the present time. By the way, it's "paid" not ".payed"

BugsyBrowne

27col wrote: »

The difference being that houses don't depreciate as much as cars, even allowing for the drop in house prices at the present time. By the way, it's "paid" not ".payed"

Thanks 27col you are a top man never got my head around the payed & paid correct spelling.

Cheers col.;)

SuperHan

Just to clarify - I've never NEEDED my overdraft. I have an interest free overdraft, so it would be ridiculous to not use it and not have my money in savings. I have more than enough money in the bank to pay off my entire overdraft. And I'm not "in debt" as such - like I said, my bank account is currently -£68, but my savings account is more than 3,000 in credit.

And I would like a better car as I am likely to be driving hundreds of miles a week when I get my new job, so a better car generally means a better drive. Although the car I had before was just fine and worth about £1,500 it didn't make a pleasant 4 hour drive - something which will be quite common in my new job. I plan to keep the car I buy for many years from now, so I'd like it to be nice when I buy it, so it's still okay in 6 or 7 years time. Buying a cheaper car may not have that same quality in years to come. Spending more money means I'm also getting a lot of useful features I would have had to buy "extras" for anyway - bluetooth, usb charging etc etc. The tax is cheaper on a newer car, and it's actually a LOT cheaper to insure than buying an older (and cheaper car) of the same power, so long term, spending more on the car will balance out costs like that. (it's actually cheaper for me to insure a £9,000 1.4L car than it was my £1,500 0.8L car)

Anyhow, I've arranged to borrow the money from a family member, and will have it paid back in 2 years time. I could have saved up and paid for it myself then - but I need a car now and it just makes sense to go for it, to me at least.

27col

BugsyBrowne wrote: »

Thanks 27col you are a top man never got my head around the payed & paid correct spelling.

Cheers col.;)

Glad to be of help, there seem to be many on here that also don't know the correct spelling, and many more who don't know the difference between "borrowing" and "lending".
Actually, I have just looked in my dictioary and there doesn't seem to be any such word as payed.

Apples2

27col wrote: »

Actually, I have just looked in my dictioary and there doesn't seem to be any such word as payed.

I just looked in my dictionary for dictioary, that isn't there either :rotfl::rotfl: