Getting a new car

pivotalgubbins

bloc75 wrote: »

Hi, I'm not in any need to scrimp and save. No offence like but I feel that purchasing a car on finance is an acceptable debt to have. Like a mortgage is also an acceptable debt to have.

I just really want advice on my credit score.

Why not approach your preferred lender and ask whether they can't give you an agreement in principle. Your credit report is your credit report - it looks fairly healthy given what you have gone through but the old CCJ is the issue and I'd imagine only a lender can advise of their views on this.

I'd also add (and please don't think I'm lecturing or getting on my high horse as you have clearly done well to turn things around) that car finance isn't really an acceptable debt to have, merely a convenient debt. Given that you aren't presently on the property ladder, I would be doing everything to maximise that side of things (which would really benefit your whole family) rather than prioritising a car.

Remember, properties generally appreciate over time whilst cars will only ever go in one direction! Good luck in whatever you decide in any case. :money:

Brock_and_Roll

bloc75 wrote: »

Hi, I'm not in any need to scrimp and save. No offence like but I feel that purchasing a car on finance is an acceptable debt to have. Like a mortgage is also an acceptable debt to have.

I just really want advice on my credit score.

Car finance and mortgage debts are a million miles apart.

With car finance on a new car, the asset is worth 20% less than the loan the day you drive it out of the showroom. The asset caries on depreciating to the extent that after 3 years you will be lucky if its worth 35% of what you paid for it.

With mortgage finance, the underlying asset is unlikely to fall by anything like the rate of the car, and in the long run is likely to rise in value. And there is the added advantage that you can live in a house unlike a car.

bloc75

Appreciate that, but I'm not really that bothered that its value will drop. Me and my wife can afford to have car finance. We are also looking at saving an ISA for 4 years to get a deposit for a house.

We can afford to do both, so I don't see why we shouldn't. I don't see why we shouldn't be allowed to enjoy a nice new car.

pivotalgubbins

bloc75 wrote: »

We can afford to do both, so I don't see why we shouldn't. I don't see why we shouldn't be allowed to enjoy a nice new car.

I don't think anyone is saying you shouldn't - this is a forum where you will get advice, some of which you won't agree with.

bloc75

It's not a case of I won't. I just don't agree with.

I have said I appreciate the advice, but its not really the advice I am looking for at this point.

I've worked hard in the past 6 years to pay off my debts, and get myself into a career where I can now afford to rejoin society.

My debts were acrued from cavalier student years and then not really being able to get the right job. Now I have been in a career that pays well for the past few years I can afford some of the modest things in life.

Sorry if it may come across as not accepting advice, I am. I just don't 100% agree that its the direction I want to go in.

pivotalgubbins

bloc75 wrote: »

It's not a case of I won't. I just don't agree with.

When I said 'you won't agree with', I mean it in exactly the same way as you 'don't agree with'.

It has been mentioned that the advice you are looking for isn't available on here as we don't have access to the borrowing criteria that the lenders have. My guess is that you'd be fine but you need to approach a lender and ask the question.