Car Loan

gary_pacha

Hi

I’m looking for a loan of around 10k for a new car,

My finances are below

Barclaycard £642.39, at 6.9 percent life of balance and I’m paying 92.47 a month direct debit
Overdraft £500 overdrawing A&L, my wages get paying in here, 7.9 % for the overdraft

The next 2 accounts are from the days of a student, I have a direct debit paying £50 off monthly, the Halifax is 6.9% and Barclays is free.
Overdraft Halifax £568,
Overdraft Barclays £825.

Credit Union £1490, outstanding from a previous loan.

I have 440 pounds coming at the end of the month that a friend owes me, which I am going to use, to pay off my Halifax account, and then close it.

Also I have 800 pounds coming back to me the beginning of June, which I was going to use to pay something else off.

I have just got a loan for 7k at 9.9% over 2 years, which I used to pay off a previous credit card (virgin 19.9%) and monies off the credit union loan (12% monthly)

Firstly, you may ask why do you want another loan for 10k, ok, I want this to buy an Audi a3 TDI, they hold there value very well, I only need the car for a 6 months, then I can sell it and loss no money, I also think if I shop around, I may even be able to make money on it.

Could some one advise me what to do with my finances, to clear the debt as quickly as possible? And if I have any chance of getting another loan for 10k, with a company which will not charge early payment charges


I earn about £1196.00 net a month


thank you in advance

tom188

The amount of outstanding debt you have looks high. I would be suprised if you were able to get further credit in that quantity on that income.

Firstly, you may ask why do you want another loan for 10k, ok, I want this to buy an Audi a3 TDI, they hold there value very well, I only need the car for a 6 months, then I can sell it and loss no money, I also think if I shop around, I may even be able to make money on it.

Glad you think so, have you had a look at parkers or glasses?

Paul_J

You want a 10k car for 6 months on a salary of £1196 per month whilst saddled with other numerous debts???
I'd say you're trying to live beyond your means for the present.
As was said above, an older cheaper car would be a better bet, especially considering you'd be lucky to get the 10k at a decent APR with your present circumstances.
Good luck still.