We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Car Finance Acceptance
I went to a 'Car Supermarket' today and saw a car that I plan on buying (or similar spec @ similar price). I spoke with the sales rep about the finance on offer and he seemed very confident that I'd be accepted despite asking very few questions. I'm not too sure so I wanted to get some opinions before putting a search through.
I'm 19 and have 3 credit cards and 2 phone contracts. The credit cards have always been paid in full with high balances. I earn £40,000pa and am self-employed. I think my age and the fact I recently moved will count against me.
The car is £7600 of which £7000 will be financed.
The finance company they plan to use is Black Horse. What does everyone think? Is it likely to be a success?
I'm 19 and have 3 credit cards and 2 phone contracts. The credit cards have always been paid in full with high balances. I earn £40,000pa and am self-employed. I think my age and the fact I recently moved will count against me.
The car is £7600 of which £7000 will be financed.
The finance company they plan to use is Black Horse. What does everyone think? Is it likely to be a success?
0
Comments
-
How come you have only amassed six hundred quid to put towards the car with a decent salary?
Nothing wrong with black Horse but be very careful of understanding the Apr. The salesman will waffle the flat rate which is about half of the actual Apr.
Don't trust him any further than you can throw him, you are his meal ticket, nothing more0 -
How come you have only amassed six hundred quid to put towards the car with a decent salary?
£600 was just the example they gave me when I asked about finance. There weren't even any questions about what I'd be prepared to put down at that stage.
I was looking at about £1600 leaving me enough to pay off my HUGE insurance bill in one go.0 -
I had a Black Horse loan for a motor caravan at 6.7% APR some years ago, and it was absolutley fine.I found them courteous and easy to deal with. I paid it off two years early and, as I recall, there was no penalty.I used to think that good grammar is important, but now I know that good wine is importanter.0
-
Given your age and income. You're in a perfect postiion to lead a debt free life. Why even use credit cards and car loans. Just buy a car you can afford (i.e. actually have the money in the bank) and never worry about debt?Bank Loans: [STRIKE]£25000[/STRIKE] £0- Barclay Card 14%: [STRIKE]£2500[/STRIKE] £0- Student Loan: [STRIKE]£12,500[/STRIKE] £0
Current total [STRIKE]£40,000[/STRIKE] £0:j (100% PAID OFF)0 -
I was looking at about £1600 leaving me enough to pay off my HUGE insurance bill in one go.
You're going to need to pay the second years insurance before you have repaid the first years, maybe even the third fourth and maybe even the fifth.
Bad idea - have a rethink.0 -
So you're going to pay your first years insurance over how many years?
You're going to need to pay the second years insurance before you have repaid the first years, maybe even the third fourth and maybe even the fifth.
Bad idea - have a rethink.
I think you misunderstood. My insurance quote was £2750 and I want to put a £1600 deposit down on the car. That means that if I bought it tomorrow I would pay £4350.
My bills are fairly low anyway so affordability shouldn't need to be questioned.0 -
Just an idea but Id suggest getting something that costs a lot less to insure for at least a year to get some no claims bonus to reduce that bill.
It was 5k+ for a lot of vehicles I checked. Even a 10 year old 106 was 2k. I'm happy with the car I've picked and the insurance quote I received. The only thing I'm curious about is my chance of being accepted for finance.0 -
I'd say it was good. But given you earn such a decent salary is there anything aside from immediate ingratiation that means you cannot save for it?Thinking critically since 1996....0
-
Blackhorse may ask for a guaranture, they did with me when I was your age as the prefer 21Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards