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Car Finance - Will i be accepted?
Hi All,
I was hoping someone would be able to give me some advice when it comes to car finance.
I am wishing to buy a car from a dealership which will cost somewhere in the £8,000 - £10,000 mark.
I will be able to put a deposit of about £7000 down on the car, but i wont be able to pay the full amount so i would require finance on the remaining money.
I would take the finance on a 3 year term.
The main thing that im worried will stop me is that im only 18 (ill be 19 when i am wanting to take the finance out). From experience/knowledge can anyone tell me if i will be stopped at the first hurdle or weather i shouldn't have a problem?
Im a little worried as i previously had a mobile phone contract declined due to poor credit rating (as i didn't have one at all). Will this mean im a no go as i think the credit check will be on my file still? Also, i was thinking about taking a BarclayCard out so i had some sort of credit rating created, do you think if i took one out it would help my chances?
If the overall feeling is that i would be declined, can anyone suggest an alternative way of getting the funds for the remaining amount?
Cheers,
Will
I was hoping someone would be able to give me some advice when it comes to car finance.
I am wishing to buy a car from a dealership which will cost somewhere in the £8,000 - £10,000 mark.
I will be able to put a deposit of about £7000 down on the car, but i wont be able to pay the full amount so i would require finance on the remaining money.
I would take the finance on a 3 year term.
The main thing that im worried will stop me is that im only 18 (ill be 19 when i am wanting to take the finance out). From experience/knowledge can anyone tell me if i will be stopped at the first hurdle or weather i shouldn't have a problem?
Im a little worried as i previously had a mobile phone contract declined due to poor credit rating (as i didn't have one at all). Will this mean im a no go as i think the credit check will be on my file still? Also, i was thinking about taking a BarclayCard out so i had some sort of credit rating created, do you think if i took one out it would help my chances?
If the overall feeling is that i would be declined, can anyone suggest an alternative way of getting the funds for the remaining amount?
Cheers,
Will
0
Comments
-
Why not use the £7000 in full payment of a car?
Whatever car you are looking at for 8-10k, you will probably be able to get the exact same spec car for your 7k, albeit a year or two older.
Then you will not have the burden of a loan round your neck at such a young age.
If you are determined to get a loan, are you in employment?0 -
I'd agree with miketaff - you can get a really good car for 7k - probably be able to negotiate an 8k car down to 7k cash in hand! If not with a 7k deposit, finance on 1k if you have a full time job would be OK, but I wouldn't pay it over 3 yrs on such a small amount?Bank Overdraft 1 - £1287; Overdraft 2 - £900; Credit Card - £395; Store Cards - £340; Car Finance - £8450:
Trying to reduce debts one step at a time!0 -
Thanks for the replies, I want a particular car, and i am already planning on getting one 1-2 years old, as they are about £13k new.
I work full time for a Local Government Authority, so quite a stable job.
How would you pay such a small amount? Over less years?
Cheers.
Will0 -
How much can you afford a month? If you can afford it try to pay it off over 12 or 18 months? Or speak to your bank see if they would loan you the amount and then pay full cash? I would defo try to negotiate the car down to 7k though if you've found one you like at 8. Your bank would probably give you a £500 overdraft if they wouldn't negotiate the full way down, probably interest free and that way you could repay it really quickly? Or try a 0% purchase credit card with a small limit? (just make sure you pay the debt off before the 0% interest runs out?)Bank Overdraft 1 - £1287; Overdraft 2 - £900; Credit Card - £395; Store Cards - £340; Car Finance - £8450:
Trying to reduce debts one step at a time!0 -
Thanks for the suggestions
I can afford about £200 a month comfortably but could stretch to £300 tops.
I thought i might give the bank a try too.
Thanks again0 -
what is your income?
do you have any debts?
on the electoral roll?0 -
Your age is going to be the issue if any, normaly they like 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
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what is your income? 14k
do you have any debts? No
on the electoral roll? Yes
Thanks0 -
No need to spend that kind of money on a car unless you have an image to.keep with. what car is it by chance ?0
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