Car finance after 4 years discharged?

exponential

Hi guys.

Just wondered if anybody knows what my chances would be of obtaining finance on a car through a main dealer 4 years after BR (3 years after being discharged).
My old motor is on its last year of life and i'm thinking of trying around June next year.

I have cleaned up my credit files with everything showing accurate information (except noddle who require me to send all necessary and relevant documentation including a copy of my voters roll info).
Should I even bother with Noddle?????

I have managed to get a full current account through Barclays (no overdraft yet though) and also obtained an "initial" Barclaycard with a small £800 limit too.
Had both accounts running perfect for just over 6 months now.

Any thoughts guys??:)

exponential

Bump.....

Herzlos

You can only try and see. Would putting money aside for a cheap runabout for a while be a better idea though?

exponential

Hi.

Well i already own a car worth around 3 grand but it is costing me a fortune to tax (240 per year) and the fuel economy is dreadful even though it is only a 1.6 petrol.
There is some work needed doing on it because the garage I got it off werent honest about it and now im lumbered with a poor running dog of a car!

It makes more sense to get a nearly new diesel motor because theres no servicing to worry about or MOT'S, excellent fuel economy and hardly any tax!!

Its kind of a no-brainer really hence my original question really. I just cant take another chance on an older car after my experience with this one!!

Financially it just makes long term sense for me and my family.

PippaGirl_2

Don't forget to add in all the interest you are paying in to the costs of the replacement car when weighing up the options. My son just finishing paying £12,000 for a car on finance and it is worth £4,500 even he was shocked when he saw the figures of what he had paid in interest alone.
That said, I may well have to consider it myself one day as I would take years to save for a decent car and my jalopy will give up the ghost well before then but if I can avoid it I will as the interest is stupid.

droiderm

Seriously do some figures about how much it will cost you.
It won't be more cost effective to get a nearly new car in the long run.
Ask yourself long and hard if you want to be lumbered .
Its a slippery slope

exponential

Well the cost per month at the moment is staggering!
Its costing me 140 in petrol, 90 insurance and another 100 in existing finance payments (it is financed in my partners name but i make the payments) so in total thats 330 PER MONTH!! Plus it costs me 260 per year in road tax and then theres the servicing costs etc.......

I could quite easily find a nearly new car deal with free insurance for around 200 per month and because it would be a new, economical diesel, my fuel costs would be half of what i am paying now!
Quite a considerable saving and when you factor in 3 to 5 years warranty and 3 years with no MOT plus 30 a year tax (payable after the second year of driving).

It just all seems to stack up in my favour and would save me a fair few quid!

So, what would my chances be of obtaining finance?
Am i wasting my time even bothering looking into it?

Mara69

Sounds to me like you're already on the slippery slope back into debt. You had a massive balance on a Vanquish card, transferred that to a Barclaycard and now want car finance as well - even though you apparently also have car finance on your current car. You were discharged just over two years ago - have you dealt with the issues that led to your bankruptcy?

It is perfectly possible to demonstrate credit-worthiness without getting more debt. I think you are making excuses about your current car.

Save hard and buy a car outright. Stop with the debt.

freddy911

I don't think the OP needs a lecture on the cost of buying a car on finance, why do all threads on this subject go the same way?

Just my opinion but I think you will struggle on finance from a main dealer although many dealers do have a subprime option as already said all you can do is give it a go, a large deposit will help a lot!

droiderm

Simply because most of us are here for a reason .
Largely money mismanagement , a i want it now and i head in the sand culture.

I have credit cards now purely to rebuild my rating. I have one for shopping and petrol and one with 200 balance on it. I have more than 3k in savings but still despise having debt.

Its a slippery slope and a lifestyle change is need by most of us .

Mara69

freddy911 wrote: »

I don't think the OP needs a lecture on the cost of buying a car on finance, why do all threads on this subject go the same way?

You have seen what board the OP is posting on? You don't think advice that could potentially prevent a second bankruptcy good advice? Because I do.