Car finance after 4 years discharged?

ess0two

exponential wrote: »

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?

Free insurance for the 1st year,what about the remaining years

exponential

I can see your point in that it may "look like" I am teetering on a slippery slope but I can assure you I am not.

I had a large balance on a Vanquis card which I was fortunate enough to be able to pay a large chunk off it then transfer the remainder to a much lower interest Barclaycard which I think was a smart move financially and again was to save the family money.

My partner's car finance agreement was made a number of years ago and she regrets it really but I have taken over the payments for that which I can afford to do.
Unfortunately, the car is a dog and is going to cost me/us a fortune to keep on the road so it is not financially viable to keep it.
If we sold it now, the amount we would get for it would cancel out the existing finance agreement which is what i'm looking into at the moment.

I am trying to save my family money here, as I pointed out, the payments are very high and in my opinion, if I can find a much better deal on a newer car which will cost me less monthly and will also save me on servicing, MOT's, fuel and tax and still leave me with more money per month than we had before then surely i'm doing a good thing by considering this??

I have 4 years no claims so any free insurance deal that runs out won't really hit me that hard and again, is affordable.

I just want to say that my Bankruptcy was the best thing that could have ever happened to me!
The help I got on here back in 2009 (as username: leftatthelights) was fantastic.
It has made me a better person when it comes to finances and I am very careful and considerate now.
Only have 1 credit card and no other loans and I am proud of what I have achieved so far 3 years in.....

droiderm

Why don't you add up the figures for both options over 5 years?
I would be very surprised if fuel costs were half.

Be honest with the figures.

Mara69

exponential wrote: »

I just want to say that my Bankruptcy was the best thing that could have ever happened to me!

I am glad you've learned from it. Have to say, I hate this attitude; I don't suppose for a moment that bankruptcy was the best thing that could have happened to your creditors.

Incidentally, I thought you were discharged in July 2010? That's not four years!

exponential wrote: »

I was given ED back in July 2010

Anyway, you know your finances and yourself better than anyone. I still think saving and buying a car outright the better option, but that's just me.

Good luck.

PippaGirl_2

Exponential, by 'saving your family money' I think you are meaning lowering your monthly payments initially? If so, that is a very different thing from saving your family money. Add up all the interest on a car on finance, factor in the high depreciation of the car value, plus what you will still pay for fuel and tax and insurance after any initial reduction and I think you will find that you will be paying an awful lot more for a car on finance than you would otherwise so you will be costing your family money in the long run by choosing that option. Seems you are wanting short term gain for long term pain which is part of the slippery slope mentioned previously.

droiderm

I completely agree with Pippa.
Please understand people aren't having a pop, just trying to help.

sort_me_own_yard_out

have you looked into to see if your employer or partners empolyer offers the salary sacrifice scheme? This is where you sacrifice part of wage for a long term lease. They dont do a credit check, everything other than fuel is covered in the price, including insurance, tyres and breakdown cover. i looked into this around 6 months ago and I would of really worked for me but unfortunatly the MoD dont offer it!!

exponential

Mara69 wrote: »

I am glad you've learned from it. Have to say, I hate this attitude; I don't suppose for a moment that bankruptcy was the best thing that could have happened to your creditors.

Incidentally, I thought you were discharged in July 2010? That's not four years!


I don't take offense easily but you are pushing my buttons!

You do not know anything about me or my circumstances regarding my experience with BR!
What I said, as you quoted, was not to be taken literally.

It was an horrific experience for both myself and my family and one that I would not like to repeat ever again.

I just want to say that my Bankruptcy was the best thing that could have ever happened to me!
The help I got on here back in 2009 (as username: leftatthelights) was fantastic.
It has made me a better person when it comes to finances and I am very careful and considerate now.
Only have 1 credit card and no other loans and I am proud of what I have achieved so far 3 years in.....


Did you just stop reading when you read the portion you quoted which made you assume the worst about me???

Oh and by the way, I don't intend to apply at the present time.
It will be close to 4 years when and if I go ahead with it.


The car I presently run is constantly requiring attention and is costing far far too much to maintain let alone the measly 25 MPG im currently getting, in my opinion, it would be more cost effective to go for a "nearly new" car which would be more efficient, reliable, cheaper to tax etc etc.


They do not do a salary sacrifice scheme here i'm afraid......

droiderm

Please do the figures to see what makes financial sense.
I wouldn't neither believe the headline mpg they quote.

PippaGirl_2

You don't need a nearly new car for reliability, mine is worth only scrap but has cost me little in maintenance for years. My dd bought her 12 year old car 2 years ago and has bought one new battery so far and it runs like a dream. Find a reliable dealer and get someone to check it out for you and you could have a car that lasts years for close to £1000 less if you do well.