New Car Loan question

danielharris91

Hi All,

Wonder if you can help/advice.

I am currently 19 and earning 15k a year.

I recently accepted a loan with Halifax to pay off all my credit cards and store cards just to have them in one payment, which i'm paying off over 2 years. Total loan amount £3950

I am now looking to buy a second hand car but wanted to know what my chances would be in getting accepted? Looking to get loan for 5k.

I am living with my perents and have never missed any payments and have very small outgoings. mobile contract / car insurence etc + the loan payment.

Thanks, Dan.

jonesMUFCforever

Dan I agree with Albertross.
What happens when you want to leave home?

£9k debt doesn't leave much for rent or mortgage for the next 5 years or so.

If your outgoings are so low how much do you save each momth?

danielharris91

Hello,

I could save a small amount over 6 months but i need a car quite soon as my head gasket is about to go on my own car.

As for the loan term, i was going to pay both loans over 2 years.

And being honest - I don't save (Yet)

jonesMUFCforever

Well how do you expect to find the money then to repay the new loan.
Repairing a head gasket will be a lot cheaper for you for now and then see how much you can save for 6 months.
This will be a useful guide as to how much you can ''really'' afford a month.

danielharris91

Keeping the car is not an option as everything is going wrong with it.

Turns out someone near by is selling an old corsa for £500, which i'm going to buy.

please can someone close thread.

thanks

jonesMUFCforever

Thread closed.

Can I also say you are being very sensible.