Buying a car on my credit card

SarahFx

I don't post often, am more of a lurker. Myself and my husband have really bad credit rating (just checked my credit file and it was the lowest score). We have debt of £9k on two separate credit cards and a Lloyds loan of about £5k. We are dealing with it slowly and focussing on the credit cards.

I'm 14 weeks pregnant and wondering how the hell I'm going to manage with the baby in our little Micra (3dr). My friend had one and said she couldn't fit any pushchairs in it and had to get a bigger car. There are airbags on both front seats so I can't put baby in the passenger seat. Basically we need a bigger car.

Our options of how to get one are limited. We would probably get £1200 part ex for ours and then we'd probably need another 2k to get something that would last a few years. I very much doubt we'd qualify for any sort of car loan as I tried to consolidate our debt recently and was turned down so the only option I can see is using my credit card (I have 5k on it and a 9k limit) to fund the extra 2k. The thing is the APR is 19.9! We'd try to pay it off as quick as poss but it's still a lot when my wage will be going down next year.

Would this be totally stupid?

tealady

In a word, yes. You will have less income and more debt. Have you sat down and worked out how you are going to pay this extra money? Sorrry to sound harsh, but without knowing your full income and outgoings I wouldn't recommend you take on extra debt. Put up your SOA (see Southernscousers sticky) and the really clever people on here (not me) will help you sort out whats best for you.

Toto

I agree, this plan isn't the best. Do post your SOA so we can see where we can save you a bit. But also think do you really need a bigger car? Would it not be possible to put a buggy in the back, on the floor between the seats? Or even use a sling for baby when he/she is newborn then as baby grows use a stroller?

If you absolutely feel you do need another car, personally I would sell the micra and buy one with the cash you have. So, it might not be new and it might only serve a couple of years but you can always aim to buy a better one when the debt is gone and you can save. Extending your credit card 2k at this point though is a bad idea.

GettingThingsDone

Hi Sarah - lurk no more!

Without seeing your SOA, its difficult to advise, but as tealady says, it's an expensive way of getting more debt.

Re: Airbags - you can usually turn off the passenger airbag. I don't know about Micras, but every car I've been in, there is usually a hidden switch of some sort that allow you to de-activate the airbag so that you can use a babyseat.

Keep posting!

gtd

Seaxwyn

Sarah, I'm sure you could manage in your Micra. I got a two-door VW Golf when I had baby twins and managed with both of them and their pushchair.

Don't get one of those huge pushchairs, just get something small and easy to fold up. Having had four children I would strongly recommend the basic McLaren buggy.

You definitely don't want to get further into debt when you've got a baby so my advice is don't even think of changing your car.

immoral_angeluk

Bad bad bad idea.... with less money coming in and more debt you'll end up struggling! As long as the carseat fits and the car is safe the rest can be worked on. A little stroller will fit in ANY car and for the first 3 months or so you can carry them in their carseat anyway.

SarahFx

Okay my SOA. All are monthly.

Mortgage £450 (tied in until Sept 08)
Home insurance £14
Council tax £99 (lowest band)
Water £24 meter
Gas £38 (just switched lowest I could find)
Electric £75 (bill was wrong so paying higher amt until Sept)
Home phone £15 inc internet wireless
Mobiles £14 (mine)
Mobiles £35 (H's 18 month contract)
Life insurance £12
Grocery shopping £200
Breakdown cover £3
Car insurance £19
Car tax £9
Petrol £90
H's lifts to work and back £43
Loan £188
Credit cards £200 for mine 19.9%APR balance £5k £150 for H's 15.7%APR Balance £4k
Sky £37
TV Licence £11
Next payment £60 balance £180 will be paid off soon
Clothes £40
Medication charges £21
Contact lenses £16
Savings to cover household maintenance, car servicing, xmas, haircuts and other general misc expenditure £50

Total £1913

Income Me £1264
H £930 basic (just started new job and that's his basic, we don't expect commision for another couple of months, might increase to £1400 pm in time)
Total £2194

Any money left over is used for treats.

SarahFx

Just read your replies while I was busy typing up my SOA. I am being silly aren't I? I just look at my friends with kids in their big people carriers and want the best for my baby too (we waited a long time for this).

Good tip about turning the airbag off. Baby can then go in the front and H in the back. My mum is buying the pushchair and says we can have whatever we want so will go for most compact one possible and stick it on back seat if needed.

A lot of people have to manage on buses so we are lucky really.

Thanks

Shineyhappy

I know you want the best for your child but surely it is better to scrimp now and get yourself debt free for when the child is older?

Have a look for kids stuff on freecycle and Ebay. My mates get loads of great toys and kids stuff from there.

GettingThingsDone

Hi Sarah -

I'll get it in hopefully before anybody else - can you reduce your sky package?

gtd

Skint_Catt

My Mum had a two door capri when I was in my baby seat. She still uses bad language now when remembering how hard it was, but she just managed.

I agree with the above poster who said most passenger airbags can be turned off for just this purpose. Take your car to a good garage or to the Nissan dealer and just ask the question!

C xx