Could I get a loan?

27col

It doesn't matter if the repair will cost more than the car is worth. Its true value is that for only £400 it will continue to provide you with transport into the future. Get it repaired and start saving in earnest for its replacement. The more that you can save, the less any future car loan will be required.

enginesuck

You would probably get a loan, but you could also be better off paying for the repairs, your corsage will continue to run after you fix it, alternatively buy a second hand £500 car with 6 months MOT, when it breaks sell or scrap it and buy again, it will be cheaper than loan repayments. I did that for years until I had enough to buy a decent car

CKhalvashi

I'm with either getting it repaired or buy something for sub-£1k. There's a Bangernomics thread on here, and I've posted two cars on there, both of which seem to be solid enough.

Ford Focus (including both of ours), Rovers, Renaults and older Mercs seem to be popular on there as usable bangers. Key is seeing what's local on Autotrader.

BillJones

Foxy-Stoat wrote: »

Apply for £7K and buy a £3K car, clear your credit card and CANCEL or reduce the limit to £500 or you will be in deeper than you can afford.

Why is the above user repeatedly posting such terrible, dangerous advice, telling people to pile into debt?

Is this a spoof, am I missing something?

Beckyy

I would definitely repair it. I think you'd be mad to buy a £10k on finance, thats a big weight around your neck for a lot of years! Pay for the repair then save up for a new car in a year or two.

imoneyop

BillJones wrote: »

Why is the above user repeatedly posting such terrible, dangerous advice, telling people to pile into debt?

Is this a spoof, am I missing something?

Probably works for a dodgy loan company and is looking for new [STRIKE]victims[/STRIKE] customers.

poppasmurf_bewdley

My daughter spent £400 on a new clutch for her 2000 W Vauxhall Astra, which has a value of less than £1k. Her attitude was that's it was a sight cheaper than buying a new car. You have a 2005 Vauxhall Corsa which is worth about £2k, so it's worth spending the money on repairs.

Foxy-Stoat_3

imoneyop wrote: »

Probably works for a dodgy loan company and is looking for new [STRIKE]victims[/STRIKE] customers.

!!!!!!....OP asked on here about loans/HP, could I get a loan to pay off the credit card debt and buy a newer car, not what should I do with my life.

If the credit card is a standardish rate one its probably costing the OP £50-£60 a month in interest alone and paying the minimum it will take years to clear. The interest on a £4K CC debt will probably be costing more in interest that a £7K loan would, hence why I said get a £7K loan instead of a £10K one, clear the CC and cancel it and buy a £4K car.

Seems that you ask one question on here and you get a barrage of people answering a different one.

OP is not going to repair a car that seemingly has lost all faith in as they wouldn't of come on a LOAN board for advice on LOANS.

No I don't work for a loan company.

Gaz83

The time to consider finance of any sort when replacing a car is if the car is costing you more in maintenance and running costs each month than financing a newer model would.

We did it a few months ago as our older car was falling apart, we needed something more reliable (baby number 2 on the way) and the fuel / tax costs were expensive, and we're saving money. Granted our 'newer' car was only a shade over £2,000.

If it's a one-off repair, then it doesn't make any sense to think about financing IMO. Just get it fixed.

Puddylove

If I were the OP, I'd get the car fixed (better the devil you know) and start putting at least £200 a month into savings for a new one.

This is what I'm doing (my car is the same age with 130k miles).

The longer I can keep my current car going (safely and legally), the better spec of new car I will be able to afford, debt free.

(I've probably cursed it now ).

Debt is easy to get, and so hard to repay.