Car loan advice conflicts.

BillJones

Sparkless wrote: »

I asked for advice about financing a new ( to us) vehicle.

You did, and like so many before you, when you did not get the advice that you liked, decided to throw your toys out of the pram.

It's not being judgemental when I say that I suspect that you are on a one-way road to financial disaster.

I would say that "it's your money", but of course it is not. You've spent all your money, and want someone else's to spend too...

Apples2

You seem to think your DMP isn't your fault and shouldn't count.

You have a DMP, you haven't met your commitments, you should not be getting ANY loans, let alone this absurd one.

I don't have a DMP, nor a bad credit file, nor any debts.. my car is 10 years old in which I drive 25,000 miles a year in (142,000 miles on it now) but I have no intention of buying a different one.

With interest you are trying to source a loan for about 75% of your husbands Salary..... even with no debt that is complete loonacy. Considering your combined history, this is cloud cuckooland talk.

Give your current car a proper clean and valet, give it a good service and it will feel like new again.

Finally - if you got this crazy finance, you would be spending about £250 per month at least so start putting £250 per month into a savings jar (you must have been doing this already if you can afford this finance though right?)

AFK_Matrix

I really do not understand these people who think a 2-3k car is going to be unreliable and cost them a fortune! I got a VW Golf for 3k and as I have said had very few problems with it and those I have had have cost less than £200.

My mum has just got a ford focus for under 2k and its in pretty good condition and my brother has just got a 2k ford focus ST170 again in good nik etc. Why do you have to spend 12k on a car!! There is no gaurantee that it will be problem free, even if you buy a brand new car there are no gaurantees. Buy a cheaper car and have less stress in your life as if things go wrong you'll have this 12k hanging over your husbands head and he will be in a DMP then.

onedayfreedom

Wow, no opinions here then! The OP asked for advice about the loan itself, not about whether this forum agreed with her plan.

It isn't really for us to judge; rather to answer the facts as put to us.

It's my understanding that they want to finance a Car, using their old car to clear the other finance on an eight year old car. If I had finance on an eight year old car, I'd be paying it off and if they're going to carry on at the same amount each month, I can see why a new car would make more sense, especially if the old interest rate is harsh. He would stand a better chance of finance, as he has a better credit rating, by the sounds of it.

Do the other posters here hate finance, or just people who want to spend more than they possibly would? I don't see 'new car'; I see new car for them, which isn't the same.

I would think a newer car will have cheaper service and better fuel economy, not to mention lesser tax. My old car cost 140 a year to tax, the newer one 30 and, I don't have the 500 quid repair bills, either now! Interestingly, my old car was only seven years old was horrendous!

I've been through a DMP, and then, had to take out extortionate finance to find a car because I would have lost my job! I bought a newer car, on better terms, to rid myself of the desperate interest rate, scrap reliability and,have maintained the finance and cleared the DMP and turned my life round.

So, rather than the harsh criticism, I would wish the OP luck and hope that she has done her sums properly. Clearly, she isn't extravagant, in other areas and it appears that the DMP wasn't all her fault.

One thing I would say, is that her credit rating will affect his file, so that needs careful consideration.

It's easy to put up 5000 posts plus on a forum and take that moral high ground. I would hope that this isn't what's happened here.

I wish you luck, OP.

BillJones

onedayfreedom wrote: »

Wow, no opinions here then! The OP asked for advice about the loan itself, not about whether this forum agreed with her plan.

It isn't really for us to judge; rather to answer the facts as put to us...


...Do the other posters here hate finance, or just people who want to spend more than they possibly would? I don't see 'new car'; I see new car for them, which isn't the same.

On your first point, you really don't seem to get how this works. People post, other people respond as they see fit. That will often be advice that is tangential to the question. The OP comes across as wanting to do something idiotic, and people quite rightly are warning against it.

On your second point, no. I've spent the best part of ten times what the OP is talking about on a car in recent years, so obviously have nothing against spending, but that doesn't mean I'm going to tell someone in a deep hole to keep digging, or help them choose a shovel.

Edited to add, I see that you posted a while back about the mess you've made of your life with debt. You really should not encourage others to make the mistakes that you made.

dealer_wins

onedayfreedom wrote: »

Clearly, she isn't extravagant

IMO anything bought using finance (Except a non depreciating asset like a property) is extravagant, and should be saved up for!!

Puddylove

I have to agree with the majority and counsel you not to buy such an expensive car on finance.

You both earn £25k, you are on a DMP, you plan to buy a house within the next 6 months.

Why would you want the extra burden of borrowing £12k (half your husband's salary) at this time?

My car's 9yr old, done 140k miles and needs replaced, so I'm saving £200 a month and trying to keep it alive for 1 -2 yrs. Would that not work for you?