Can't afford car finance

hgotsparkle

londonTiger wrote: »

another reminder for young people to buy a £1500-£2000 decent runabout and pay cash. But that's probably not what you want to hear right now.

Thats what I do and thats what I will continue to do for years to come (I'm 24). My current car cost me £500 (01 astra) and its great, doesn't look like a banger and is cheap to run and repair.

Yes my friends with brand new cars who are paying over the odds for them do sneer at my car but when they struggle with the realit of a new car on finance and I don't because I own my car, then who'll be laughing?

AdrianC

K88e wrote: »

I bought a nissan juke on finance 4 months ago through blackhorse. My full time employment contract unexpectedly ended last month and I now have a part time job. I'm worried that in a few months ill struggle to afford the payment of £190 a month so would like to sort something before I potentially get to that point. Is there a way I can swap the car for a much cheaper car without it affecting my credit as I have a good credit score? And would it be best to contact blackhorse finance or the garage where I purchased the car?

Speak to the finance company, and do it NOW.

motorguy

K88e wrote: »

Hello

I bought a nissan juke on finance 4 months ago through blackhorse. My full time employment contract unexpectedly ended last month and I now have a part time job. I'm worried that in a few months ill struggle to afford the payment of £190 a month so would like to sort something before I potentially get to that point. Is there a way I can swap the car for a much cheaper car without it affecting my credit as I have a good credit score? And would it be best to contact blackhorse finance or the garage where I purchased the car?

Many thanks

Assuming you are planning on looking for full time work again, i wouldnt be knee jerking into trying to get out of the car loan right now.

Look at ALL your outgoings and see what you can cut back on to keep you ticking over in the meantime.

If you try to take evasive action now you'll owe way more than the car is worth, the dealer will be expecting a £2,500 margin on your car, and will have a £2,500 margin on the car he sells you, so your £10K Nissan chopped in for something else will end up you driving a £5,000 car and maybe only saving £30 a month.

Olduserpasswordforgot

hgotsparkle wrote: »

Thats what I do and thats what I will continue to do for years to come (I'm 24). My current car cost me £500 (01 astra) and its great, doesn't look like a banger and is cheap to run and repair.

Yes my friends with brand new cars who are paying over the odds for them do sneer at my car but when they struggle with the realit of a new car on finance and I don't because I own my car, then who'll be laughing?

Exactly like me but i am a bit older :cool:

I do get moments though when i feel that i so wished i could drive the new BMW M6 that i have seen driven by a guy on the same salary as me and is in the same work place. but i am lucky enough to a wonderful wife who gets back into reality about whats more important :mad::D

Stoke

hgotsparkle wrote: »

Thats what I do and thats what I will continue to do for years to come (I'm 24). My current car cost me £500 (01 astra) and its great, doesn't look like a banger and is cheap to run and repair.

Yes my friends with brand new cars who are paying over the odds for them do sneer at my car but when they struggle with the realit of a new car on finance and I don't because I own my car, then who'll be laughing?

I'm the same. My car cost £1000 but is a diesel so has the added benefits of awesome MPG and running on veg oil. It's old, and it looks a bit rough but it runs good.

I have a few friends paying through the nose for their modern cars. Yep, they laugh and they have a joke at my expense and say "why don't you buy a better car". I'm safe in the knowledge that my money is spent on better things

DUTR

rustyboy21 wrote: »

He will then have to get car insurance for use whilst on business purposes, which will cost him a lot more.


If not and he is stopped by the police, they will seize the car and get 6 points.


OP don't do the above !

Have you ever included business use on your vehicle? Not only did it not cost much more, it didn't cost anymore! However it depends on the business class of course , and the local courier thing I'm on about is delivering a few parcels in your local area, perhaps the car is not even needed to do that.
However I'm looking at the OP's situation from a mature perspective, an option is for getting rid of the car, however from my eyes that is the losers choice, when we get hurdles in life we find a way to rise above it and surpass, not run away at every opportunity. Be posditive and positive things will follow.

harveybobbles

DUTR wrote: »

In a sense does it matter

Yes, because it might be a loan rather than HP.

We used to put some through as loans a few yrs ago.

motorguy

AdrianC wrote: »

Speak to the finance company, and do it NOW.

Why?

The O/P is worried only that at some point in the future they *may* not be able to afford the payments.

Why escalate to the finance company when in three months time this might not be an issue if they get another full time job?

AdrianC

motorguy wrote: »

Why?

The O/P is worried only that at some point in the future they *may* not be able to afford the payments.

Why escalate to the finance company when in three months time this might not be an issue if they get another full time job?

Because the options that are available to them, now and in several months time, can be explained with SPECIFIC reference to the agreement they've signed. If they ring up in three months time and get told "oooh, if only you'd called a month ago, we could have arrranged x but not now", they'll be peeved.

motorguy

AdrianC wrote: »

Because the options that are available to them, now and in several months time, can be explained with SPECIFIC reference to the agreement they've signed. If they ring up in three months time and get told "oooh, if only you'd called a month ago, we could have arrranged x but not now", they'll be peeved.

And what SPECIFIC arrangement or reference would that be that will change in the next couple of months, given its going to be a standard PCP / HP agreement and hes only four months in?

If you have problems repaying, then yes, phone the finance company, if you *think* you might have problems making payments in 3-6 months time i dont think raising that red flag with them now achieves anything.