can i get car finance if in dmp

the_wasp

hi my car is playing up big time told to get shot of it ,
the thing is im in a dmp can i get car finance and if i can will the dmp be affected ??? need car for work, work shifts no public transport
for early start

Zerdi6

If you are on a DMP like myself I imagine you will have defaults and late payments on your credit file so I doubt you would be able to get finance.

I know I'm striving to be debt free and as much as I'd love a brand new car, I'd rather have no debts - not more!

If you can afford to get a car on finance (deposit, monthly payments etc) how is this factored into your DMP budget? Would this be coming out of an emergency fund?

Could you not sell yours, get a lift with someone who works the same shift and save a bit more money?

poppasmurf_bewdley

You may as well ask:

"I'm already in a financial mess. Is it OK to get into an even bigger financial mess?"

or

"I'm in a great big hole. What happens if I make it even deeper?"

~Beanie~

You will also probably find that it is against the terms of your DMP to take out further credit.

bargainbetty

How far do you live from work? A 50cc moped can be had fairly cheaply, and is extremely economical to run. Unpleasant in these wet winter months, but less likely to mess up your DMP and them who needs, must.

If you are on a DMP with Stepchange or Payplan, you could try calling them and asking what the possibilities are. You might be able to reduce your payments for a month or two to obtain a cheap runabout, but it is unlikely that they will allow you to take finance on a higher cost vehicle.

National_Debtline

Hi Wasp

Are you paying a fee for your DMP? If so, switching to a free provider would potentially free up some cash to put towards a replacement vehicle.

Either way, finance for a new car may be tricky. You may have to consider putting DMP payments on ice in order to save up for a cash purchase.

Any more info you can provide here, such as a Statement of Affairs, will allow us to advise you in more detail.

Dennis
@natdebtline

the_wasp

hi
no not paying a fee , still paying this car off got 12 months left , so thats how it built in to my budget ,

20 miles one way and no one living near me ,

so could end up with no car 12 months still to pay and no way of getting to work

the_wasp

car still wort enough if trade in pay off finace , keep same or less payments, still got car , so can get to work

James_B.

the_wasp wrote: »

hi
no not paying a fee , still paying this car off got 12 months left , so thats how it built in to my budget ,

20 miles one way and no one living near me ,

so could end up with no car 12 months still to pay and no way of getting to work

Yes, that's pretty much the top and bottom of it. As suggested above, you could sell the car and get a cheap scooter, or you can cycle, or you can find a car that you can buy outright (maybe by selling other possessions, do you have a TV, or a phone, or the like?)

Another option is to fix the car yourself, or just keep running it until it finally grinds to a halt.

the_wasp

I will most probably keep it till it dies , just panic some times do wann be debt free , been on dmp for 2 and a half years now and feel better for it.

midlander81

A friend of mine is on a formal DMP and I am sure that she is not allowed to take out any additional credit or risk the DMP being cancelled. I know its hard but just think of the car you can afford when your debts are cleared! I am in a similar situation too. There are loads of things I want but I want my 40K debt to be gone first.


I wish you well