Graduated last summer, renting a house, earning 21-25k, can I get a car on finance?

ashleystephen

I am a sous chef at a resturant in the UK that has stood under the same proprieters for 15 years, I am 25, earn an hourly rate which on my 36 hour contract yields me about £21,000 a year, however I always work more hours, which means my average earnings are around £25, 000. I get paid weekly so am not on a monthly salary.

I rent a house with a friend (ex co-worker), which we had no trouble in getting regarding a credit check. I am currently overdrawn on my student account, and my loan is being repayed.

I have set up an experian account to check my credit for sure, but untill that is up and running, I am in need of a car and would like to purchase a nearly new one on finance from a dealership (as I am sick of driving bangers around). I guess I am asking if the fact that I rent, and the credit check on that was good enough, and I have my payslips on hand to show I earn what I do; do you feel my credit my be good enough to get a car on finance?

Herzlos

There's a lot in between nearly new and banger. Look at what you can get for say, £5k, and borrow up to that.

Strider590

ashleystephen wrote: »

I am a sous chef at a resturant in the UK that has stood under the same proprieters for 15 years

IMO, your in quite a volatile "industry", the success of a restaurant/pub/bar/whatever is always hinged on opinion, social recommendation and the attitude of staff. It only takes the wrong person to get a chip on their shoulder and you can loose half your trade.
Equally a change to a bad manager (there are A LOT in the UK) can p*ss of the employee's, who then provide poor service and the customers go elsewhere.
I've seen this happen to several great pubs and restaurants local to me.

Anything that involves the public has a lot more risk to it. I would not be seeking to get myself into debt over a chunk of metal, i'm saying that from a position where I have a disposable income of over £600 a month and drive a 10yr old car.... Better to save and spend money on the things that really matter.

jimjames

ashleystephen wrote: »

I am currently overdrawn on my student account, and my loan is being repayed.

If you are currently overdrawn and have no savings then I'd address that first before taking out more debt for a depreciating car. Build up an emergency cash fund of 3-6 months salary so you have a buffer.

ashleystephen wrote: »

I am in need of a car and would like to purchase a nearly new one on finance from a dealership (as I am sick of driving bangers around).

Being sick of driving bangers doesn't mean you NEED a new car. I've got a 12 year old car and substantial savings but perfectly happy to drive that. Having savings buffer is more important than driving a new car to me.

forgotmyname

Since buying cheaper cars my financial position has got much better.

£2000 - £3000 will easily get you a car that will last 5 years. With minimal running costs.

I bought my current car in 2009 for just over £2000. In total its cost about £1200 in repairs and servicing and MOTs etc. Even if i gave it away thats good value motoring in my opinion.

Looking for a swap and been offered £600 - £800 trade in. against another £2000 car.

Not once has it ever let me down.

bigjl

I would not do it as you are not earning huge amounts.

But you are 25 and when I was 25 I just went ahead and bought what I felt like.

At that age I had a GPZ500S a BMW 635CSi and a Carlton 2.0CDi.

Hindsight is a wonderful thing.