First time finance / poor credit (big deposit)

Herzlos

Ahmed.ST wrote: »

Thanks for the input. I may settle for a lesser car, I just wanted to try my luck for the dream car, of course if its all looking bad then indeed maybe its not the right time for it! I tried asking dad for the money and pay him back monthly and all I got back was the stare of death :rotfl::rotfl: .. Didnt say no though! So is dad being a guarantor is useless?

What is your dream car? I bet we can find you an equivalent for much closer to the £10k. And is that £10k a confirmed trade in on your current car?

Apples2

Ahmed.ST wrote: »

I have money left over. I just dont want to pay stupid money on a car.

Eh? but this is your dream car and you are prepared to pay a lot more for it than you could do if you use your [STRIKE]savings[/STRIKE] inheritance?

Ahmed.ST wrote: »

The money I have left is remaining in my saving account not to be touched, unless a very good cause.

So not really a dream car then?

Don't forget the cost of baseball caps and boomboxes. :j

Nasqueron

Ahmed.ST wrote: »

I have money left over. I just dont want to pay stupid money on a car. My current car is worth £10,000 which will be my deposit. The money I have left is remaining in my saving account not to be touched, unless a very good cause. I work for my dad and he knows if worse came to worse I can clear that payment in full which is why he is happy to be my guarantor but i'm not sure if that even helps? So that is all irrelevant to the question. The question is from everyones experience what are my finance options? If I won't get accepted by finance then its not the end of the world. Ill keep my car and try again another time when my credit rating have improved.

Basic maths Ahmed

Your savings will earn, what 1-3%? Less if not in an ISA so taxed.

If you borrow, even with a perfect credit history, you would be paying 5-6% - with your mixed history probably 10%+

Think logically - you want a dream car, why pay loads in interest on a loan while earning peanuts in interest from savings?

If your dad can bail you out and you have an income of about £1400 a month your savings can be replenished in a few months

Fruit_and_Nut_Case

MariusJuvet wrote: »

You can read...

You can take your :spam: and stick it up your payday loan.

Ahmed.ST

jonesMUFCforever wrote: »

The only way you will get the car is if daddy buys it.

I can buy it myself.

Ahmed.ST

Apples2 wrote: »

Eh? but this is your dream car and you are prepared to pay a lot more for it than you could do if you use your [STRIKE]savings[/STRIKE] inheritance?
So not really a dream car then?

Don't forget the cost of baseball caps and boomboxes. :j

Keep your baseball capes and boomboxes to yourself, not my scene. Priorities, dream car wait till later this year when I've saved more and buy it out cash and still have money saved aside. I don't wanna spend all I have at the moment on the car and be left with nothing, you never know whats around the corner.

The car is an RS Cosworth.

Well thanks for your input guys, from reading I've decided to wait a little more and try save up as much as possible and hopefully like someone said, treat myself the car for christmas this year.

I thought finance was simpler as I'm always seeing young guys driving around brand new cars everywhere.. by the sound of it the majority must be getting shafted with interest rates etc.

Again, thanks!

jonesMUFCforever

Ahmed.ST wrote: »

Keep your baseball capes and boomboxes to yourself, not my scene. Priorities, dream car wait till later this year when I've saved more and buy it out cash and still have money saved aside. I don't wanna spend all I have at the moment on the car and be left with nothing, you never know whats around the corner.

The car is an RS Cosworth.

Well thanks for your input guys, from reading I've decided to wait a little more and try save up as much as possible and hopefully like someone said, treat myself the car for christmas this year.

I thought finance was simpler as I'm always seeing young guys driving around brand new cars everywhere.. by the sound of it the majority must be getting shafted with interest rates etc.

Again, thanks!

Do you know that my initial thoughts about you were that you were a spolit little ar** hole, but you last post suggests you are a sensible person and I wish you luck in getting your dream car by Christmas.:T