Loan to buy car, but just moved house

longwalks1

I just moved house, and got a fairly large mortgage (stretched myself on borrowing) but my partner lives with me and pays half of everything, even though I'm the only one on the mortgage (she has a bad credit history due to a bad ex), so it looks on paper as though I've stretched myself, when in reality there is 2 of us paying half each.

I need to get a new car, and want to borrow up to £10,000 (might sound a lot but we are both good earners), would a loan be best, ideally I'd like to pay it off over 3 years (financially easily do-able for me, as we have 2 incomes)

Any advice greatly appreciated

Gaz83

If it looks on paper like you've stretched yourself with your mortgage... how do you think it's going to look on paper with a stretched mortgage and applying for a £10k loan?

DCFC79

Its a big IF but as she's not on the mortgage what's to say in a years time she leaves and your left with paying the mortgage plus the loan.

I understand it might not even happen.

[Deleted User]

If you've nothing in savings to buy the car, I think this would be a good time to build up a buffer, rather than take further debt.

andyfromotley

you may have two incomes but you are applying on the strength of one income which by your own reckoning already looks stretched. What do you think?

Have you checked out the loan eligibility checker on this site. Its not foolproof but will give you a general idea of your chances.

If you both earn good incomes i say just save for one, but each to their own.

Foxy-Stoat_3

If you can wait for 6 months driving your current car, then buy £300 worth of Premium Bonds each month.

At month 6 you will have £1800, so you can use this plus a loan for £8200 and pay £240 a month instead of the £300 you would of had to of paid if you borrowed £10,000. Assuming you get offered £8200 at the cheapest loan rate on the meerkats.

If you cannot save £1800 in 6 months then you cannot afford the loan.