Do i get a loan or not?

Charlie23

Hi I'm new and looking for some advise please.:D
My dp and i have 2 credit cards 1 with £3800 and 1 with £4300 on them.
I also have a loan of £4000. In total we pay £350 a month just paying off the minimum balance on the credit cards.
We really need a new car (roughly we need £3000) so are thinking about getting a consolidation loan to put all the debt in one place and pay off. What do you guys think is this a good idea?
The other problem is that we are hoping to move within the next 6 months and the valuation on the house has shown that we will be able to pay off all the debts when we sell.
My question is do we get a loan or not? we are finding it really hard on a day to day/ month to month basis at the moment which is why we want it all clear.
Any advise much appriciated.
If this doesn't make sense i appologise i work nights and haven't had any sleep yet!
Thanks

Butlers1982

Your going to need to borrow £15k approx.

Do you have good credit? no missed mortgage payments, CCJ's or defaults.

A rate of 11% on a 10 year loan would equate to £206 per month.

Is the car a necessity?

A £12k loan works out at £165 per month at the same rate.

Also note that the rate i have quoted is Higher than what you should get.

You need to be honnest about your credit rating, that sort of figure unsecured would be very difficult to get.

Charlie23

Hi i thought we had a good credit rating as we've never missed mortagae or anthing but we have late payments on credit cards as they are not dd and i forget sometimes.
We applied for a tesco loan (£15k) and weren't accepted so not sure what credit rating is like.
We need the car for work and we do a 500 miles every other weekend. This i why we r selling and moving closer to setp daughter so we don't have to do the miles, but we will still need a car when we move.
I just don't really know what to do for the best.

Butlers1982

We applied for a tesco loan (£15k) and weren't accepted so not sure what credit rating is like.

Yes if youve not got one with Tescos your not going to get one for that figure unsecured.
Go for secured and just consolidate it when you sell your prop.

If you really dont want a loan and can live without a new car, you can get one that will do a job for much less then just hold your horses and wait until youve sold.

Dont forget the Thanks button!

Charlie23

Sorry didn't read about the thanks button.
Thanks for all your help.