Best way to fund a newer car

davetrousers

When you buy a new (second hand car) you spend the first couple of months finding out why the previous owner got rid of it!

Mr_Goodkat

t3rm3y wrote: »

I require a newer car (mines 15 years old and 160k miles,
I have managed to get a small raise of £84 per mth, i think i can stretch to £100 per month (as currently have pretty much nothing left every month after other bills).

What is the best way to find a loan, or credit for a newer car(im not talking brand new) but maybe 5 years old, and as low mileage as possible.

Would a bank loan or car dealer finance be better? or is their more advisable routes?

Given your current financial position I do not think you are in the position to be taking on credit to get a newer car.


If you are currently have nothing left at the end of the month then the £84 a month raise (unless you have provided the net figure?) will be less after deductions and not put you in a position to spend £100 a month on a car loan.


If you are on a pay and reclaim expenses system as well you need to factor into your monthly budget any additional travel costs you will incur as this will eat into your noting really left after bills already.


I would stick with your current car for now and as the driving for work increases over time approach your employer about providing a company car, car allowance or pool car for you to use for business mileage.


To afford car loan currently you either need to earn more money or cut your costs it would be really unwise to take ion car finance in your situation.

t3rm3y

thank you all, very informative responses and given me lots to consider, i think i will hold out on the car as long as possible. if mine can last until a company car is provided then happy days, and if it goes totally wrong i will have to approach them for maybe some form of assistance.

tlc678910

You could consider applying for a credit card that offers a long 0% offer allowing money transfers to your bank account - some offer over 2 years.

This would allow you to buy privately, if you want to, so you don't have a premium to buy from a trader.

If you pay the balance off in the time given you would have no interest to pay, or transfer to a further 0% balance transfer card. You will have to pay a fee for the transfer. I had to pay £70 odd quid to borrow £3000 for 12 months (0% money transfer from a Barclaycard I already had).

Tlc

somethingcorporate

tlc678910 wrote: »

You could consider applying for a credit card that offers a long 0% offer allowing money transfers to your bank account - some offer over 2 years.

This would allow you to buy privately, if you want to, so you don't have a premium to buy from a trader.

If you pay the balance off in the time given you would have no interest to pay, or transfer to a further 0% balance transfer card. You will have to pay a fee for the transfer. I had to pay £70 odd quid to borrow £3000 for 12 months (0% money transfer from a Barclaycard I already had).

Tlc

Do these even exist any more?

They are referred to as super balance transfer cards but I cannot see any mentioned in Martin's credit card tab above.

tlc678910

Link http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
If the link doesn't work (not sure I know how to post them see: moneysavingexpert.com / loans / money transfers
Tlc

Also if you have any existing cards they may offer the facility. I have had my Barclaycard for years and used money transfer last summer. Barclaycard regularly send offers in the post and these also display on a scroll at the bottom of the page when I log into my account online also. You could ring and ask existing cards if they offer the facility?

Puddylove

somethingcorporate wrote: »

Do these even exist any more?

They are referred to as super balance transfer cards but I cannot see any mentioned in Martin's credit card tab above.

I regularly get offered money transfers on my Barclaycard, and another.