Getting a loan and job status advice needed

Vans01

So I'm being made redundant after 11 years service, I have been offered and excepted a new job which is same income. I desperately need a new car and want to get a loan to pay the bulk of the cost plus a deposite from my savings. Should I get the loan before I finish current job or when I've started new job? Do they ask if job is at risk? Do they deny loan if only 1 month in to job?

Gaz83

Use your savings to buy a cheap car until you've been in your new job for a few months. Use what you would have spent on loan repayments to replenish your savings.

zagubov

Can't see that this is a good time to get a loan for a car.

Gaz83 is right. Buy one you can afford to pay for outright.

adamjohn4619

Dont do it. U need do saothing else.

AnotherJoe

Or just rent one for a couple of months

tidds

I agree in principle with buying something you can afford from savings, but only you know your circumstance and whether you need a car that can take high mileage (maybe your new job involves travel?) or how much savings you've got. Ultimately, only you can decide. Being in the job 1 month will not be hugely negative, they'll look to see that your salary has stayed similar or increased - if it's decreased it would effect. I applied for a car loan for over 30k a few years ago and had only been in the job 2 weeks.

I'm not saying being impatient is the MSE way, certainly far from it. But only you know what you need. To answer your question, yes, you can get the loan. But should you? Only you can answer that.

HappyMJ

Vans01 wrote: »

So I'm being made redundant after 11 years service, I have been offered and excepted a new job which is same income. I desperately need a new car and want to get a loan to pay the bulk of the cost plus a deposite from my savings. Should I get the loan before I finish current job or when I've started new job? Do they ask if job is at risk? Do they deny loan if only 1 month in to job?

I've worked very hard in the past and felt I needed a car...I was spending around £5,200 a year on a car and everything that goes with it which required me to earn an additional £7,650/year before basic rate tax and national insurance deductions. Since getting rid of the car I don't need to earn anywhere near as much and now just work part time for myself. I walk to wherever I need to get to or get the bus which is far cheaper. Everything I need is picked and delivered to me saving a huge amount of time.

My advice...if you don't have the savings just get something that will get you from A to B. It doesn't need to be anything fancy.

If you want something new make sure you get a finance deal at 0%.....or lease the car.

Vans01

Thank you all for the advice. Think I will hold fire for a while by the sounds of things.