Loan

garcon6

I might have to take a loan out to purchase a new car, as my car is in the garage and it is becoming an expensive bill.

I have just checked my credit rating and it is excellent 642 using noddle. I don't want to take a loan out but i depend on the car as we have 2 children. Thinking that I am interested in the Mazada 5 (7 seater) about £8500 about 6 years old.

Any advise welcome.

poppasmurf_bewdley

Which do you think is cheaper?

A monthly payment of £250 over three years, or ...

A repair bill of £1000?

garcon6

The repair bill.

foxy-stoat

What car have you currently got and current value, and what work is being done?

If you want a new car then get a new car, I wouldnt buy a £8500 with a loan if I was just about to spend £1000 on my current one, unless the current one is worth £5000-£6000.

Oh and credit scores you see are meaningless.

DCFC79

Lenders will go by what's on your history not the score and may well use 1, 2 or all 3 credit agencies.

garcon6

I have a Peugeot 3008 2010 had it for two years and I paid £5200. It now has 66,000 miles and the work being done on my car will be about £1400. WeBuyAnyCar valued it at £3900.

The work being done on my car is related to the fuel injectors.

tykesi

And once that work is done the car will probably last another few years so what's the point in spending £1400 then selling only to borrow more? Any new car you buy with this £8500 might need £1400 of work doing a year after you bought it, what then, sell and borrow £10k for another?

Better the devil you know, I'd say.