Car loan needed - have defaults

Gaz83

Austinhead wrote: »

Just out of interest, at what point would you consider it to NOT be crazy ?

Apart from the taking on more debt when you haven't paid off your existing debts, you mean?

Austinhead

Gaz83 wrote: »

Apart from the taking on more debt when you haven't paid off your existing debts, you mean?

....but once it's all paid off ?

Lungboy

What car and how much are you intending to borrow for it?

Pixie5740

Could you use the money you have to buy a car rather than offering full & final settlements to your creditors? Then continue to pay your debts as you have been doing for the last 4.5 years. The reason I ask is that if your credit history is that bad you'll be hard pushed to get a loan at a decent rate.

System

Just buy a 13 year old car with 1 years not for £400, if it doesn't pass the next not take it to scrappage

Austinhead

Pixie5740 wrote: »

Could you use the money you have to buy a car rather than offering full & final settlements to your creditors? Then continue to pay your debts as you have been doing for the last 4.5 years. The reason I ask is that if your credit history is that bad you'll be hard pushed to get a loan at a decent rate.

I could, but i'm trying to reduce my monthly outgoings on the car, if I were to use that money (it's only £2500) plus what I get from my car, I don't think it would be much more economical. Yes I know I could buy a 1l fiesta or something similar, but i'd rather keep my car and still enjoy driving it.

tykesi

You do know that any replacement car could also go wrong? There's another thread on this Loans board by a guy looking to borrow £8500 because the car he's had two years now needs £1600 worth of work.

If he covers that £1600 now, it's likely the current car will fit the bill for a good few years yet. What's to say the new £8500 car won't need £1600 spending on it in the next couple of years.

Cars cost money to maintain whatever their age, trying to do that on a budget will nearly always end in tears.

Austinhead

tykesi wrote: »

You do know that any replacement car could also go wrong? There's another thread on this Loans board by a guy looking to borrow £8500 because the car he's had two years now needs £1600 worth of work.

If he covers that £1600 now, it's likely the current car will fit the bill for a good few years yet. What's to say the new £8500 car won't need £1600 spending on it in the next couple of years.

Cars cost money to maintain whatever their age, trying to do that on a budget will nearly always end in tears.

Yes I understand that.

I was only asking for advice about a loan to change my car, sometimes I wonder why i ask for advice on this forum as I always seem to get shot down

tykesi

I don't think it's a case of being shot down, people are trying to help by pointing out things you may not have thought about. You OP didn't state everything you have considered so others can only assume what you have or have not thought about.

Austinhead

tykesi wrote: »

I don't think it's a case of being shot down, people are trying to help by pointing out things you may not have thought about. You OP didn't state everything you have considered so others can only assume what you have or have not thought about.

Yes maybe your right, but having spent the last 4.5 years getting my finances back on track, getting a secure well paid job and comfortably being able to pay my bills and put money aside for other things, I know I can comfortably afford £200 a month towards getting a newer, more economical and hopefully reliable car. I just wanted to some advice as to how best to go about it.