Best way to get a car on finance?

ritchiej91

Mercdriver wrote: »

What the until recently fully used overdraft?

Get a soft search that doesn't mark you credit history. This can give you an idea of the rates you might get. Be wary, though as my wife did this, had an indicated 3% APR from both Tesco and Hitachi - Hitachi offered 27.9%, but Tesco (after joining clubcard, Tesco say that your chances improve on joining clubcard) kept with the 3%APR. Their communication isn't great as they don't confirm the offer with an email, you generally get an offer pack after a few days and a text message when the money is paid into your account.

Many car dealers use Santander - my 0% on my Mazda which was bought at 20 months old is Santander. Most banks still fully credit check even their own customers.

I'm a santander customer and according to the mse credit club santander are most likely to grant me the loan. It is showing as 3% Apr, how would I have a soft search performed?

As for the overdraft it's not that I couldn't manage it... Just that I didn't want to

System

ritchiej91 wrote: »

As for the overdraft it's not that I couldn't manage it... Just that I didn't want to

I've never been in an overdraft. If you're using your overdraft it is because you're living beyond your means.

tonyh66

Tarambor wrote: »

I've never been in an overdraft. If you're using your overdraft it is because you're living beyond your means.

and a credit search will see that as a negative.

spadoosh

Tarambor wrote: »

I've never been in an overdraft. If you're using your overdraft it is because you're living beyond your means.

If youre using free money its because youre living beyond your means..... ?

Head over to the stoozing boards, they can teach you a thing about interest free (student, being the key word;)) borrowing.


Try and help people, not virtue signal to them.

ritchiej91

Tarambor wrote: »

I've never been in an overdraft. If you're using your overdraft it is because you're living beyond your means.

It's a student overdraft which is interest free. It comes with a student account without requesting it.

I've also cleared 1k of it and could clear the last £500 without issue.. But I don't need to because this already shows that I have access to money that I'm not using and I'm managing the credit not being dependent on it.

If people here advise me to clear it all then I'll put the money across if that would help me get the loan. The mse credit club suggest that you use less than 60% of credit available to you.. I've taken it from using 99% to 35%.

As for living beyond my means and your boasting of never using an overdraft... It would be asinine of me to be assuming like yourself and think that you have never utilised a loan or a mortgage... as this would be living beyond your means?

my advice to you would be to not view life as black and white

To everyone else.. Should I clear the other £500?

MSul

Balance transfer card 0% interest up to 60 months, provided you have a decent score. The worse than can happen is 0% on a shorter term, still better than paying interest for the same period.
No idea why people rely on bank loans with high APRs instead, perhaps misinformed.

Car_54

Cornucopia wrote: »

Okay. So potentially still worth comparing with purchases of brand new versions?
But OTOH, are unlikely to come with manufacturer's incentives.
.

Sorry for the late response.

"Manufacturer's incentives" are certainly possible with used cars. Last I bought an "approved used" car and was offered £1,000 from the maker and £500 from the dealer to iake a PCP.

Mercdriver

MSul wrote: »

Balance transfer card 0% interest up to 60 months, provided you have a decent score. The worse than can happen is 0% on a shorter term, still better than paying interest for the same period.
No idea why people rely on bank loans with high APRs instead, perhaps misinformed.

If you have a decent score then you will get a decent rate of interest for a higher amount than you would get on a new credit card. You might get 0% for 60 months but on what credit limit?

Ryan_Debt

I would strongly suggest you avoid financing any part of it. Vehicles are a terrible investment and depreciate quickly. If you can't pay cash for it, financing is a terrible idea my friend.

System

spadoosh wrote: »

If youre using free money its because youre living beyond your means..... ?

Head over to the stoozing boards, they can teach you a thing about interest free (student, being the key word;)) borrowing.


Try and help people, not virtue signal to them.

I already do stoozing. Doing it with an overdraft is a no-no because of how much it negatively impacts your credit record being consistently in your overdraft month after month. Being in your overdraft is pretty much guaranteed to put an end to stoozing.

And it isn't virtue signalling, the vast majority with very few exceptions who are in overdraft are there because they're living beyond their means.