Refused car finance PCP

ricky_v

LR2015 wrote: »

I still have disposable income of around £1400 a month.

Don't think of the £1400 as money that needs disposing of. This is the best time to save for a place of your own (assuming you don't want to live with your parents forever).



To put it into perspective, I'm still in my 20's and the price of the car you want is about the same as my outstanding mortgage. The difference is that it's pritty hard to live in a overpriced fancy car

sheepy21

Christ, what 20yr old needs a 40k car! In the grand scheme of things, you’re barely out of nappies. You have a modest income, debt, a very limited credit history and the agreement needs to be affordable in the future, as above are you still going to be at home whilst you have the car? What happens when you meet some one and want to move out and you have that millstone of a car around your neck! Anyone with any life experience and sense is going to say don’t do it! Spend about 5k on something nice and save your money to buy a house!

DCFC79

ricky_v wrote: »

Don't think of the £1400 as money that needs disposing of. This is the best time to save for a place of your own (assuming you don't want to live with your parents forever).



To put it into perspective, I'm still in my 20's and the price of the car you want is about the same as my outstanding mortgage. The difference is that it's pritty hard to live in a overpriced fancy car

Id rather have my own place than a flashy new car.

pmartin86

ricky_v wrote: »

Don't think of the £1400 as money that needs disposing of. This is the best time to save for a place of your own (assuming you don't want to live with your parents forever).



To put it into perspective, I'm still in my 20's and the price of the car you want is about the same as my outstanding mortgage. The difference is that it's pritty hard to live in a overpriced fancy car

The wonders of the education system, educates someone to be able to command a 30k ish salary at the age of 20 but absolutely no !!!!ing idea how to manage money...

At 20 I was earning 200 quid a week and paid £450 for a car that lasted me 4 years...makes you think really...

poppy10_2

LR2015 wrote: »

Hi, I’m thinking of buying a £40,000 car on PCP.
My take home pay every month is around £1,800.

:rotfl: :rotfl: :rotfl:

photome

OP has history for not returning to threads he has started

MABLE

LR2015 wrote: »

Hi, I’m thinking of buying a £40,000 car on PCP. The dealer I’m with had a car to my exact specification. I had a £11,000 deposit to put towards the car. However to my surprise I have been refused PCP car finance! I decided to repropose with a deposit of 20,000 including the value of the trade in of my current car and that was still refused! Rather confusing as at that figure I would have taken all of the risk out. They could repo the car the next day and they’d be in profit!

Just a little details about myself. I’m 20 and have been in employment for 6 months. My take home pay every month is around £1,800.

I also have a credit card which I use as a credit builder. I just buy stuff with it and pay it back pretty much immediately (I get points from it which contributes to an Amazon voucher for every 1000 points earned) Credit limit £1000

Also I have paypal credit which I use infrequently (Mainly to take advantage of the 4 months no interest on a purchase £150 or more) with credit limit of £1000

My outgoings include a loan which has one month left and my phone bill. Along with rent totals to about £200 every month. (I live with parents hence the small rent) You can add about £100 in food and living costs etc and I still have disposable income of around £1400 a month.

I could easily produce bank statements of my savings account which I deposit my disposable income into which would show I regularly deposit over £1000 a month into it.

I’m rather confused at the moment. The PCP works out at about 390-400 a month with 20k deposit which I can easily afford to pay every month. Same story with other brokers. Mainly concerned with my age!? I got an offer of a 10k loan with a guarantor with 50% apr!!!! I was told that was the best I could get.

If I were 20 and had a that amount of savings I would certainly be looking at putting it towards my own place and not showing off with a £40,000 car. However that said at your age I suppose we want the world.

Herzlos

That £40k car will be worth under £18k at 3 years old. If you really need to impress people buy a 3 year old one with your savings and stick a £400 private reg it.

On a £20k salary you're not going to be able to borrow more than £10k. Plenty of really nice cars available for less than that. Unless you want to live with your parents forever.

Samsung_Note2

Its not unusual to see lots of young people ragging these kind of cars about,thinking that everyone actually believes they own it.
You know the sort..windows fully down in middle of winter..some god awful music pumping out and shouting and leering at anything with a pulse,oddly thinking they look cool whilst doing so.

macman

At 20, what is the insurance premium going to be on your £40K dream car?