Should I sell my car?

worriedsingledad

Hi,

This is my first post on here.

I'm currently paying for my car using a money transfer card and have about 18 months left of the 0% period left. Car is worth £8k and the card balance is £5.5k. I'm a single dad of 2 and as part of divorce will soon have to remortgage the family home or move house. Would it be beneficial to my chances of getting a better mortgage deal (as single applicant) if I sold the car, paid off the card and bought a cheap (hopefully reliable) car for £3k? Its a diesel and as my commute has recently shortened it is probably the wrong engine to have anyway.

I was going to leave the car until divorce and job was sorted and then get something decent, but as a short term solution is paying off the card now a good idea? It would reduce my total credit limit from 20k to 12k.

Thanks.

[Deleted User]

Having lower debts will help you with a remortgage.

However, lowering your limits probably isn't advisable. Leave them as they are.