£150k income but struggle for finance

Sea_Shell

Out of interest, why M5 rather than M3?

enthusiasticsaver

It is not that easy to get a £30k personal loan regardless of how much you earn especially as it will be unsecured. You could lose your job tomorrow, you have moved around a bit and already have some finance which on your income most would query. I am all for investing but that involves some risk so maybe you need to strike a better balance between investing, saving and borrowing.

John_G_Jones

Sea_Shell wrote: »

Out of interest, why M5 rather than M3?

I actually went to my local dealership yesterday to look at the M5 they had in as I was thinking of upgrading from an M3, mainly as I wanted something with a bit more space.

I was quite surprised at how little extra, if any, space the supposedly bigger car has. The boot which I’d assumed would be much bigger seemed about the same as the wheel arches intrude so much.

It did feel like quite a step up in quality inside, but it felt much more claustrophobic sitting in the back.

The biggest reason to avoid one though was the ludicrous depreciation. There are cars available today with delivery mileage on for over £30,000 less than the list price.

redux

John_G_Jones wrote: »

I actually went to my local dealership yesterday to look at the M5 they had in as I was thinking of upgrading from an M3, mainly as I wanted something with a bit more space.

I was quite surprised at how little extra, if any, space the supposedly bigger car has. The boot which I’d assumed would be much bigger seemed about the same as the wheel arches intrude so much.

It did feel like quite a step up in quality inside, but it felt much more claustrophobic sitting in the back.

Years ago I picked up two friends at an airport with my Citroen BX. The wife could hardly believe how much room there was in the back. One of their cars was a BMW 5 series.

A few years before that I drove home from abroad with friends in a 3 series. When it was my turn in the back I had to take my shoes off to get my feet in at an angle then under the back edge of the front seat.

Six cylinder engine, in line, gearbox, rear wheel drive ...

redux

gycraig wrote: »

If he earns 150k a year I doubt he really needs financial advice regarding buying a cheaper car now and saving for the one he wants lol

Perhaps not, but on the other hand advice was requested, and apparently I'm not the only suggesting this approach.

Herzlos

They might not think it's worth loaning you something you can pay off so quickly..

You'd be better saving up for 6 months, or pulling some of your savings/investments and restoring them over 6 months.

Or get the dealer to sort something out secured on the car.

bengalknights

Increase the deposit to 15k and you should be able to get easier approval for 25k

30k isnt really a typical unsecured loan amount so arouses more checks

adindas

Mitchiet123 wrote: »

Hi all,

Just wondering if anyone knows why I struggle to get finance? I make £150k a year, total Bills are under £1k a month
I am 24 though so dont know whether that makes any difference.
?

the likelihood is that this is a troll
Reasons to suspect:
- Highlighted text
- Newly created ID just to post this message

He might be chuckling out there to see the reply s/he has got

"Do not feed the troll"

societys_child

As soon as M5 was mentioned, it started getting dark, and I thought, what's the matter with this thread? . .