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Loan affordability, can I afford it?

edited 30 November -1 at 1:00AM in Loans
37 replies 4.3K views


  • sheepy21sheepy21 Forumite
    221 posts
    Why on earth would she need a 22k car? Her health is dodgy, so surely she might not even work and then you’ve sunk hundreds every month into a car she doesn’t need. 5k will you get a very nice family sized car.
  • onwards&upwardsonwards&upwards Forumite
    3.4K posts
    1,000 Posts Second Anniversary Name Dropper
    Don’t assume you need a big car for future kids.

    They are really small to start off with and take years and years to get bigger.

    If you can fit two car seats it’s big enough. My friend had a Kia picanto for years when his kids were small, two buggies fit in the boot fine if you knew how!
  • username901username901 Forumite
    236 posts
    A Citroen cactus is one of the comfiest cars you can buy, was even smoother than the lexus NX I replaced it with. Much nicer ride than a friends range rover or bmw XM6.

    Looks might be marmite, but you'll be sat it in not looking at it

    Should get s fairly new one on auto for near half that
  • meer53meer53 Forumite
    10.2K posts
    Tenth Anniversary 10,000 Posts Combo Breaker
    I'm struggling with the idea of someone who finds a 40 min drive difficult and thinks a £22k car will make it better.
  • edited 28 June 2019 at 4:53PM
    ChrisJ1988ChrisJ1988 Forumite
    60 posts
    Fourth Anniversary
    edited 28 June 2019 at 4:53PM
    Rather than questioning your life choices, I will answer your question.

    With your income you will easily be able to get enough 0% balance transfer credit cards to cover the cost over 2 years.

    This is how I would (and have done) do it.

    I would apply for a halifax clarity credit card which has a 0% fee on money transfers but has an APR so it is important to pay the balance off the same day using balance transfer credit cards.

    On the same day as applying for the clarity credit card apply for 0% balance transfer credit cards. I find applying for many credit cards on the same day means they all always get approved.

    once you have your 2 or 3(depending how much credit you want/need) 0% balance transfer cards and your 0% fee clarity credit card and they are all activated.

    Money transfer the full amount available from the clarity card to your bank account.
    This next bit is important
    On the same day do a balance transfer to pay off the clarity credit card with your 0% fee balance transfer card.
    If both payments go through on the same day you will not pay any interest.
    If the balance transfer is delayed by a day you will pay one days interest. I find doing it early to mid week best.

    Rinse and repeat until you have the money you want in your bank account. Pay the minimum payments each month then before the 18-36 months 0% interest free period is done pay off the full balances.

    Roughly speaking your minimum payments will be around £200-£400 per month based on transfering 20k into your bank account.

    You will then have the 0% time period to save up and pay the remaining balances which shouldnt be a problem with your income.

    If you do end up paying interest for one day on the clarity credit card you are looking at less than £20.

    Its really not that scary and as long as you dont slip up it is the by far the cheapest way to borrow money.
  • jlaw4jlaw4 Forumite
    118 posts
    Just to add some things from a fellow disabled person that has a horrendous commute and drives an automatic...

    Changing the car will not change some of the things that added time on her commute will do, there are no quick fixes to having longer sat in ANY car. She'll feel it for a few months AT LEAST. Be more tired, ache a lot more.

    You do not need a £22k car for her to be comfy. I have a 62 plate Astra Elite Auto. Its top of its range, has heated seats and is a dream to sit in. I paid £7200 for it a few years ago (2016) so not mega bucks and i now own it outright. The car being automatic should be your focus not a 4x4.

    You need to consider the following things that you won't have:
    Insurance - it won't be cheap to insure a nearly new car and autos are generally more expensive anyway so theres always a bit more to pay.
    Fuel - They aren't as fuel efficient, certainly no where near as the dinkycar you have now. It can cost me £50 a week in fuel from commuting and general tinkering.
    Road Tax - mine is £250 a year, some can be higher or lower (most are lower now :( ) but its a factor. I pay monthly around £20 but its an extra expense i incur from driving an auto.
    Choice - theres lots out there and i do (rarely but cherish it when i do) drive my dads jag xf 60 plate diesel, its a dream to drive and very comfy and it was £10K.

    Just wanted you to go into buying it actually considering HER. not the car. it won't make as much difference as you'd think. Go and look and cars 5 years plus and test drive them (i'd wait at least 3 months after getting your house) as you may find something much cheaper suits her better.
    the commute may not effect her as much as you think or a lot more, the ultimate truth is this has been over thought from a 'potential problem' to it WILL be an issue. until shes driving there every day she won't know. Consider working hours too, could she set off earlier/later to avoid sitting in more traffic (i changed my start and finish time by 30 mins and it knocked quite a lot off)
    is there any positions that offer more WFH access? theres SO many options than just plumping for a £22k upgrade in car. At least explore them first and give her a good few months to adjust first.

    Good luck!
    J x
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