Car finance before mortgage

James131994

Hi all,
In approx 6 months my wife and I will be staircasing to 100% ownership on our shared ownership property. We only moved in at the start of the year however me being promoted and her getting a full time job has made it affordable.

Using the online calculator for our lender, they are willing to offer us quite a bit more than we need to all is good in that respect.

However, my car has broken down (turbo issues) which will cost considerably more than the car to fix so I need a new one. I was going to finance one after the mortgage is sorted but obviously need to do something now.

Option 1 - Finance the car now, I've added these payments into the affordability calculator at it doesn't change what they will lend us with £250 monthly payments, it appears the car finance would be very affordable in their eyes however I know this could change if rates etc change.

Option 2 - Buy a 'banger' for 6 months are finance the car after.

Option 2 clearly makes the most sense but I am just wondering if, seen as car finance is clearly seen as very affordable I should go for it now and hope nothing major changes, although even if it does they are still willing to lend us much more than we actually need. I guess I know it's a 'risk' but i'm just not sure how much of a risk it actually is and if it's something I should be very concerned about or i'm overreacting.

Would be good to hear thoughts.

Thanks

[Deleted User]

I wouldn't take any credit before you complete.

And even if the repair might cost more than the value of the car, doesn't mean it's not worth doing, so consider that before scrapping it and buying something else.