Buying first car

Kerrie2511

My credit rating is 846 on Experian. Is this good or bad will affect me getting a car on finance?

My mum wants to put a deposit down. I would rather wait till payday as I will be out my overdraft then. Which is a week on Thursday. If I allow my mum to pay for me, when they do the finance checks, will being in my overdraft stop me from getting the car on finance?

Thanks 🙏

jimbo6977

1st para: Your credit score is meaningless.

2nd para: A bankrupt monkey could get car finance. Your overdraft is meaningless.


It's best to shop around for finance online BEFORE you go to look at any cars, rather than have to use the one and only lender that a dealer will "introduce" to you.

GunJack

If it's your first car, aim to spend around £500 on one, not a costly newer model, and especially on finance. The insurance is going to cost you an arm and a leg, so worry about that rather than car loans...

AdrianC

Kerrie2511 wrote: »

My mum wants to put a deposit down

Are you buying this car, or is your mum?

Kerrie2511

I will be paying for the car. But payday is next week. My mum has offered to pay for the deposit, so I can get the car before someone else buys it. (I will be paying her back)

Car_54

Kerrie2511 wrote: »

I will be paying for the car. But payday is next week. My mum has offered to pay for the deposit, so I can get the car before someone else buys it. (I will be paying her back)

There will still be millions of cars if you miss this one. And probably cheaper in January.

tonyh66

Sounds like an absolute disaster.
Do you go into your overdraft often?
how are you going to afford the monthly payments?
what about insurance? and maintanance?
I bet the APR the dealer is offering is massive.

Scrapit

If in your overdraft this pay day wait at least 2 pay days. One to get you out of the overdraft, one to save up for the car.