Car loan after bankruptcy discharge and credit file clean up

jonesMUFCforever

Please don't apply if the lender says  "don't apply if you've ever been bankrupt", - doing so would mean a fraudulent application.

Grumpy_chap

It would be best if you can avoid new borrowing for a depreciating asset.  Buy the car you can afford, not the car you want and that way you will hopefully avoid the stress of a repeat bankruptcy.

cymruchris

You can of course spend £4-8k on a car - drive it up the road to the next junction - and the gearbox seizes up. 

The car you have - yes it's cost you a bit of money - but you also know inherently what's wrong with it, as you drive it every day. 

If you've had it a while, you'll probably know when it last had an oil change, you'll probably know when the brake pads were last done, or the tyres replaced. 

You'll be going into a new 'used' car blind. The risks of throwing money into a new car for repairs are also significant. 

It's just something to keep in mind. £4-8k doesn't mean not spending any more money on maintenance. 

DrEskimo

cymruchris said:

It's just something to keep in mind. £4-8k doesn't mean not spending any more money on maintenance. 

It also begs the question, with depleted savings and a reduction in disposable income due to the new loan repayments, where does the money for any repairs come from? Likely it's going to be going on a credit card...and the debt accumulation begins...

OP, you've spent the money on fixing the car. Just stick with it. It's not going to need thousands of £ constantly spent on it. With a bit of luck this is the last time you have spend much on it for a good few years. As I say, keep it another year and put aside the loan repayment you were going to sign up to.

MinuteNoodles

fatbelly said:

New car doesn't equal reliable by the way. There's a motoring forum on  here that can  help.

Indeed. One thread started this week was about an Audi Q7 with just 21,000 miles on it and the engine has gone bang.