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Car finance
emilybrearley
Posts: 1 Newbie
in Credit cards
Hi there, I'm looking to buy another car soon... When I bought my current car I used an mbna credit card which had a 2 year interest free period on purchases (this is the only thing I've used the card for) and I've just been making minimum payments since then. I'm now a self employed speech and language therapist (have been for 18 months). I have a mortgage with my partner and I have another M&S loan of £10,000 (old debt) which I am paying off monthly. My business is going as well as it can be for the fist year, but I'm worried that I won't be able to get credit because I'm self employed. What's the best thing to do? I will be able to pay off the credit card with the car sale plus some savings. My question is how should I purchase another car? I just need something bigger that our dog can fit in! Perhaps something around 3-5 years old. Looking to keep payments down to around £100 a month. I've not bought a car on finance before so any help would be gratefully received. I will mostly use it for commuting to my place of work (not visiting or transporting clients) plus leisure so roughly 10,000 miles a year at the most.
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Comments
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What is wrong with your current car?
Pay off the card if you cannot get another balance transfer card.1 -
Yes you seem to have quite a lot of debt already. Half a mortgage and £10k. But, in spite of that, you could try getting a car on PCH, which is explained in this link : https://!!!!!!/3k3I1Xz
I did that last year and got a 4 year old car on 0% finance for two years, £60 pcm with a 12 month warranty and free, full 12 month AA breakdown cover. Oh and there's no tax to pay on the model I have either. Plus they have extended the AA breakdown cover for another six months because of coronavirus. I didn't think I'd pass their credit check but I did, it's a Toyota but the model I have would be too small for you - you may be able to get some kind of different deal, though. I was really pleased with mine and next year, I'll be able to either hand the car back and lease another one, or pay off the outstanding balance and it'll be mine.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
For 5 years we had a fiat 500 and a VERY large Bernese Mountain Dog. It worked OK. She just took up both back seats. I bet you can make it work.1
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