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Ev_James12
Posts: 1 Newbie
in Loans
I am currently on mayernity leave and have sold my to lower monthly outgoings. Me and my partner are renting a house but looking to buy in a years time. I am due to go back to work in June and need to buy a new car for my job. We can’t afford to pay outright for the car, what is our best option which will have the least affect on my credit score?
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I'm not sure what you mean. If you need a loan, then you would need to apply for one The search and any subsequent debt will appear on your credit files, no matter what option you choose.
The amount you borrow is the only differentiator in the eyes of a lender. From your point of view, you want to minimise both the amount and the interest.
The best option would be to use your savings (take it from your deposit) and rebuild them in lieu of a loan.
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I really don't understand the thought process behind people who need credit but wont apply for it because they think it will impact a credit file. There was another thread recently where the partner of the OP had this exact thought process.
Why do you think you have a credit file? It isn't something there nice to look at, if you need credit just apply for it!0 -
June next year is still a good nine months away. Start saving the money you will be paying for car finance or loan monthly from now till June and you will have a chunk of money you can use to buy a car outright.0
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You don't have a credit score, only a credit history. The score is a fictitious number-ignore it.No free lunch, and no free laptop
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Ev_James12 said:I am currently on mayernity leave and have sold my to lower monthly outgoings. Me and my partner are renting a house but looking to buy in a years time. I am due to go back to work in June and need to buy a new car for my job. We can’t afford to pay outright for the car, what is our best option which will have the least affect on my credit score?
Well you need to save up for a car, you have the time, your going to need to get used to saving up for 1.
You have a child on the way are you sure you want to have to be paying a loan or car finance when you will other expenses to be paid.
Ive seen how much expensive a baby can be.0
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