Very large deposit car finance, poor credit rating

[Deleted User]

You are looking at at least 19.9%APR to finance a car you can't afford, with 3 defaults but are sitting on £25k in cash? Of course. 

Grumpy_chap

Best thing is to clear all current debt and slum it in the £20k car you already have, then swap up to a newer car of your desires in 18 - 24 months time.
There are many people that can only dream of having a £20k car.

Thrugelmir

Ahmed.ST said:

my defaults on my file are total of £2800 which I can pay off myself but she’s promising to pay me that ASAP. So I’m holding off paying it off. 

Whether your ex pays you or not. They are defaults registered against you not her.  I'm struggling to understand your logic. From a lenders perspective you'll remain an extremely poor risk until they are settled. . 

bazzyb

What is your income? Are you employed or self employed?

To be clear, from what you have stated even with a large deposit you are unlikely to get a rate anywhere near comparable to what your current Motonovo agreement is at. Even with Motonovo’s own rate for risk product with a higher APR it sounds like you would be declined. 

You are likely looking at subprime rates with the defaults and other issues, then you encounter the issue of the deposit potentially being too large for them to consider - even if it is a PX rather than a cash deposit. A broker would be able to give you an idea of what you can realistically get. 

Silvertabby

If you really must have this £45K car - could you buy a 3 year old one with the money you have?

Barry_Bear

Not helpful to the question I know, but saw this and... why do people blow such sums on consumerism? £45k! On a car? Credit and interest payments!
"We buy things we don't need with money we don't have for things that won't last to impress people we don't like."
Why not switch to saving and investing more than you spend and retire younger?

[Deleted User]

Indeed, not exactly MSE is it ? 🤨

bradders1983

MSE Top Tip: simply don't bother with a car at all, and walk everywhere. At the same time, get rid of your house to save costs, and just sleep in the gutter.

foxy-stoat

Barry_Bear said:

Not helpful to the question I know, but saw this and... why do people blow such sums on consumerism? £45k! On a car? Credit and interest payments!
"We buy things we don't need with money we don't have for things that won't last to impress people we don't like."
Why not switch to saving and investing more than you spend and retire younger?

Same reason why people buy a £500,000 house instead of a £250,000 house, buy the latest smart 9K TV for £4500 when you can watch shows on a £250 secondhand TV, blah blah blah.....the answer is not relevant to the OP's question and even if he told you the reason why, what then?  Knowing the why is pointless.

You wont get anymore credit without the defaults being settled and you will need to let at least a year or 2 pass pass without getting hit for additional interest on the next loan you want.  So I would clear the defaults with your own money, they are your defaults anyway, clear your current car finance debt - save the monthly payments to rebuild your savings.  Look at buying the £45,000 car next year at least.  

ratechaser

Barry_Bear said:

Not helpful to the question I know, but saw this and... why do people blow such sums on consumerism? £45k! On a car? Credit and interest payments!
"We buy things we don't need with money we don't have for things that won't last to impress people we don't like."
Why not switch to saving and investing more than you spend and retire younger?

10 years ago I'd have agreed with you, but my most recent car came to about 40k and I'd hardly think of it as an extravagant purchase (Disco Sport, and not with that many 'extras'!), but rather as a fairly comfortable and middle of the range family car. In any case, rather than looking at the headline number, it is more realistic to work out the annual cost of ownership - yes it's several thousand even so, but it's not like I'm actually spending 40k of new money every few years here. Plus no finance involved, and some hard haggling on price, which makes it easier to bear!

That said, the house down the road has 3 range rovers parked next to each other on the drive so I guess it's all relative eh...