Buiying a new car with exisiting debt

NorthEastFarmer

I've just finished my PCP agreement for a car (£330pcm).

I need a new car but have the following set of circumstances:

- Credit Score 847/999 (Good)
- Personal loan / £7,400 to pay of £10k / No missed payments
- Mortgage / £184k left to pay of £201k / No missed payments
- Credit card / £10k but 88% utilisation / No missed payments

Old agreement is still showing on file but will hopefully disappear on friday.

Would I be best to:

a) Try and get a credit card for a £5,000 run around that I can pay quickly or;
b) Try and get finance for an HP or PCP for a better car

Or is it likely I'll get turned down for either or both?

(Significant debt accrued thanks to previous car being a nightmare)

Isthisforreal99

Ignore the credit score for one.

Most important number missing is your income.

How much is the balloon payment? Any equity in car vs guaranteed value?

NorthEastFarmer

Monthly salary after tax is £4,150

Car was worth waaaaay less than the final payment.* (Balloon: £7,650 - Value: £3,650)

*Never buy a Land Rover vehicle

Isthisforreal99

Wouldn't have thought you would have a problem getting finance on another vehicle with your salary, but get one you need not one you want!

The issue with credit cards is not all garages will accept them.

Brie

Do check that any place you're purchasing the car will accept a CC for at least the down payment.  That way at least you will get some protection if it turns out to be a dud.

NorthEastFarmer

Thanks for the replies, I'm extremely paranoid about these things as I ended up with a default on my account about 13 years ago and it borderline ruined my life even though I paid it in full immediately.

As long as you don't think a company would panic when looking at my CC etc. No missed payments for 10 years might help.