Eligibility for car loan

Grumpy_chap

AIUI, scrap prices are firmer than £100 at present.

From a financial perspective, you do need to know the value of the car before paying out such a sum for repairs. You may well spend more than you could ever recover.

If there is a sentimental reason to keep the car, then that may trump financial level-headedness. However, getting the car fixed to trade in does not sound like keeping the car long term is a significant consideration.

born_again

From 15 July 2026, the

 Financial Conduct Authority (FCA) will regulate Buy Now, Pay Later (BNPL)

I would expect at that point, limits will go down, as affordability will become a far bigger issue for them. Given the tighter regulation & extra staffing required at that point to cover the regulations.

Or they will simply shut up shop.

@retiredbanker1

Failure to pay within time limit of loan would be a straight default. As clearly that would have missed some payments.

OP can you not get a normal loan?

As while 0%. £800 a month is a hell of a large payment a month. Given that you could not afford to repair you car in the 1st place. What will you do if another unexpected car repair is required?

This reminds me of how pay day loans started out & dragged people into greater debt.

benbay001

There is not a chance that repairing a leaking diff costs 2500 anywhere other than a BMW main dealer.

For a 2010 car there will be hundreds of cars in scrap yards with perfectly functional diffs, and after its maybe 4 hours of work to change it at a specialist. 600 pounds maximum!

eschaton

A bit late to this but something doesn’t add up.

In late 2019 I got a leaking diff seal repaired on a near 4 year old 3 series.

The bill was £436 and I got a courtesy car for 4 days due to the weekend. That was at a BMW main dealer.