Car finance
locostashton
Posts: 5 Forumite
in Loans
Hi,
I'm self employed and my tax returns don't show a huge income. I've taken on some extra work including a clinical trial to boost my income. I usually buy sub £1k cars for cash and usually end up paying quite a bit on their maintenance. I've just got a very well paid job that doesn't start until the summer. My current car is dying. I'd like to buy a nearly new or new car. Is there a finance method that is more likely to accept me for a car purchase in the near future in my self employed status? I think I'd like to buy a new Skoda, reliability and low costs are important to me. Any pointers to great value deals or advice are very gratefully received.
M
I'm self employed and my tax returns don't show a huge income. I've taken on some extra work including a clinical trial to boost my income. I usually buy sub £1k cars for cash and usually end up paying quite a bit on their maintenance. I've just got a very well paid job that doesn't start until the summer. My current car is dying. I'd like to buy a nearly new or new car. Is there a finance method that is more likely to accept me for a car purchase in the near future in my self employed status? I think I'd like to buy a new Skoda, reliability and low costs are important to me. Any pointers to great value deals or advice are very gratefully received.
M
0
Comments
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You will need to secure finance based on your current cucumstances / finances. (No lender is going to give you a loan based on what you might be earning at some point in the future.) Finance on cars is generally easier to obtain as the loan is secured against the vehicle. I would talk to a couple of dealers and see what they offer. Beware PCP deals and, if you do go for one, make sure you understand the T's & C's properly.0
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Your probably better off holding out signing up to car finance until month 6 of your new job. You should be able to save up £250-£300 a month until then (the finance payments on the new car) - if you haven't managed to save up £1500 by August 2019 then you couldn't of afforded it anyway.
Your welcome.0 -
locostashton wrote: »reliability and low costs are important to me.
M
Well you can scrub the second part of that because spending £10,000+ to avoid repairs is not low cost.0
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