Buying a car

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Beccap
Beccap Posts: 7 Forumite
in Loans
Hi

I’m looking for advice on how to buy my first car as I don’t really have anyone to ask.

After reading a few threads I thought the best way forward was to apply for a 0% credit card and pay a little bit on that for the protection. Then apply for a £5500 loan and the repayments are £110 a month. So I think the interest was about £350ish.

Does this sound ok? Just really nervous as I currently don’t have any credit cards and haven’t had a loan before.
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Do the seller accept credit cards?

    If you have little credit history, you may struggle to get a 5k loan.

    Check your credit files and try an eligibility checker first.

    If you have savings, use those to buy the car and rebuild with the money you save on the loan.
  • Beccap
    Beccap Posts: 7 Forumite
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    I have looked at the eligibility calculater and it says 95% I would be approved. Should I see if I have good credit?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You should check your files to ensure everything is in order. But ignore the scores and ratings.
  • Beccap
    Beccap Posts: 7 Forumite
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    Everything seems to be ok when I’ve checked on my credit club
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Get a credit card and start building a credit history. pay it off, in full, every month. YOu can set upa direct debit to do that.

    Have you got a mobile on a monthly plan or is it PAYG?
  • Beccap
    Beccap Posts: 7 Forumite
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    I am going to apply for a 0% credit card now.

    Yeah I have a monthly SIM card I pay each month. I have an Argos card which I pay more than I should every month and I pay for a course that I’m doing every month without fail
  • ratrace
    ratrace Posts: 1,009 Forumite
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    As this is your first car why not buy a cheapish one my brother passed his test 2 years ago first car was a toyota yaris 1.4 d4d cost him £1750 kept that for a year and saved up some money, sold the yaris and has just bought a golf for £3500



    the point i am making is that for your first car go for somthing cheap and relaible such as a yaris or fabia dont spend £££'s on cars especially if it means going into debt for
    “People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
  • Beccap
    Beccap Posts: 7 Forumite
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    I was gonna buy a Citroen c1 2015 plate with 9000 miles on for £5400. My attitude is I would rather pay a bit more and have the longevity of a car as i would like to have it for a good couple of years
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Beccap wrote: »
    I was gonna buy a Citroen c1 2015 plate with 9000 miles on for £5400. My attitude is I would rather pay a bit more and have the longevity of a car as i would like to have it for a good couple of years

    If its your first car ( + young driver) I would spend half your budget on a C1 thats a few years older with more mileage - working on the basis that your buying a car with 100% loaned money and its likely it will get a few dents/scrapes or even a total loss in the first 2 years of driving.

    Once you have survived 24 months with no accidents or convictions - go ahead a buy yourself a newer nicer car - insurance will be cheaper as well.

    No disrespect to you or any other first timer or young driver of course. Your money and your risk.
  • Beccap
    Beccap Posts: 7 Forumite
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    Thanks for your advice everyone.
    Is actually got 6 years no claims on my insurance and I’ve been driving for 8 years with no points or accidents *fingers crossed* but I’ve always shared a car with my mum. I’ve got a new job and start tomorrow so I need a car of my own
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