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Author Topic: Car Finance  (Read 6433 times)

  • Offline Pete

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Car Finance
on: March 13, 2008, 20:24:47 PM
If I go buy a brand new car what do I need in the way of proof of income? I just started a new job and dont wanna wait for 3 months worth of payslips or anything.

 
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Re:Car Finance
Reply #1 on: March 13, 2008, 20:35:45 PM
You dont need anything really.....as they do a credit check. Just forms of ID, passport, driving license etc etc.
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Car Finance
Reply #2 on: March 13, 2008, 20:55:02 PM
How good does your credit have to be to get a car on finance? (Seeing as the loan is secured on something worth a reasonable chunk of the amount owed)
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  • Offline Pete

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Re:Car Finance
Reply #3 on: March 13, 2008, 20:59:45 PM
Thats what Im wondering. I dont owe anything and can easily do they repayments but I dont have a credit card or anything so no real history I guess.
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Car Finance
Reply #4 on: March 13, 2008, 21:04:45 PM
I have a bit of good credit and a bit of bad credit. Not really sure where they meet in the middle!
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Re:Car Finance
Reply #5 on: March 13, 2008, 22:56:07 PM
Id say its very easy to get a car on finance. I got my 1st one when I was 18 which no problems at all. Id compare normal loans though, just to get an idea of price you should be paying per month, so they dont totally rob you.
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Re:Car Finance
Reply #6 on: March 13, 2008, 23:03:32 PM
you should think carefully about buying a new car. its the biggest loss of money youll ever incur probably.

i bought a nearly near car for £8000 2years ago, its worth less than £5000 now, that £3000 in 2years, and it would be worse for you if you included the intrest on the loan.

personally im never going to spend more than 2k on a car again, plenty of nice ones in that bracket.
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  • Offline Clock'd 0Ne

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Re:Car Finance
Reply #7 on: March 13, 2008, 23:28:36 PM
It use to be fairly easy to get first time finance but it is harder these days as lenders are less willing to give out, but depending on the repayment plan you should be able to if its not pushing your means.

Whether or not its worth it is a different story. Id say no personally. At least not to totally new. Consider the road tax changes too.
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  • Offline Mardoni

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Car Finance
Reply #8 on: March 14, 2008, 09:41:44 AM
I got a brand new car on an "options" deal as soon as I graduated from Uni. At that time I had over 20k of debt, all Citroen required was a £100 deposit and proof of ID / address.

Since then I have had 3 new cars, all on an "options" deal from different companies. I basically pay ~£200p/m to lease the car and then after 2/3 years I give the car back and get a new car.
It does mean that I never actually own my car but at the same time my car is always under warranty and never needs an MOT.
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Re:Car Finance
Reply #9 on: March 14, 2008, 13:12:59 PM
Quote from: DEViANCE
you should think carefully about buying a new car. its the biggest loss of money youll ever incur probably.

i bought a nearly near car for £8000 2years ago, its worth less than £5000 now, that £3000 in 2years, and it would be worse for you if you included the intrest on the loan.

personally im never going to spend more than 2k on a car again, plenty of nice ones in that bracket.


Id love a sparkily new car but this is good sense and I agree, unles I win the lottery and then Ill buy all the cars I want and move next to / buy shares in / buy a race track:)
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Re:Car Finance
Reply #10 on: March 14, 2008, 13:42:57 PM
My daughter has just bought a new citroen c3, on 3 years 0% shes 19 and all they wanted was her driving license and a recent bank statement.
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  • Offline Pete

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Car Finance
Reply #11 on: March 14, 2008, 17:43:18 PM
Quote from: Nimrod
I got a brand new car on an "options" deal as soon as I graduated from Uni. At that time I had over 20k of debt, all Citroen required was a £100 deposit and proof of ID / address.

Since then I have had 3 new cars, all on an "options" deal from different companies. I basically pay ~£200p/m to lease the car and then after 2/3 years I give the car back and get a new car.
It does mean that I never actually own my car but at the same time my car is always under warranty and never needs an MOT.


Yeah thats the deal Im looking at, sorta 10% deposit, £200pm then pay off the balance after 3yrs.


Got test drive tomorrow :D
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Re:Car Finance
Reply #12 on: March 14, 2008, 17:47:07 PM
what is it?
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  • Offline Pete

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Re:Car Finance
Reply #13 on: March 14, 2008, 17:51:33 PM
Bini Cooper.
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Re:Car Finance
Reply #14 on: March 14, 2008, 17:55:08 PM
lol mx5 to mini, hows the closet   -) :-P

good cars though.
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