Car finance opinions
Discussion
Is it possible to qualify for a £20k finance deal with a salary (pre-tax) circa £23000? This is assuming you have excellent credit history, a decent house 80% paid off and various other assets.
What is the best way to buy a car saying you need another £20k on top of p/x if you change cars fairly often (around 1 - 2 years) and do low annual mileage? ( < 10,000)
What is the best way to buy a car saying you need another £20k on top of p/x if you change cars fairly often (around 1 - 2 years) and do low annual mileage? ( < 10,000)
crazy about cars said:
Is it possible to qualify for a £20k finance deal with a salary (pre-tax) circa £23000? This is assuming you have excellent credit history, a decent house 80% paid off and various other assets.
Yes, quite easily. If you are using finance secured on the vehicle you are not actually asked for your annual salary.Fox- said:
Yes, quite easily. If you are using finance secured on the vehicle you are not actually asked for your annual salary.
Can you please explain more? I've never had finance for car before the only debt I have at the moment is my mortgage 
Do you mean a loan secured on your house? crazy about cars said:
Can you please explain more? I've never had finance for car before the only debt I have at the moment is my mortgage Do you mean a loan secured on your house?
No, I mean finance secured on the vehicle - ie, if you were to buy say a used Mercedes C Class on the a Hire Purchase agreement offered by the dealer they simply ask that you are employed, now how much you earn. Do you mean a loan secured on your house? Note I'm just suggesting whats technically possible here, my personal view is that buying a new £20k car every 2 years on £23k a year is barking mad. Buy right, buy once, and keep it if you are spending that sort of money. If you like to chop and change spend a load less in the first place IMHO.
Fox- said:
No, I mean finance secured on the vehicle - ie, if you were to buy say a used Mercedes C Class on the a Hire Purchase agreement offered by the dealer they simply ask that you are employed, now how much you earn.
Note I'm just suggesting whats technically possible here, my personal view is that buying a new £20k car every 2 years on £23k a year is barking mad. Buy right, buy once, and keep it if you are spending that sort of money. If you like to chop and change spend a load less in the first place IMHO.
Good advice Note I'm just suggesting whats technically possible here, my personal view is that buying a new £20k car every 2 years on £23k a year is barking mad. Buy right, buy once, and keep it if you are spending that sort of money. If you like to chop and change spend a load less in the first place IMHO.
£23,000/year is just an estimation (planning for the worse...). I see a car that I really like (and have been obsessing for past year) which is now roughly 20k more than my current car is valued at. I keep thinking about it and just want to explore the option of borrowing either through finance or a PCP/hire purchase deal.Gassing Station | General Gassing | Top of Page | What's New | My Stuff