How To Pay For A New Car - Didnt Anticipate This
Discussion
So now I am the MD of a brand new company that has done £20k t/o I doubt Ford will lend a person with 3 months unwaged salary £45k for my Mustang (due next month).
Options please chaps
Options please chaps
- I am a home owner with no mortgage
- I have 2 car leases for small amounts (the Leaf and Zoe)
- We have no loans or card debt but I have huge potential debt on cards if I wish (I dont really want to cancel cards as it may be ages before I get them back)
- I can buy it outright but prefer to keep liquid
- My bank is the useless Halifax who will just run a computer says no programme.
Simpo Two said:
Any profit in that T/O?
Sounds like very early days to me - get £2K and pop down to the auctions. Buy your Mustang when you/your business can afford it.
I am surprised I expected better from you or at least a smiley, it's not about affording it more like I prefer to keep hold of cash as its bloody hard to get these days.Sounds like very early days to me - get £2K and pop down to the auctions. Buy your Mustang when you/your business can afford it.
Sarnie said:
What didn't you anticipate?
Credit issues, since I was 16 I have worked, the last 10 for myself and when I did work for myself my company was already 3 years old. Anything I have ever wanted I got without thinking "can I" but having cash but no established income was the thing I didn't plan for. Of course I don't have to have a Mustang and worst case scenario is I buy it and sell it straight away for a small premium but I do really want it!
DSLiverpool said:
I am surprised I expected better from you or at least a smiley, it's not about affording it more like I prefer to keep hold of cash as its bloody hard to get these days.
Sorry, I hadn't clocked it was you, former telecoms dragon and perfectly capable of managing his money.What 'better' had you expected?
Whack it on credit cards then balance transfer? I did similar for a much smaller amount once, but if you could juggle at least some of it that way then it might preserve some cash.
Have to say though, knowing how important cash is and how many new businesses die for lack of it I'd probably delay the Mustang purchase until you either have the ready cash and income or can get reasonable credit.
Have to say though, knowing how important cash is and how many new businesses die for lack of it I'd probably delay the Mustang purchase until you either have the ready cash and income or can get reasonable credit.
DSLiverpool said:
So now I am the MD of a brand new company that has done £20k t/o I doubt Ford will lend a person with 3 months unwaged salary £45k for my Mustang (due next month).
Options please chaps
If you are putting it in a personal name do they actually check your earnings? Options please chaps
- I am a home owner with no mortgage
- I have 2 car leases for small amounts (the Leaf and Zoe)
- We have no loans or card debt but I have huge potential debt on cards if I wish (I dont really want to cancel cards as it may be ages before I get them back)
- I can buy it outright but prefer to keep liquid
- My bank is the useless Halifax who will just run a computer says no programme.
My experience is they don't if you pass the credit check, so there may be no worries just going down the ford finance route.
I suspect you will find that once you have agreed deposit and installments with the dealer ford credit will just check your credit file, they wont do a full affordability assessment. The dealer will be absolutely delighted if you tell him you want to finance a £45k car as he will make a ton of money on commission. Id get a finance quote from the dealer first and then at least you have a benchmark. Then you can contact the specialist vehicle finance types and ask them to beat it....
williaa68 said:
I suspect you will find that once you have agreed deposit and installments with the dealer ford credit will just check your credit file, they wont do a full affordability assessment. The dealer will be absolutely delighted if you tell him you want to finance a £45k car as he will make a ton of money on commission. Id get a finance quote from the dealer first and then at least you have a benchmark. Then you can contact the specialist vehicle finance types and ask them to beat it....
Spoke to Oracle the other day - no problem with the cash against the car, I will look into % rates nearer the day. micky g said:
I would have thought that taking a mortgage on the property would be the cheapest route, unless ford are offering 0% interest deals?
No chance of a mortgage on either property as no income, plus I promised the missus I would never risk the house, however I could remortgage the unit once I qualify for one. Gassing Station | Finance | Top of Page | What's New | My Stuff