Best way to finance a car

[Biggus thingus]

Apologies for the basic info

Mrs has always owned her own car, currently has an Hyundai I10 12 plate but wants a better car, hers is due MOT and she's scared she's looking at a £500 bill for a car she does'nt like and wants rid of later in the year. Fancies a C3 if she can get one

I've only ever had a company car so i'm useless when it comes to this

She wants to pay up to about £150 a month

We've looked at available car in Leeds and they had a 14 plate Cs with 41k mileage advertised at £146.91 a month which could be ideal without looking at the small print

Her car could go part ex or sell. We could also chuck a small amount up front if it gets a better deal overall

Just looking for some sympathetic guidance please

Thanks

[Supernova190188]

Could you get a better rate by taking out a loan rather than putting car on finance? And look to pay back £150 a month over whatever period that equates to.

[Spare tyre]

I know it’s not what she wants to hear, but a 12 plate i10 is a cracking little car, £500 bill is only 4 or so months repayments

I see so many people jump from one generic car to another with a outgoing monthly cost and they rarely seem pleased once the hype has died down

[Spare tyre]

Also, why not ask a friendly garage to MOT it early, but only issue the official paper work if it’s good news

I used to MOT my old 406 with 330k on the clock every 6 months, if it passed I took the ticket, if not the garage got the money so didn’t care, that way it gave me time to sort a replacement if needed

[Mark83]

What's to stop said eight year old C3 throwing a £500 bill too?

[captain.scarlet]

Biggus thingus said:

Apologies for the basic info

Mrs has always owned her own car, currently has an Hyundai I10 12 plate but wants a better car, hers is due MOT and she's scared she's looking at a £500 bill for a car she does'nt like and wants rid of later in the year. Fancies a C3 if she can get one

I've only ever had a company car so i'm useless when it comes to this

She wants to pay up to about £150 a month

We've looked at available car in Leeds and they had a 14 plate Cs with 41k mileage advertised at £146.91 a month which could be ideal without looking at the small print

Her car could go part ex or sell. We could also chuck a small amount up front if it gets a better deal overall

Just looking for some sympathetic guidance please

Thanks

Always be wary of the failed MOT. You may be able to save money if you're savvy and come across as so. Any fail details are best shared on here for advice on what to do.

£146 per month for a small second-hand Citroën is very dear, considering you could lease a brand new car for about the same (subject to deposit, term, annual mileage allowance etc).

What's the term and what is the total amount repayable?

[Biggus thingus]

Thanks for the replies

I think the thing is logic has now gone out of the window. Everytime she hears a squeak or knock she's convinced the cars got something terminal wrong with it

Basically she does'nt like it anymore, nothing wrong with it as such, but wants something newer/nicer

She's got the car and a budget of about £150 a month and no problems with timescales/length of contract etc

Does'nt want a new car as she's semi self employed and works in supermarkets so whats the best she can realistically get for the budget? She's got a credit card she's paying off per month but that's it, no loans

Ideally i think around a 5 year old car where she pays the monthly and possibly gets some services built in but without being stuck with a huge amount to pay at the end. If she was happy i'm sure she'd happily trundle along for a good few years and then re-look at it

[mike9009]

Biggus thingus said:

Apologies for the basic info

Mrs has always owned her own car, currently has an Hyundai I10 12 plate but wants a better car, hers is due MOT and she's scared she's looking at a £500 bill for a car she does'nt like and wants rid of later in the year. Fancies a C3 if she can get one

I've only ever had a company car so i'm useless when it comes to this

She wants to pay up to about £150 a month

We've looked at available car in Leeds and they had a 14 plate Cs with 41k mileage advertised at £146.91 a month which could be ideal without looking at the small print

Her car could go part ex or sell. We could also chuck a small amount up front if it gets a better deal overall

Just looking for some sympathetic guidance please

Thanks

These are 'rough' estimates.

A £6500 loan from Tesco bank will be about £150 per month over 4 years. Assuming part ex on the i20, plus a small deposit adds up to £2k will get you into something around £8500.

So what about something like this? Far newer, next model and less mileage. Don't go with what you posted....

Loan rates are likely to go upwards and gawd knows what the second hand market will do in the next month's.....

http://www.autotrader.co.uk/car-details/2022060163...

Damn, that car is in N Ireland.....but you get the gist.....

Edited by mike9009 on Wednesday 6th July 21:42

[Monkeylegend]

Biggus thingus said:

We've looked at available car in Leeds and they had a 14 plate Cs with 41k mileage advertised at £146.91 a month which could be ideal without looking at the small print



Thanks

Is that an HP agreement so she owns the car at the end of the agreed payment period?

[Wills2]

Biggus thingus said:

Thanks for the replies

I think the thing is logic has now gone out of the window. Everytime she hears a squeak or knock she's convinced the cars got something terminal wrong with it

Basically she does'nt like it anymore, nothing wrong with it as such, but wants something newer/nicer

She's got the car and a budget of about £150 a month and no problems with timescales/length of contract etc

Does'nt want a new car as she's semi self employed and works in supermarkets so whats the best she can realistically get for the budget? She's got a credit card she's paying off per month but that's it, no loans

Ideally i think around a 5 year old car where she pays the monthly and possibly gets some services built in but without being stuck with a huge amount to pay at the end. If she was happy i'm sure she'd happily trundle along for a good few years and then re-look at it

Tell her that PH says if she hasn't got the cash and mortgage isn't paid off, there is no new car...