How to get a car on finance? Or what if I need to buy one?

[zeamus1500]

I have a 8 year old Toyota that's done me well. However I don't have any spare money at the end of the month. If my car goes, how do I afford another?

short answer: you don't!

Go for a lease car which doesn't require an upfront payment and just keep trading it in after 3 years.

Short answer -you don’t. To finance a car you need a deposit, and a loan of some sort - pcp, hp, personal loan. Each will require credit check and evidence that you can pay.

Do you need a car? Would public transport be cheaper and allow you to save up for a deposit?

The OP says she doesn’t have any spare money at the end of the month.

Maybe I'll have more when child is in nursery

With no spare money at the end of each month, what would you suggest she uses to pay the monthly bill?

You might get a trade in value for your current car towards a deposit, but you would likely still have some initial payment due+ the credit & affordability checks as mentioned. There are occasionally 0% deposit schemes available for financed and leased cars but they're not that common and in my experience not usually on budget cars, they seem to be on more premium deals.

oh.

I suppose she could try to cut down on other expenditure to free up some money for a car but don't know whether it would be enough.

I find the thing with cars is that you always having to be thinking ahead and planning for your next car.

If you don’t have any money, then you can’t afford another car unfortunately. However your car is only 8 years old. My advice would be make sure you look after it well. Service it when required and attend to any issues asap. If you do this then hopefully it will last you many more years to come. Look after your car, and your car will look after you!

That’s it, I’m presuming once your child is older you will have more opportunity to up your income?

The cheapest route to getting a new car is to get a personal loan and to buy something privately, used. Though appreciate that a budget car may still be unaffordable, the nursery years are tough! Is there any scope to manage without for a while?

You usually have a lot less money when you have a child in nursery, not more

0% credit card? Trade it in before it gives up for a deposit and get a finance deal on the new one, assuming it's not blowing clouds of smoke or making odd banging noises from the engine. Or get one of the we buy any car people to make you an offer and use that as a deposit.

I would expect an eight year old Toyota to have plenty of years left ahead of it.

Car dealers don't usually accept credit cards, and for good reason - can you imagine the interest on the cost of a car, have you seen how much used cars go for these days?

An 8 year old car should have years left

but you really need to keep on top of servicing oil changes etc

My car is twice the age of yours.

A Toyota should last for ¼ million miles if you look after it.

Sorry it's a Hyundai. I don't know why I wrote Toyota.

I hope so. I do an annual service etc.

I want do to keep for as long as possible as purchased for £10k new.

Why aren't there that many on the streets

I paid by credit card last time, pretty new second hand, but not hugely expensive. Obviously paid the card off before any interest was due, I expected to have to do a bank transfer for the car but didn't have to.

Plenty here in North Yorkshire.

I was always told to buy what the private hire people have. Seems to be Toyota or Skoda here.

My Toyota Corolla was running beautifully when 20 years old. It took another idiot running into it to put an end to it. I am still lamenting its loss 2 years on and sending evil glances, in my new car, at the stupid digital dash with too many icons.

It s 8 years old still a baby what miles have you done? Is it near 100000?

Why would an 8 year old Toyota go? I'm using a 12 year old Focus with no problems?

It's not due to the interest, which could be nothing if you've got half a brain and a decent credit record.

More that fees can add up to £1-200, which is a sizeable chunk of tight margins.