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car finance question

  • 19-05-2009 9:15pm
    #1
    epod01
    Closed Accounts Posts: 18 ✭


    I am thinking of applying for car finance but dont realy have anybody that would suit guarantor, is it easy to get car finance these days? im 21 years old, have good credit history, had 1 loan with boi and met all repayments, that loan finishes in august, i work full time earn 1388 euro per month, i get 166 euro child benefit per month and 280 euro child maintanance per month. would i qualify for an 8000 euro car finance loan through a garage??


Comments

  • #2
    Fishtits
    Closed Accounts Posts: 1,382 ✭✭✭Fishtits


    epod..., I'm not a financial wizard, or an expert in car finance, so am open to correction, but.

    Doing the sums on your figures it seems that you earn E347 per week, which is E40 odd above the dole. You don't mention how secure your job is.

    The add ons from having a child are under threat at the moment so I couldn't see a finance co taking them into consideration long term.

    Borrowing 8K for a car I would suggest is probably going to be difficult given the figures you've supplied.

    PS, if you need a decent car you most certainly don't need to spend 8K to get one at the moment.


  • #3
    epod01
    Closed Accounts Posts: 18 ✭epod01


    my Job is secure, since when are they forking out 300 euro dole money these days? If i add up my total income per month, its over 1800 euro per month, its 55 euro per week for the car over 3 years, my rent is very low and my outgoings are very low. can i afford to pay 55 euro per week? Most definetly, even if i was getting 180EURO dole money and i lost my job, id still afford to pay 55 euro per month.. but im not sure the financial institutions will see it that way. :p ill give them a blast anyways, if i found a guarantor would that help me do you think?


  • #4
    Fishtits
    Closed Accounts Posts: 1,382 ✭✭✭Fishtits


    epod, I'm totally impartial in this and the best of luck to you, but, anecdotal evidence based on customers of mine who sell cars seems to point to the fact that car finance has all but dried up at the moment.

    Good luck and Let us know how you get on.


  • #5
    rocknchef
    Registered Users, Registered Users 2 Posts: 406 ✭✭rocknchef


    why not try the bank again or credit union. less interest


  • #6
    L-M
    Registered Users, Registered Users 2 Posts: 23,694 ✭✭✭✭L-M


    rocknchef wrote: »
    why not try the bank again or credit union. less interest

    And, AFAIK, you can pay it off in one lump sum and not get hit for it. Or pay off more when ever you feel like. Open to correction on this.


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  • #7
    Graham_B18C
    Registered Users, Registered Users 2 Posts: 8,620 ✭✭✭Graham_B18C


    Limerick man wrote: »
    And, AFAIK, you can pay it off in one lump sum and not get hit for it. Or pay off more when ever you feel like. Open to correction on this.
    Yeah you can, you can pay extra and go into credit, as long as you stay in credit, with all the interest paid, you a miss a week here and there, handy for when hols are comin up and the like


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