Financial help

Discussion in 'Bulletin Board' started by BarnsleyBomber, Aug 3, 2017.

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  1. BarnsleyBomber

    BarnsleyBomber Well-Known Member

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    hi fellow reds

    Just after any ideas, im a hackney cab driver in conwy, work for a company in there car, wanna buy a car as i get money percentage of take in. Seen a nice car but its 14000. my credit is fair, not bad any more but not good, a couple of the cab direct style companies (companies who offer cabbies cars on finance) have come back as a no. I dont have 14000, im stumped and gutted
     
    BarnsleyBomber, Aug 3, 2017
    #1
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  2. LDR

    LDRed Well-Known Member

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    Sorry, I just spent my last £14,000 on Hecky face masks.

    Have you tried your bank?
     
    LDRed, Aug 3, 2017
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  3. BarnsleyBomber

    BarnsleyBomber Well-Known Member

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    yes but banks usually dont go for bad or fair credit. i tried a while ago
     
    BarnsleyBomber, Aug 3, 2017
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  4. BrunNer

    BrunNer Well-Known Member

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    Are you going for car finance from a dealer or a personal loan from a bank?
     
    BrunNer, Aug 3, 2017
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  5. Che

    Chef Tyke Well-Known Member

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    Do you need to spend 14k on a car?

    Cars depreciate so are a rubbish investment

    Surely you could buy something a bit cheaper to solve your problem?
     
    Chef Tyke, Aug 3, 2017
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  6. Fai

    Fair_weather New Member

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    Is the extra percentage worth the mot, tax, insurance, maintainence and 14k with depreciation?
     
    Fair_weather, Aug 3, 2017
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  7. BarnsleyBomber

    BarnsleyBomber Well-Known Member

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    yes it is, owner drivers earn much better.
     
    BarnsleyBomber, Aug 3, 2017
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  8. Prince of Risborough

    Prince of Risborough Well-Known Member

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    Yes of course they earn more (in theory) but surely when you deduct the costs of licencing the car, then the usual MOT, Tax, servicing and heavy insurance costs - are you sure it's worth it. If the company are prepared to let you have one of their cars it is probably the best deal surely?
     
    Prince of Risborough, Aug 3, 2017
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  9. fit

    fitzytyke2 Well-Known Member

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    It's the same with subbies v on the books tradesmen. Subbies always got 20% more because they had no holiday pay etc.
     
    fitzytyke2, Aug 3, 2017
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  10. HowMuch!

    HowMuch! Well-Known Member

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    How Much !
     
    HowMuch!, Aug 3, 2017
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  11. Prince of Risborough

    Prince of Risborough Well-Known Member

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    What's a subbie?
     
    Prince of Risborough, Aug 3, 2017
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  12. Sab

    Sabre-toothed Tyke Well-Known Member

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    Sub contractor
     
    Sabre-toothed Tyke, Aug 3, 2017
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  13. Sta

    Stahlrost Well-Known Member

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    Why not get the cheapest you can so you get all the advantages of self ownership but with lower outgoings and less risk? Then if it works out, save up from your increased income and trade up a bit higher in a year's time. And so on.
     
    Stahlrost, Aug 3, 2017
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  14. fit

    fitzytyke2 Well-Known Member

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    This ^^
     
    fitzytyke2, Aug 3, 2017
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  15. Donny Red

    Donny Red Well-Known Member

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    Check your credit rating out on Experian. Just getting that is free. If you then take their full service if your rating checks out OK they have a site that matches you up to lenders who may advance what you are looking for.
    Once you've got your loan, cancel the subscription to Experian.
     
    Donny Red, Aug 3, 2017
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  16. Sco

    Scoff Well-Known Member

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    If you are going to use Experian, also check Noddle and Clearscore (all are free). I've found a massive difference between the three.
     
    Scoff, Aug 3, 2017
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  17. Prince of Risborough

    Prince of Risborough Well-Known Member

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    Yes but the nature of the job demands a reliable car doesn't it, so it is always a risk going too cheap.
     
    Prince of Risborough, Aug 3, 2017
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  18. Sta

    Stahlrost Well-Known Member

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    True but it's a case of balancing one risk against another. Spending £14,000 which you haven't got on a car runs the risk of ruining your life and that of your family permanently if it goes wrong. A car breakdown is trivial by comparison. Don't spend money you don't have, unless you are buying a house - that's my rule.
     
    Stahlrost, Aug 3, 2017
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  19. fit

    fitzytyke2 Well-Known Member

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    What do you think of noddle?

    Clearscore and experian both give me a fair to good score, but noddle seem to have a dim view of my finances.
     
    fitzytyke2, Aug 3, 2017
    #19
  20. nezbfc

    nezbfc Well-Known Member

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    Have you thought about a lease or PCP instead. Not sure if they are as strict or not than a loan?
     
    nezbfc, Aug 3, 2017
    #20
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