# loan help



## Moggytom (Dec 28, 2011)

currently on a pcp deal with my car and nearly at the 2 year mark ( will be in septemeber), im paying 260 a month and its not worth it for the car and its not big enough now having 2 kids

i know if i wait till December i will be able to give it up with no negative equity but i cant wait due to struggling to drive with the kids in the back.....(would be ending it a year earlier than ment to)

now could i take out a loan and pay off the negative equity which would be around 1k and spend the rest on a second hand car 

would be looking around a 7k one

i have been paying the mortgage on my house for a year now to so would that affect my chances of getting a loan

thanks tom


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## stu... (Apr 1, 2014)

As with any type of new lending there would be an affordability assessment which would take into account the extra outgoing. In some cases moving to a motrgage over rental payments can reduce outgoings but each and every case is different.


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## Moggytom (Dec 28, 2011)

well loan payments would be 130 a month compared to the 260 on pcp im paying atm


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## stu... (Apr 1, 2014)

Depending on who you take the loan with they may not take into account the savings that the new lending will make, I know it sounds stupid but unless they are paying off then lending on the car then its not something that can be considered as its not guaranteed that you will use the money for paying it off in the lenders eyes.

in some cases a bank will authorise a loan and a condition will be that you use a portion of the loan to pay off any existing lending with them and then possibly close it down ie a 10k loan with bank x could be used to pay off a 4k credit card and 2k overdraft with bank x and you have the remaining 4k for a new car. But as I doubt the bank hold the finance agreement for your car this wont be something they can take into account.

Its worth giving them a call or doing it online and doing the affordability checks to find out, this way you dont go through the actual credit check so no mark on your credit profile if they cant do the loan for you.


edit...

I am no way a financial advisor and cannot be held accountable if you take out lending with harry the hatchet only for barry the Baptist to come looking for you if you fail to make payments


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## smegal (Aug 14, 2009)

It may be worth signing up to a credit record site and seeing what loans are recommended. It's not foolproof, but it'll give you a good idea.


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## Moggytom (Dec 28, 2011)

Will do. Considering goin into natwest and having s talk with someone to explain the situation been with them for 10+ years so hopefully help me out a bit


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## danwel (Feb 18, 2007)

I'd wait until September as that makes more financial sense.

If it is the car in your sig how is it not big enough just out of interest?? I had a 106 for 6 months when we had out first child and before now seen people putting prams and baby seats in little citreons and peugots and all sorts before now


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## Moggytom (Dec 28, 2011)

Boot is fine just now she's in a bigger seat which is still backwards facing I have to move my seat that far forwards I have next to no leg room and struggle to drive it same if I put my 5 year old behind he needs leg room to so again I end up with no leg room. The car has next to no space for rear passangers when my seat is in the right position

So when I have two kids in the back which is most days I struggle and end up with my legs hurting after a short drive


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## danwel (Feb 18, 2007)

Moggytom said:


> Boot is fine just now she's in a bigger seat which is still backwards facing I have to move my seat that far forwards I have next to no leg room and struggle to drive it same if I put my 5 year old behind he needs leg room to so again I end up with no leg room. The car has next to no space for rear passangers when my seat is in the right position
> 
> So when I have two kids in the back which is most days I struggle and end up with my legs hurting after a short drive


I have a similar issue even now in my focus, my 4 year old sites behind me and i fit albeit just and sometimes could do with and extra bit of room but its not uncomfortble though


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## Moggytom (Dec 28, 2011)

I wish I had a focus. I'd have anything bigger tbh. Also with it being 260 a month and only being 22 with 2 kids and a mortgage the extra would help big time monthly. 

When she was in a car carryier seat it was bearable but the new seat is massive and was one of the smallestest we could find but sticks out to much . Plus being a 3 door makes it take 30 mins to get it all in and her in


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