Car finance options?

arleitiss

Hey, long story short - my 2001 1.4 golf failed NCT on leaking Engine, and none of the garages I've been to could locate where it is and all of them said they would need to strip half of the engine bay to find it so it would be pricey.

I've invested maybe 500 eur in this car over past 3 years so it doesn't seem sensible to invest as much as it's worth now.

I am working but my contract is not permanent (every 11 months it gets extended for another 11 months [hire freeze at work]) although it's new Quarter so things may change/may not.


So I am not eligible for loan (requires permanent contract), what are my other options? I could afford to pay 800 Eur per month (after bills, food, rent and other expenses).

Would car lease be an option or do those also require permanent contract proof?


Thanks.

pred racer

I've never been asked for permanent contract proof!
People on permanent contracts lose their jobs too

shietpilot

500 euro over 3 years is a pretty decent! What you need to do is wash the engine and bring it to a garage after a few days so they can see where it's coming from. It's hard to tell if the engine is covered in oil.

arleitiss

pred racer wrote: »

I've never been asked for permanent contract proof!
People on permanent contracts lose their jobs too

You mean for bank loan or for leasing?

Aint Eazy Being Cheezy

Buy another golf the same value which does have an nct.

colm_mcm

It is possible to buy a good solid car for small money. Cheap German cars rarely work out cheap, as you'll agree from your BMW.
Not really an answer to your question as such, but if you have €800 a month at your disposal for a car, you'd surely have a fair bit saved up after a few months to buy something decent?

You're right about the permanent bit, banks look for a letter from employer to state you're permanent. Well BOI do anyway.

pred racer

arleitiss wrote: »

You mean for bank loan or for leasing?

Either.

arleitiss

shietpilot wrote: »

500 euro over 3 years is a pretty decent! What you need to do is wash the engine and bring it to a garage after a few days so they can see where it's coming from. It's hard to tell if the engine is covered in oil.

The thing is - I had this problem for a year now, last year what mechanics did was clean oil off engine few hours before NCT and I got through and for a year I kept topping it up about 2 litres every 3-4 months.

But this year that didn't work, so oil leak got bigger.

arleitiss

colm_mcm wrote: »

It is possible to buy a good solid car for small money. Cheap German cars rarely work out cheap, as you'll agree from your BMW.
Not really an answer to your question as such, but if you have €800 a month at your disposal for a car, you'd surely have a fair bit saved up after a few months to buy something decent?

You're right about the permanent bit, banks look for a letter from employer to state you're permanent. Well BOI do anyway.

I would love to buy some 2008-2009 year car, I am currently being raped by insurance because I am 23 and my car is 2001, it wont get any cheaper from now on unless I get newer car.

Last year my insurance was 990 Euro per year, this year it spiked up to 1400 Euro and when I asked for reason - they said because of the age of the car.

When I called Aviva - they didn't ask my name or anything, this is literally the conversation we had:


Aviva: Hello how may I help you?
Me: Yeah, can I get a quote for car insurance?
Aviva: What year is the car?
Me: 2001.
Aviva: No, we only insure 2003+.
Me: Ok thanks.
[End of conversation]



and as to saving up for few months:

I don't want to get done for having no NCT, I was stopped last week by Garda checkpoint and had no NCT but the officer was decent and only looked at NCT report for Major problems, oil leak wasn't big deal he said so maybe I could have NCT booking letter on me for few months but that's really playing with fire I think.

colm_mcm

Just buy something dull but reliable to do you for the next few months or fix the golf. Then save like mad for the next few months and buy something a bit newer. Repeat process till you're where you want to be.

arleitiss

colm_mcm wrote: »

Just buy something dull but reliable to do you for the next few months or fix the golf. Then save like mad for the next few months and buy something a bit newer. Repeat process till you're where you want to be.

I am just gonna go checkout few russian guys in Blanch I heard are pretty good with cars, see if they can find leak and fix it, if not - will just get same golf probably but with NCT until next may hopefully

monkeysnapper

pred racer wrote: »

I've never been asked for permanent contract proof!
People on permanent contracts lose their jobs too

My neighbor got a brand new 0% finance PCP on a Skoda estate and he's unemployed.

colm_mcm

Wha the jaysus! Did he have a garanteur or something?

bazz26

Sure PCP is the new 100% mortgage.

colm_mcm

Yes, and mortgages are the new stoves. Stoves are the new decking and so on.

jca

bazz26 wrote: »

Sure PCP is the new 100% mortgage.

Its starting to look that way alright.

Has anyone ever been declined PCP?!

lollsangel

You'll be asked how long you've worked for the company. Usually once you've worked there over a year (even if the contract is broken) you're normally safe enough with getting finance.

You'll probably have to pony up a grand or 2 with the golf, and they really don't want to finance anything under 2010.

colm_mcm

To be fair, the OP would have to be coming up with a pretty large deposit to get a PCP deal.

arleitiss

Okay so I've spent day looking at what PCP is.
So what's stopping me from getting 2016 Audi A6 for example and repay it in 3 years @ ~500 Euro per month?


I mean this seems too good to be true.

wonski

arleitiss wrote: »

Okay so I've spent day looking at what PCP is.
So what's stopping me from getting 2016 Audi A6 for example and repay it in 3 years @ ~500 Euro per month?


I mean this seems too good to be true.

A deposit

36x500 is 18000...

Where is the rest???

People seem to think it is affordable, they can pay 300-800 a month easily, yet when you ask about savings they have none...

You are 23 years old, you don't need brand new car now. You are not certain of your job so do yourself a favour and either fix your car, or buy something sensible.

Scottie99

bazz26 wrote: »

Sure PCP is the new 100% mortgage.

For some people yes. Others though have significant deposits built in.

jca

wonski wrote: »

A deposit

36x500 is 18000...

Where is the rest???

People seem to think it is affordable, they can pay 300-800 a month easily, yet when you ask about savings they have none...

You are 23 years old, you don't need brand new car now. You are not certain of your job so do yourself a favour and either fix your car, or buy something sensible.

Not forgetting the balloon payment at the end....

bmwguy

I was declined from bmw financial services on a 330e for about 42 grand because I changed jobs 4 months ago and still technically in probation, but they told me if I reapply for a 171 reg I should be ok.

we'llallhavetea

just clean the engine and put it through again straight away, its like a feckin lottery anyway tbh. the amount of stories i hear from people that dont do anything to the car after failing and it passes anyway on the retest is ridiculous.

JinkyJackson

Credit Union gave me a loan of 4k while I was long term unemployed. Just had to show my payment recipts. So you should have no problem with them

SJT1

arleitiss wrote: »

Okay so I've spent day looking at what PCP is.
So what's stopping me from getting 2016 Audi A6 for example and repay it in 3 years @ ~500 Euro per month?


I mean this seems too good to be true.

I would forget about PCP and any other Hire Purchase products if I was you as you're going to find it next to impossible to get a loan from a bank not being in permanent employment unless of course you lie on the application form!

You do however stand a chance of getting a Credit Union loan as their criteria is mainly based on your savings record with them, so if you save with the credit union I'd give them a shout if I was you.