BOI refused car finance

Thanks Clamball for taking time to put that together, it’s given me plenty to consider. I’ll fill it out as best I can and get some further advice.
 
Age 37
Income, take home €1700 per fortnight.
Rent €0
Mortgage €0
Living rent free with partner who owns their house debt free.
Groceries €300-€400 per fortnight (give or take this is about right, I don’t skimp on food shop) alcohol not a big cost in this).
Phone €85 - not paid in time every month
Clothes/personal spending €500 per month.
Car Insurance €400 a year paid in full each time.
Car tax €150 paid in full each year.
Subscriptions, Netflix, Disney plus € 0
Petrol/Diesel €60 a week.
Hairdresser €200 (2/3 times a year)
Nails/beauty €100/200 (this varies monthly some months I buy clothes some months its beauty products if I have to restock)
Nights out €0 Not a going out type
Gym €0
Gifts/birthdays €0
Holidays €0 - not a holiday person
Car service €200 last time (I think) Tyres will need to be replaced so €300 in next few months.
Household bills, insurance, repair, upkeep, bins, heating, electricity, cleaning, decorating, TV licence, gas, wi-fi, TV subscription etc? €0 - partner pays.
Pension € Teacher pension comes out of my wages
Doctor/ prescriptions €0
Dentist €0
Charity €0
Games/books/kindle/podcasts etc., €0
Union subscriptions Comes out of my wages
Health Insurance €0 paid for by husband.

Saving potential was €700 per month but have now upped this to €1000 pm.
Your Question - what can I do to get a car loan with a poor credit score and a poor history of saving?

What else should I be doing with my money?

Advice to date,
Don’t buy a car - is your current car still suitable for your needs for the next 12/18 months.
I’ll still try and change it asap.

Are your taxes and allowances correct.
Probably not but will see if I can get assistance in new year.

Get Married
I am. Husband pays household bills I cover groceries my fuel costs and I maintain house - all cleaning washing all cooking etc.


Long term financial planning
Are you in a pension scheme through work? yes
Will it be sufficient for when you retire, This is not something I have thought much about I’d like to work for as long as possible.

would like constructive advice on what else I should be doing.
 
For a small car fuel seems high @ €60 per week.

In due course when you get your financial head sorted you would probably need to talk to a financial planner and someone like Steven Barrett from https://www.bluewaterfp.ie/services/ would be able to help especially on your pension. He has been recommended on AAM in the past. Use the search option to view his contributions to AAM.

It will take you time to get there but stick with it and maybe make it your new year's resolution.

If you check out Citizens Information tax information you should be able to get your head around income tax too.

Shout if you need any further advice as there are plenty of knowledgeable people here to help you out.

Perhaps your partner should be addressing their finances also.
 
1. If you are married, then its your house also; it seems very odd to me to describe yourself as living "rent free".

2. You both need to address your finances here.

3. You describe yourself as 'not being a holiday person'; so you never leave home?

4.You have never bought a present for anyone in your life and you never go out to socialise with friends?

5. You've clearly had a wakeup call in regards to your financial management stance, time to take control.

6. Have you both made wills?
 
1. Well it’s not his yet either might be down the line all going well. House is in his family. We don’t pay rent.

2. Husband has an accountant. I’m doing my own thing.

3. We had a few days away last January but otherwise nothing planned for the coming year. I have 3 months off during summer and generally spend it at home doing day or shopping trips etc.

4. I interpreted this differently. We have no weddings thankfully next year so no spending there and no we don’t do family presents or presents to one another. The odd time we might do a gift in school but wouldn’t be over the €10 mark I’d say. Haven’t gone out to pub in an age and we might go out to eat once/twice a year not planned generally and I I prefer to cook. Don’t do takeaways either.

5. No not yet, only married a few months so hasn’t been a priority.
 
Teacher24 said:
Husband has an accountant. I’m doing my own thing.
Click to expand...
Now that you have said you are not long married, I somewhat understand.

However, if you didn't talk about joint finances before you were married you definitely need to do that now.

You have the use of a property for the time being; that could change, put yourselves in a position that you can buy a home in the future.
 
First of all just let me say how and where you spend you salary is totally your decision, you earn it so you have the right to spend it however you want but if you find yourself at the end of the fortnight/month not having enough money to cover a phone bill well then you're not living within your means and this needs to be addressed and now is as good a time as any

Three things jump out at me when I compare your spending to ours

Teacher24 said:
Groceries €300-€400 per fortnight (give or take this is about right, I don’t skimp on food shop) alcohol not a big cost in this).
Click to expand...
This is a IMO a huge amount for two people to be spending on groceries even more so when alcohol is only a small part of it
By comparison myself and Mrs C spent an average of €155 every fortnight in 2023 and we want for nothing and eat very well

I don't understand this, maybe it's because I'm a man and 20 years older but if your not the going out type and don't seem to holiday
Then why are you spending dare I say wasting this kind of money each month, I understand that looking good is important to most of us but it can be done a lot cheaper if you really wanted to save money

Teacher24 said:
Phone €85 - not paid in time every month
Click to expand...
I presume this is a phone and sim package that gives you and upgrade every year or two
Have a look at Go Mo sim only plan for €15pm and save yourself €70pm which can be used to buy a sim free phone every year
or keep the phone for a few years and bank the rest

And finally start paying tis bill on time every time because to put it simply if you can't pay that what chance have you got of paying the loan for a car!!
 
It’s laziness and not keeping an eye on my spending that means I didnt have enough to pay off the phone bill. It never once occurred to me that waiting one or two days to get paid and then the money coming out for the bill would come against me. Honest truth.

Groceries, I cook and bake everyday so that’s prob where the money goes. It’s not always 300€ but some weeks it might be if I was stocking up on tin foil, kitchen roll etc. We eat meat every day mainly red which is more expensive and I make lunches too. Id shop a few times a week not just one big shop as I hate freezer food. So it’s prob harder to keep a track on it. SuperValu Most convenient store to me and I use the vouchers etc but always branded foods. That’s prob why cost higher. I’d have no interest in going out of my way to shop in two different shops, it’s too time consuming and I like that everything I like is in one place in SV.

I don’t see the clothing as wasting money though it’s enjoyment for me as I dont go out or holiday. I’ve my eye on a Moncler coat at moment which is on sale, I’m resisting to buy it but v difficult. I can afford it as money in in my account I got paid last week but want to get into better habits so resisting the urge. I don’t buy lots of cheaper clothes it’s usually items that could be €200 each etc.

Saving hasn’t been a priority it is now and I can still save for rainy day fund but need to resist urge to spend all the rest of money left in my a/c. This is difficult for me.

Phone, I’m tied into a contract for another year. I like being able to upgrade easily but it’s something I’ll look into. I usually wouldn’t buy phone outright but something to consider for sure.
 
I don't believe you want help or want to change. For every suggestion that's made you seem to have a counter-argument/reason/excuse or a means of long-fingering the sensible steps. It's akin to the old teenage "whatever".

Do I Understand the you and your partner have been living rent-free in a property owned by a 3rd-party? If so you may have a nasty tax-shock if this surfaces with Revenue.

I think contributors here have done more than enough to help you. The ball is now in your court, implement the suggestions or don't. Stop the rationalising. Over and out.
 
Cervelo said:
how and where you spend you[r] salary is totally your decision, you earn it so you have the right to spend it
Click to expand...
Yes and no.

This person is now married, they plan to spend their life together. That plan has to include a discussion on finances.

Heaven forbid the OPs husband drops dead in the morning; they may well be out of a home, no savings and no clue with nothing but a bunch of expensive clothes.

At 17, you could be forgiven for spending your surplus income on clothes / beauty products / whatever.

At 27 I would say its time to make a plan.

But the fact that you have reached the age of 37, with so few of the basics shocks me.

Time to wake up and smell the coffee.
 
I was asked Qs and answered them as best I could with explaining along the way.

I’ve received some good helpful advice, I certainly save more and I also realise how lucky I am compared to others. The house situation is out of my hands it’s my husbands dealings and he and his family accountant can be figuring that out.

Thanks to all who have offered constructive advice, I’ll def get onto a financial
Advisor and going forward try to leave a decent amount of money in my a/c every month not withdraw everything.

I’ve still a lot of work to do on myself to make
Life better going forward I realise that. Apologies if it seemed like I wasn’t interested in making changes I was only explaining where I’m at currently.
 
Teacher24 said:
how lucky I am compared to others.
Click to expand...
About as lucky as an alcoholic who gets bottles of whiskey for their birthday.

Having read through your replies again, I'm of the opinion that your spending has an addictive element.

It "makes you happy", you justify it by listing the things you don't do & that someone else is putting a roof over your head.

MIght be time to get some help.
 
Yes we are planning to sit down and figure out things.

If he does I’d easily move back home and live with my parents.
I’d consider having a job I adore and that I spend a huge amount of my energy on and I’m well rewarded for, to be very lucky.

If I’m saving €1000 pm now how much would you say I should use for discretionary expenditure? Would u suggest saving more? Asides from car for me what should I be saving for? Spoke to husband House isn’t an issue for us and his family sorting the tax side of things.

Oh I probably have an addiction but I’m very willing to work on it.
 
Billo said:
Is this true or not ?
Click to expand...
It’s part of a land agreement that I don’t fully understand but yea it’s his we had a chat about it. His brother & his family received something similar on his mothers land years ago when they got married.
 
DannyBoyD said:
Clearly standing on your own two feet is not of great importance to you.

But you're not are you?

What does that mean exactly?

Edit: I'm out - post back in 6 months, would be very interested to hear what changes you've made.
Click to expand...
1. No, I’d have happily lived at home for rest of life if I hadn’t decided on marriage.

2. I am saving this amount now changed it yesterday, I’ve upped it from €750 pm.

3. I didn’t really ask the details but they’re far more sensible than me so I’ll let them sort out with their accountant.
 
Hi Teacher24, you are doing great in many ways and you sound like a really nice person into the bargain. It is really excellent you are married and have a secure home in both your names when the accountant sorts everything out.

You have a job you love and you have very little money worries, as long as there is money in your account you will spend it.

But being an adult also means planning for the future, being financially prudent for the future and making your money work for you. That could mean, a car, house improvements, and money to live off when you retire.

I had a quick look at the figures you added in and you are still missing about €1500 per month in terms of spending or saving. You are going to save €1K a month from now on, but where is the other €500 going and was that €1500 last month? If you had a very clear picture of where your money is going, then you would know where you can make savings.

With your large % of discretionary spending, you should in theory be able to buy a car for cash, if you had decided 5 years ago to save for a car. What if you want to change the car you are getting now for a new one in 5 years time, you should plan for that and start saving now.

Best of luck.
 
Teacher24 said:
Current car too small.
Click to expand...
Teacher24 said:
I have 3 months off during summer and generally spend it at home doing day or shopping trips etc.
Click to expand...
Teacher24 said:
Groceries, I cook and bake everyday so that’s prob where the money goes. It’s not always 300€ but some weeks it might be if I was stocking up on tin foil, kitchen roll etc.
Click to expand...
Yeap, I can see now why the current car is too small

Teacher24, can we ask what type of car were you thinking of and what type of financing where you looking at getting ie. term loan or pcp??
Would your husband be an option, as in he gets the loan in his name and you repay him??
 
You must log in or register to reply here.
Menu
Log in
Register