Loan Consolidation?

J

jeny

Registered User
Messages
98
Hey All- Il give a bit of back ground first.

I am changing jobs in < 3 weeks to a lower paid job with no perks (why you ask!! )
Im a training accountant, and finally got a job i a practice However, as i have been on a relatively well paid job in the last few years i have accumulated some Debts along the way (always living out of my means)

Problem is! I need to consolidate my current loans in order to survive on the new wage without getting into any more debt.

What to do:

Scenario 1)
Sell Car for 8500 (loan is 9500) 1000
Pay off credit Card 5000
Refund work exp 1500
Buy new car 3500

Total Loan needed: €11000
Repay €124pm

(note my car is 06 woudl have to buy a 00- car trouble?? )

Scenario 2)
Keep Car & Refinance Loan 9500
Refund work exp 1500
Credit Card 5000
Total Loan needed €16000
Repay €175pm


so 50 euro in the difference PM.

Is it worth selling my current car for 50 p/m or should i just get rid of it and get a older car?

I am getting this as a home improvement loan (i know interest over the term crazzy etc) but i have to do it for the short term- 2 years il be qualified and hopefully then i sill be able to shorten the term and clear the kloan.

I just dont know whet to do!

Car purchaser wants to view tomorrow. (its a good price id say she goes for it)
 
If you're moving to a lower paid job, and you already have some debt, have you enquired with a financial institution as to how much of a loan you can are eligible for? With everyone talking about the credit crunch, this may help you make the decision!
 
I have been approved for it alrerady as i am still in my better paid job. I can afford the repayments of this loan and plan to clear it in <4 even though its original term is actually 10
 
In that case, I can't see any real advantage to selling your car to buy an older model. If it were possible to sell it and not buy another car, then I'd suggest that but you may need a car to commute etc.
 
I do need the car to comute unfortunately.

My Partner has a 00 and yesterday of all days it broke down- Completely put me off buying an older car as i just wont be able to deal with such unexpected costs.

At least if i keep my car get a good service done on it now, i hopefully wont have any priblems with it.

So ive decided to go with the slightely more expensive option!
 
You must log in or register to reply here.
Back
Top