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Goodbye Car Finance – Hello Car Finance

Bad Credit Car Finance
Image courtesy of Salvatore Vuono / FreeDigitalPhotos.net

For quite some time now I have been thinking about getting rid of the car I bought on finance three years ago. You can read more about that episode in my Moneybarn Review. The payment was quite expensive each month, and recently I have found a need to reduce what I am paying out each month, so that I can start to sort out my debts properly.

My options for selling my car were quite limited, owing to the fact that it was on finance so this left selling to a dealer or one of those companies you see on TV. Having shopped around a bit I decided to see if WeBuyAnyCar.com would honour the price they offered me.

History Repeats Itself

I went to my local WeBuyAnyCar.com branch having done the valuation and arranged the appointment online. Without spoiling things it went OK and if you really want to know about what the whole experience was like, please read my WeBuyAnyCar.com review.

Happy with their offer I signed my life away and was going to put forward the next stage of my plan, acquiring a car for around £700 to tide me over for a year. It would also mean one more debt was gone. How wrong I would be. After much searching I found a car that on the surface appeared to be OK. Anyone who knows me will tell you I plain suck at buying cars but this time things were supposed to be different. I had spent literally weeks preparing for this purchase, finding out about all the common faults on the particular model of car I was interested in, a Ford Focus. I was quietly confident that I would find a good example and one that would work without any issues.

I test drove the car, gave it a good looking over picking up on the fact the tyres were knackered. Eventually the seller and I agreed a price and I drove away. All seemed fine. Five days later I was driving to work having been ill for much of the week. Happily cruising along on the motorway the car suddenly lost power, I lost the power steering and breaking performance was reduced. Luckily I managed to get the car restarted and was heading for the next junction to get off at. The car carried on for a while as if nothing had happened but the speedometer had stopped working.

I managed to get onto the slip road when the car cut out again, just as I was entering a big roundabout. I lost the steering again but managed to recover and get to safety. I had messed up again. I sold my old car for the right reasons but in the process had acquired another lemon. I managed to get the car home and having phoned work to advise I wouldn’t be in set about working out what to do. Usually when I try to do the right thing, something has to go wrong.

Back in Debt

I investigated the issue and the problem was with the speed sensor on the vehicle which is quite a common fault. It would cost around £110 to put right. I had already spent money on tyres and a list of other things had started to build up, including repairing the centre rear brake light that wasn’t working which appears to be some dodgy cabling. I was at a cross roads, do I get another car loan or start throwing money away on 14 year old car. My car 100% has to work and not let me down owing to the fact that public transport to where I work is about as useful as a Chocolate Teapot. I  caved in and I am now in debt again to a car, but on the positive side at least the new car loan is cheaper interest wise.

How to look at this

I am not going to look at this as a debt, but rather a monthly cost like renting my house. Sadly a car is a necessity for me, unless I change jobs which in the current economic climate is not something I would want to do. I could repair the old car but how many repairs will it need? How long before it needs replacing? I also like certainty and with a much younger car, I get that along with a decent warranty should anything major happen. I did reduce my expenses although not to 0 per month for the finance payment which was what the aim was. The new car is much better with fuel and cheaper to insure, but overall I am still spending money I wanted to save, just not as much as before I embarked on this journey.

What I would do differently

Time for hindsight here but looking back I would have: –

- Not tried to save money and kept my old car that was on finance.

- Got an RAC Inspection on the car I was purchasing.

- Changed jobs shortly after the company I was working for relocated to a remote location.

It’s nice to look back but really things are what they are and can’t be changed. As for the debt the knife is being taken to all of the expenses I have so I can start to chip away at the smaller debts. End of Confession! :-)

Some Bad Credit Car Finance Reading

I have written a bit about Car Finance when you are in debt so if you are interested here are the links: –

- Bad Credit Card Finance

- Moneybarn Review

- Changing your Car under finance with Bad Credit

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