I am in the process of buying a car, but since I have no credit history here in the South I am likely to have to buy a car outright with cash which will likely cost me in the region of €10,000 for a decent reliable car. I
Yes I think I will just continue using Wise to transfer money into my UK bank account.If it was me, I'd continue the payments from your existing GBP bank account.
I don't think debt repayments to another jurisdiction would in any way help you in terms of a mortgage application.
I'd agree with a lump sum payment into the GBP account once a year or so & then you can forget about it till the following year.
*Provided* you can afford the lump sum payment and you plan to keep the car for 7-8 years, a PCP might work well for you.
Would it not make sense to get a loan through your existing Northern bank for the car, buy the car up there (probably cheaper) and then re-register it down here?
You could look at Revolut for the monthly payments for your student loan.
Yes unfortunately in hindsight I should have bought a car up North 6 months before I moved down. If I was to buy one up North now and bring it down, I would be charged a fortune in VRT import tax.Open to correction, but I think you have to have owned the car for six months prior to moving date.
That is not what I have found throughout my car search thus far, I have been looking for a used Toyota/Honda under 100,000 miles but most are coming in around €7,000-€10,000. Perhaps you could recommend something or offer further advice on this please?You can easily buy a decent reliable car for less than €2k.
A colleague of mine bought a 2002 Toyota Corrolla 5 years ago for €800, so 13 years old at the time. He commutes 40km a day with it plus whatever weekend driving he does. Before Covid he travelled 180km each way to visit his parents approx once a month and 80km each way once a week to a night course he was doing.That is not what I have found throughout my car search thus far, I have been looking for a used Toyota/Honda under 100,000 miles but most are coming in around €7,000-€10,000. Perhaps you could recommend something or offer further advice on this please?
When you go looking for a mortgage you'll have €77 per month less to play with. Pay off a chunk of it, if it was me i'd pay it all off. You'll still have nearly €15k left over and having that bit less money might help you spend less on a reliable car with no debt afterwards. 32 years old, no debt, your own car and €15k in your back pocket. Just because your interest is only just over 1% means nothing to me, it's still a debt and you can well afford to pay it.
You might be best start a new thread with a more suitable title...Hi guys, I am still looking for some financial advice, ...
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