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RodneyA814
RodneyA814,
Category: Finance
Satisfied Customers: 173
Experience:  Expert
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I'm looking for a quick bit of advice in looking to purchase

Customer Question

Hi there, I'm looking for a quick bit of advice in looking to purchase a new car
JA: Have you talked to a financial professional about this?
Customer: Not at the moment now
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I currently am looking for a mortgage in the future, but I also need a car for my new business and am wondering if I should avoid a loan until I get a house
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
I look forward to hearing from you,Best Regards,
Dan
Expert:  RodneyA814 replied 1 year ago.

Hello there,

Are you working as self-employed or through a company? If through a company, do you plan to buy the car through it or in your own name?

Customer: replied 1 year ago.
Hi Rodney, I am indeed self-employed yes. My main workplace is at home but I will be travelling to events and other places of work more frequently now.
Customer: replied 1 year ago.
Hi Rodney, I, unfortunately, can't afford that extra charge
Expert:  RodneyA814 replied 1 year ago.

Can you please explain your second comment? I've not asked you to pay anything.

Expert:  RodneyA814 replied 1 year ago.

As self-employed if you get a car, that would be seen as a financial commitment on your hence will reduce the amount you can borrow for a mortgage.

You therefore have to check the cost of property you would like to buy and determine if you can still meet your mortgage requirements in addition to paying for the car.

You may be able to do both but until the figures are run through a mortgage broker's system, you won't be certain.

I would suggest you see a broker to help you determine this.

Customer: replied 1 year ago.
Hi Rodney, thank you for the advice
Expert:  RodneyA814 replied 1 year ago.

You are welcome.