Car finance question

Hi, Not sure where else to ask this but i am looking to get a new car and this is my current situation -

I am currently earning 1300 a month altho ill be on 1500 in 3 months.
I have a BMW 116i worth around 9k but 5k is financed.

I would like to get a slightly faster car that is 13k however how can i apply for something like a tesco bank with an exsisting finance?

I have 20k in crypto but i dont want to cash out for about a year. I would like to buy the car now so what would be the best way of getting the finance now and then paying most of it off when i sell my other car?

My credit score is 390 and i only have 500 on ma credit card wich ill pay off this thursday.

Hmmm, tricky one

How far through the agreement of the 1 series are you.

Voluntary termination is always an option, but over half the money needs to have been paid.....

Oh yh i paid more than half, Its a decent car but im looking at something faster maybe an 135i / 140i. Would it be possible to apply for a new loan buy new car, Sell old car and pay off old loan and part of new loan ? should only increase it by like 2-3k which i should be able to aford easily.

Hi, Not sure where else to ask this but i am looking to get a new car and this is my current situation -

I am currently earning 1300 a month altho ill be on 1500 in 3 months.
I have a BMW 116i worth around 9k but 5k is financed.

I would like to get a slightly faster car that is 13k however how can i apply for something like a tesco bank with an exsisting finance?

I have 20k in crypto but i dont want to cash out for about a year. I would like to buy the car now so what would be the best way of getting the finance now and then paying most of it off when i sell my other car?

My credit score is 390 and i only have 500 on ma credit card wich ill pay off this thursday.

1. What is the interest rate on your current loan? I'm assuming 6-15%? Maybe more given your income and credit history.

Paying off high interest debt will give you a greater return than the vast majority of investments, crypto included.

That level of interest (excluding fees/penalties on selling your existing car) is greater than you are likely to earn with investments (on average). You would be better off buying the car with cash, and then saving that interest (which will be worth £1000s over the course of your loan).

2. Do you need that car or do you just want it?

£5000-9000 (excluding interest and additional running costs!) is a lot of money to burn for someone on such a low salary just to drive around a little faster.

That is one incredibly expensive hobby!

You will thank yourself in the future, and it may be 5-10 years down the line, having that money for a much larger house deposit, or to pay your bills when you lose your job, or even start up your own business.

Being a little older there is number of things I wish I hadn't bought in the past, or bought cheaper, in order to have more money to invest now.

3. Crypto isn't an investment, despite what many will have you believe, it is a gamble.

Now you are young enough that if your crypto halved in value (like it has done multiple times in the past) you will recover, it may take years or decades, but you will recover.

But £20k is a lot of money for someone in their teens or early twenties, why jeopardise your future wealth? The only exception to this is if that £20k is only a small portion of your overall portfolio (eg; 10%) or you have some sort of edge (eg; you are an "early adopter").

1. What is the interest rate on your current loan? I'm assuming 6-15%? Maybe more given your income and credit history.

Paying off high interest debt will give you a greater return than the vast majority of investments, crypto included.

That level of interest (excluding fees/penalties on selling your existing car) is greater than you are likely to earn with investments (on average). You would be better off buying the car with cash, and then saving that interest (which will be worth £1000s over the course of your loan).

2. Do you need that car or do you just want it?

£5000-9000 (excluding interest and additional running costs!) is a lot of money to burn for someone on such a low salary just to drive around a little faster.

That is one incredibly expensive hobby!

You will thank yourself in the future, and it may be 5-10 years down the line, having that money for a much larger house deposit, or to pay your bills when you lose your job, or even start up your own business.

Being a little older there is number of things I wish I hadn't bought in the past, or bought cheaper, in order to have more money to invest now.

3. Crypto isn't an investment, despite what many will have you believe, it is a gamble.

Now you are young enough that if your crypto halved in value (like it has done multiple times in the past) you will recover, it may take years or decades, but you will recover.

But £20k is a lot of money for someone in their teens or early twenties, why jeopardise your future wealth? The only exception to this is if that £20k is only a small portion of your overall portfolio (eg; 10%) or you have some sort of edge (eg; you are an "early adopter").

I made 60k last year from crypto and purchased a house, My salary is low at the moment but will increase to 1500+ in 3 months. My interest rate on my car is 7% I can cash out now and pay it off but i would rather just wait till bitcoin is 20k and cash out 50k in cash pay the taxses and pay of the car then. The intreset is only like 500 quid as i went for 24 months. I only started to build a credit history around 10 months ago but my credit score has been going up a lot because of the car finance. I paid off all the credit dept now so i only need to pay off the car.

The extra few quid of fuel and insurance is doable as i save around 500 quid a month. I got an offer for 9.5k for my car so the new car will only be 3k more.
And yeah i really wanne get a faster car the M135i can be pushed to 450BHP with a few mods wich should be okay for a year or 2 for me.

I purchased BTC at 2500 - 4000 and honestly the only thing im regretting is not buying more. I dont see it as a gamble there is a really high chance of it hiting 20k this year and i belive in its goal to make a decentralized currency

It seems like if (when) crypto goes to the moon you will soon be mortgage free ( if you aren't already), also you will be able to afford the car cash down. Why not buy a cheap run around and if crypto goes to the mean, you can be debt / mortgage free + have a car paid off without any finance... Hope you bought some ( it's way undervalued currently) ethereum too ( + other alts as they can easily 100x in a bull market making you a millionaire) ...

I purchased BTC at 2500 - 4000 and honestly the only thing im regretting is not buying more. I dont see it as a gamble there is a really high chance of it hiting 20k this year and i belive in its goal to make a decentralized currency

Are we talking about pure speculation like the last bubble that saw 90+% of "investors" lose money or a complete overhaul of the overhaul of the technology and banking system as a whole?

If we are talking about the latter how do you know that is likely to happen and why is this not being reflected in Bitcoin's current market price?

Bitcoin is still new, But if you buy cheap, Know what crypto is actually about its a better investement / alterantive to GBP / USD than anything else on the market. I definetly belive i got lucky with my first purchase around 1-2k per BTC but since then i sold at its peak 9k-11k and brought back right at the bottom 2.5k - 4k made around 1000% profit. So even if i make a loss now i am happy i was in for the ride.

Those people who purchased at 9-11k and then sold lower where quite stupid if they invested everything. Because there was early signs that it will drop. Right now i belive we can get to that 20k.

Not only that I believe ( although past performance is not a guarantee of future returns), new ATH around the $50,000 - $70,000 for btc could be a conservative price range for me by end of the year.

Nothing is guaranteed with crypto, so having the odd amount £1,000 in some alts think cardano, nano etc and when alt season arrives we could get an easy 100x...

So there is insane money to be made (& lost), I wouldnt focus on an expensive car, put it in alts and focus on making returns and funnel it into more properties ( rentals & stockmarket funds and any other stable investment after you made crypto gains)..