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Re: Car finance
[Re: Salmon]
#906404
24th Oct 2014 8:34am
24th Oct 2014 8:34am
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Joined: Mar 2010
Posts: 3,902
bromborough/wirral
reddragon
Forum Guardian
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Forum Guardian
Joined: Mar 2010
Posts: 3,902
bromborough/wirral
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Always think ahead when buying a car: the repayments/ the tax/ the insurance and of course the repairs all very well paying the finance rates but it's the extras after that you need to think about
ALWAYS REMEMBER BIG BROTHER IS WATCHING YOU:::::::: Have a nice day and an even better one tomorrow
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Re: Car finance
[Re: The_Lounge]
#908817
6th Nov 2014 4:06pm
6th Nov 2014 4:06pm
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Joined: Dec 2003
Posts: 5,683
Bebington, Wirral
DavidB
Wiki Guide
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Wiki Guide
Joined: Dec 2003
Posts: 5,683
Bebington, Wirral
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Don't get a newish car on finance - the reasons why you shouldn't are obvious.
Just deal with having an older, cheaper car, it's not the end of the world, and it's no worse than having a 2 year old bog spec model you are still paying off.
As an example, a mate bought a brand new Tigra in 2006 - she paid it off over 6 years. By the time she had paid it off, it was worth a quarter of the final value. The final deposit had to be paid also - who wants to pay 2 grand+ on a car they're now bored with (now that it isn't new)
In that time, she went without money just so she could do the whole new car status thing to impress the neighbours.
TL:DR - nobody cares about your 2 year old Punto. Paying finance over 5 years hurts. Buy a £500 used car instead.
"C20 LET bang"
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Re: Car finance
[Re: The_Lounge]
#908828
6th Nov 2014 6:01pm
6th Nov 2014 6:01pm
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Joined: Nov 2011
Posts: 1,922
Wallasey/New Brighton
j_demo
Forum Addict
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Forum Addict
Joined: Nov 2011
Posts: 1,922
Wallasey/New Brighton
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for a used car: bank loan. that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is. i got a £4k bank loan over 4 years at £90 a month through my bank (hsbc) meaning overall i'm paying £4300-ish so £300 interest over 4 years on 4k is actually quite good compared to what other options are available. the finance on it through Lookers came to nearly £6k over 4 years... which was scandalous. in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit History isn't spotless but i still got a decent loan etc so you should be able to as well.
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Re: Car finance
[Re: j_demo]
#908936
7th Nov 2014 12:10pm
7th Nov 2014 12:10pm
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Joined: Aug 2005
Posts: 16,225
New Brighton
_Ste_
Wiki Master
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Wiki Master
Joined: Aug 2005
Posts: 16,225
New Brighton
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for a used car: bank loan.
that's what i did for my car. that way it's YOURS and you can sell it if you ever need to etc, on finance you can't technically sell it because it doesn't actually belong to you, it belongs to whoever the finance company is.
i got a £4k bank loan over 4 years at £90 a month through my bank (hsbc) meaning overall i'm paying £4300-ish so £300 interest over 4 years on 4k is actually quite good compared to what other options are available.
the finance on it through Lookers came to nearly £6k over 4 years... which was scandalous.
in context: i'm 25 (was 24 when i took out the loan) didn't have anything to secure it against just told them i was buying a car, but i could have bought anything! i've previously defaulted on a mobile phone contract meaning some debt collectors got involved and blah blah and a couple of other minor things so my credit history isn't spotless but i still got a decent loan etc so you should be able to as well. This, the sensible option. Only £300 interest over 4 years and as a bonus you don't get told who can and cannot service your car 
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