Mr Plod Posted August 1, 2009 Report Share Posted August 1, 2009 Right I'm after a new car and I've seen the one I want. I was planning on getting the car towards the end of the year but due to limited numbers I'm going to have to get it sooner than I'd have liked or miss out. So I'm after getting a loan to at least pay the deposit. So yeah what bank to go for the loan? I was going to get the car on finance but would it be best to just get a loan to pay the car off in one go and then I can pay the loan back at my own leisure so to speak... I can easily afford the car as well so yeah... Also I'm currently with Abbey but was wondering if there's better banks to be with in general... I'm not that good when it comes to money and things so any advice much appreciated.Cheers Quote Link to comment Share on other sites More sharing options...
Will Arnold Posted August 1, 2009 Report Share Posted August 1, 2009 over how long do you intend to pay for it? Quote Link to comment Share on other sites More sharing options...
Mr Plod Posted August 1, 2009 Author Report Share Posted August 1, 2009 Was looking at 5 years? But if I could then sometimes pay more off per month to finish it earlier? Or would it be a good idea to get a credit card and do it? Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted August 1, 2009 Report Share Posted August 1, 2009 If you don't have any savings to even cover the deposit, how healthy are the finances to pay back the rest? As with any of these things, it's best to shop around for the best deal. A few manufacturers are still doing 0% with reasonably big deposits which would save on the APR... Check out somewhere like moneysupermarket.com for comparisons on loans though. Also, any deal you find from a bank interest-wise, enquire first at the garage to see if they can match or beat it- there's usually some room for negotiation with these people.May also help. Quote Link to comment Share on other sites More sharing options...
george_seamons Posted August 1, 2009 Report Share Posted August 1, 2009 Don't do it. That's my advice.You might think now that 5 years is not a long time. You won't want to keep a car for 5 years, I promise you. When I was 19, I took a £2500 loan out to partially fund a car, to be paid over 2 years. It was £110 every month for 2 years. I wanted rid of the car by about 10 months. I ended up selling it at 18 months, and I had to continue paying the loan off for the remaining 6 months. Let me tell you, paying £110 a month for something you don't even own anymore is the most demoralising thing ever! Obviously thats just personal opinion though. If you want something that much, me saying that really isn't going to stop you!What sort of figure are you looking at taking a loan out on? You're right about the loan being better than finance though. At least if you take a loan out, you actually own the car outright. If you take finance, you don't technically own the car until the last payment has been recieved, so if anything goes wrong, you could potentially lose the car, and have nothing to show for it. Quote Link to comment Share on other sites More sharing options...
Papa Manual Posted August 3, 2009 Report Share Posted August 3, 2009 Don't do it. That's my advice. Quote Link to comment Share on other sites More sharing options...
MadManMike Posted August 3, 2009 Report Share Posted August 3, 2009 It's all good and well saying don't do it, but if he's anything like me then it's this scenario;I earn enough to pay £100 / £150 a month back but will NEVER be able to just pay out £2,500 in one lump sum. So I can afford it, just not in one payment.So if we just straight up "don't do it" we'll never have it. Hence why I've not had a car or motorbike yet (Well, the Polo sat on my driveway didn't really count as it never moved...) Quote Link to comment Share on other sites More sharing options...
AdamR28 Posted August 3, 2009 Report Share Posted August 3, 2009 I earn enough to pay £100 / £150 a month back but will NEVER be able to just pay out £2,500 in one lump sum. So I can afford it, just not in one payment.But you could if you saved up for about 18 months :wink2:I can't really help with the finance question, sorry, but I'm of the same opinion as George and Jon! Quote Link to comment Share on other sites More sharing options...
Tomm Posted August 3, 2009 Report Share Posted August 3, 2009 Yeah, the only finance worth going for is 0%, and that's only when you have the funds in your bank account to cover it (you just use the 0% loan as essentially money off). f**k getting a loan just to buy a car when you're not earning much. Quote Link to comment Share on other sites More sharing options...
MadManMike Posted August 3, 2009 Report Share Posted August 3, 2009 But you could if you saved up for about 18 months :wink2:I can't really help with the finance question, sorry, but I'm of the same opinion as George and Jon!Again, just speaking personally, I couldn't save the money lol.I'd pay it if I had to, but if I didn't have to it would go on random stuff Quote Link to comment Share on other sites More sharing options...
Robwalker Posted August 4, 2009 Report Share Posted August 4, 2009 My girlfriend got a loan to pay for her car. She hates it. It ties you down and you allllllways have to think about it before doing anything else that involves money. Be patient and save is my advise.. Quote Link to comment Share on other sites More sharing options...
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