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14 Oct 2005, 13:34 (Ref:1433627)
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Veteran
Join Date: Jun 2004
Posts: 2,748
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Looking at buying a new car, finance info please
Hi everyone, I'm looking at getting a new car soon, I don't want to be driving my little Ka for ever (fun though she is!).
Anyway, I'm thinking of taking out a loan to cover the cost of it or something similar, which I've never really done before. Any info as to what to look for/avoid with this sort of thing? It'd probably only be about 3 grand or something like that, but I don't want to get ripped off. Cheers for your help. |
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__________________
Renault/MSA Young Photographer of the Year 2006 
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14 Oct 2005, 14:12 (Ref:1433673)
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#2 | ||
 Race OfficialVeteran
Join Date: May 2003
Posts: 11,142
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You could try your bank or a cheap loan company like Direct line or Churchill. I wouldn't expect to pay more than 6 or 7% pa which should give you a total payable of approx £3400 over 2 years on a £3K loan
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14 Oct 2005, 14:13 (Ref:1433674)
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#3 | ||
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Veteran
Join Date: Jun 2004
Posts: 2,748
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Sounds OK, I should look into what I can realistically get for my old car...
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__________________
Renault/MSA Young Photographer of the Year 2006
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15 Oct 2005, 00:06 (Ref:1434077)
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#4 | |
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Race Official Veteran
Join Date: Dec 1998
Posts: 16,760
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on an economic note, i'd say it's unwise to take on debt with the economy in it's current state.
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__________________
devils advocate in-chief and professional arguer of both sides
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15 Oct 2005, 00:07 (Ref:1434078)
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#5 | ||
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Veteran
Join Date: Jun 2004
Posts: 2,748
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Well I was thinking about this, I have a fair few quid in my savings account (with a different back to my current account for some reason...), so I was thinking of dipping into that, then paying some of my wages back into that each month. Makes more sense than getting a loan and then having to pay back extra.
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__________________
Renault/MSA Young Photographer of the Year 2006
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15 Oct 2005, 07:17 (Ref:1434192)
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#6 | ||
 Weasel WranglerVeteran
Join Date: Jul 2002
Posts: 8,885
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Mike, if you can cover it with savings I would definitely do that.
Then, if you can with the savings account you have, set up a standing order/direct debit from your current account every month to ensure you pay it back (cos if you're anything like me, you won't!). No point taking out a loan when you have the cash - the interest you'll lose from your savings will be less than that you'd pay on a loan. |
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__________________
"Never pick a fight with an ugly person, they've got nothing to lose."
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17 Oct 2005, 22:19 (Ref:1436538)
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#7 | ||
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Veteran
Join Date: Aug 2002
Posts: 10,500
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Quote:
Debt is part of life these days. Personally I wouldn't spend all of your savings on a car, you'll miss it in your day to day life. Cars are great but you need cash/savings for girls, drink, football, clothes and......er, girls  If you budget for your loan/finance you'll not miss it. I've found that I'm no worse off despite paying for my car, as previously I simply ****ed away my dispossable income on things I didn't really need. At least with a car you have something to show for the outlay. BTW, check the loan section on Autotrader Online, you can check rates for dozens of companies. |
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