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ultrabluesxi

posted on 27th Jan 04 at 05:16

first thing to do is a budget,wright done all your expenses everything,then you will know what you have left no good having a new car and cant afford to drive it anywere, also factor in insurance and services and registration each year


AndyW

posted on 27th Jan 04 at 00:46

quote:
Originally posted by Ian
Car finance is secured on the car is usually easier to get out of. For example, if you've paid more than half you can usually give the car back regardless of negative equity on the car at that time.

The only way to settle a bank loan is with proper cash.

There's no bad route, if you're comparing loans take a look at TAP - total amount payable - and decide how long you're keeping the car for and how much you want it to be worth when you do sell for an idea of what sort of term to look at.


i see, cheers :)
ill av a look around see what i like etc, then see what my bank can offer etc, i may ge turned away cos of my age just things i need to research.


Ian

posted on 27th Jan 04 at 00:40

Car finance is secured on the car is usually easier to get out of. For example, if you've paid more than half you can usually give the car back regardless of negative equity on the car at that time.

The only way to settle a bank loan is with proper cash.

There's no bad route, if you're comparing loans take a look at TAP - total amount payable - and decide how long you're keeping the car for and how much you want it to be worth when you do sell for an idea of what sort of term to look at.


Dave

posted on 27th Jan 04 at 00:06

Most loan companies are offering very low APR's at the moment so it's a much better option than dealer finance.

I took a loan out a bit back and offset it to my current account through IF, I wasn't really sure what it was all about at the time, I went for it because the APR was low but because I usually have a decent amount of cash in the bank I've paid the loan off 3months early now.

Well worth looking at, I think other companies have started off-setting now too.


AndyW

posted on 26th Jan 04 at 23:59

quote:
Originally posted by Ian
You're probably going to need it on a house so you may as well get over principles right now.

Finance is a tax on having it now.

Do the right deal, keep your eyes open on how easy it is to settle.

It'll leave you without money in the future as of course even if you sell the car down the line you'll probably be breaking even on the deal and won't have much equity. If you need a deposit for a house this might be an issue but you could also borrow a smaller amount over less time and end up with a car that you own at the end of 2 or 3 years.

I tend to get them over 5 and change them when they're square. No sense investing in a depreciating commodity!


i always consider myself to be quite clever with a good vocabulary, but yor words leave me baffled.
:( i feel stupid now.

so in easy terms :lol: a loan with good apr is better than finance from a dealer cos i will ow the car outright!?!
if i was to do a loan id want to pay it out over say 2 years. or even less.


Ian

posted on 26th Jan 04 at 23:43

You're probably going to need it on a house so you may as well get over principles right now.

Finance is a tax on having it now.

Do the right deal, keep your eyes open on how easy it is to settle.

It'll leave you without money in the future as of course even if you sell the car down the line you'll probably be breaking even on the deal and won't have much equity. If you need a deposit for a house this might be an issue but you could also borrow a smaller amount over less time and end up with a car that you own at the end of 2 or 3 years.

I tend to get them over 5 and change them when they're square. No sense investing in a depreciating commodity!


AndyW

posted on 26th Jan 04 at 23:10

my weapon is dead lol. refused to start this mornin and i think mot is up at end of the month fuck dat!

so i need another car desperately!!!
i can afford to get a car on finance. i no longer have a wad of cash to buy a car outright straight off...and as for saving i do not have time i need a car


starkmotorsport

posted on 26th Jan 04 at 22:45

quote:
Originally posted by fadscorsa
dont do dealer finance i regretted it big time best bet is to get a low APR loan then you own the car outright.

If you take out finance the car is technically property of the finance company and isuposedly your not meant to mod cars on HP.


Yup, get a loan as its better. The finance company can reclaim the car if you miss a payment, whereas then bank will just send big hairy guys to sort you out! :lol: Atleast you can drive away from them! :thumbs:

Oh and why do you need another Golf? Yours is a weapon!


the_legend_of_yrag

posted on 26th Jan 04 at 22:36

quote:
Originally posted by M2RV H
quote:
Originally posted by dazz25
I got a goldfish loan for 6.2%APR and it only works out at something like £500 extra!


must be one expensive fish!! :lol:


lmao :lol: how much you take out? Must of been a bit for £500???


M2RTY

posted on 26th Jan 04 at 22:17

quote:
Originally posted by dazz25
I got a goldfish loan for 6.2%APR and it only works out at something like £500 extra!


must be one expensive fish!! :lol:


Ben

posted on 26th Jan 04 at 22:16

personally ive been raised with the views , u only spend what u have . i know its harder but if i want sumart i save for it .

only exception is a house


Phil Hall

posted on 26th Jan 04 at 22:14

As said before, a personal loan is the way to go. You will owni t and its more straight forward, no milage penalty clauses or final payments etc.


dazz25

posted on 26th Jan 04 at 22:11

I got a goldfish loan for 6.2%APR and it only works out at something like £500 extra!


AndyW

posted on 26th Jan 04 at 22:07

quote:
Originally posted by Fester
tbh it seems a 100% personal thing, some people don't have a problem with paying off, slowly but surely over a couple of years, and the majority of people don't have a problem; whereas those with the 'cack cars' probably aren't comfortable with owing money, so even though they could afford the payments, choose not to.

So overall the Fester is no help here :lol:



:lol: its the thought that counts mate.


Fester

posted on 26th Jan 04 at 21:36

tbh it seems a 100% personal thing, some people don't have a problem with paying off, slowly but surely over a couple of years, and the majority of people don't have a problem; whereas those with the 'cack cars' probably aren't comfortable with owing money, so even though they could afford the payments, choose not to.

So overall the Fester is no help here :lol:


Fad

posted on 26th Jan 04 at 21:20

dont do dealer finance i regretted it big time best bet is to get a low APR loan then you own the car outright.

If you take out finance the car is technically property of the finance company and isuposedly your not meant to mod cars on HP.


Greg_M

posted on 26th Jan 04 at 21:10

compare apr's, try finance companys aswell as the manufacturers.

shop around and play companys against each other


diddon

posted on 26th Jan 04 at 21:05

nothing wrong with finance, just get a low apr rate


m-dot

posted on 26th Jan 04 at 21:04

if you get it on 0% yes, otherwise avoid it possible:thumbs:


AndyW

posted on 26th Jan 04 at 21:03

a good idea?
ive got a nice rise and was thinkin bout a newer car i was lookin and thinkin i can afford a nice newish golf etc. on finance...

but ppl that ive spoke to say no avoid it, but them ppl r drivin crap cars if u know what i mean.
loadsa ppl get new cars thru finance so is it any good?

cheers andy.