a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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thinking of a loan bout 8K to pay off debt and get new car
how much would you be looking at a week paying 8K back over 3 or 4 years?
any good sites info on loans
this is all just a thought if car is fucked
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Teddy
Member
Registered: 19th Jul 04
Location: Northampton Drives: VW Bora 1.9TDi pd130
User status: Offline
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You wont be "out of debt" though will you!
Your just digging deeper.
dont do it.
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ClaireF
Member
Registered: 1st Nov 05
Location: hurlford, scotland Drives: corsa again
User status: Offline
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i was thinking of doing this, getting a loan, get new car pay of debt with parents, but just wouldnt make the money to pay bk
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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It will be fine, once that loan gets too mcuh to handle then take out a new bigger loan 
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SXI_SAM
Member
Registered: 16th Sep 05
Location: Burton-on-Trent, Staffs
User status: Offline
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quote:
Originally posted by a_j_mair
thinking of a loan bout 8K to pay off debt and get new car
how much would you be looking at a week paying 8K back over 3 or 4 years?
any good sites info on loans
this is all just a thought if car is fucked
I got my loan from Nationwide - did it all online!! www.nationwide.co.uk they have a calculator online so type in how much you want to borrow and how long for and it will tell you have much you will have to pay back a month!! Its worth a try!! Good Luck x 
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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i understand what you are saying but this is simply the same as me getting a car on finance. I am not silly with my £ just my car has cost me quite a bit when i least need it and may require to get a new car, so this would be the best option so i am only paying up say £70 a week
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Lawrah
Premium Member
Registered: 25th Dec 04
User status: Offline
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loans, credit cards...evil!
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CCA
Member
Registered: 6th Dec 04
Location: Somewhere Drives: Not a bloody Vauxhall!
User status: Offline
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If your able to work out an amount that you know you are able to pay every month then go from there.
Shop around and find out who has the best deal on. And do you really need £8k or could it be less.
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by Lawrah
loans, credit cards...evil!
You can always say no 
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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quote:
Originally posted by Lawrah
loans, credit cards...evil!
Not if you use them properly
Lotus Elise 111R
Impreza WRX STi
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by Kyle T
quote:
Originally posted by Lawrah
loans, credit cards...evil!
Not if you use them properly
Indeed interest only mortgage can make a fortune if you know what you are doing 
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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could be less but want a decent car. Thats all it is for really. would also want a loan that i was able to make lump sum paymenyts at any time if i had extra cash etc. will look more into it tomorrow pending the outcome of my engine
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Melville
quote:
Originally posted by Kyle T
quote:
Originally posted by Lawrah
loans, credit cards...evil!
Not if you use them properly
Indeed interest only mortgage can make a fortune if you know what you are doing
YUP 
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L33 LEG
Banned
Registered: 6th Jan 03
Location: Blackburn . Drove: Dimma Saxo VTR
User status: Offline
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from experience, never take loans out.
jst save up for things
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by L33 LEG
from experience, never take loans out.
jst save up for things
Not all ways possible though. What happens if you wanted to start your own business or something?
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L33 LEG
Banned
Registered: 6th Jan 03
Location: Blackburn . Drove: Dimma Saxo VTR
User status: Offline
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quote:
Originally posted by Melville
quote:
Originally posted by L33 LEG
from experience, never take loans out.
jst save up for things
Not all ways possible though. What happens if you wanted to start your own business or something?
ye business; and mortages then thats fine. but jst to pay for a new car or soemthing is jst a bad idea imo
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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Yeah it can be but if your sensible you wont get in above your depth but if you want to change cars part way through then the will no doubt loose a stack of money.
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dave17
Member
Registered: 3rd Sep 02
Location: Greater London
User status: Offline
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how do u buy a new car if u need one tho? ou have to get a loan.
people who say dont do it obviuously cant manage thier money properly
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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all the people that say dont get a loan just for a car, how many people have bought there car on finance? exactly the same. it is still only an option i dont really want to take, but i can manage my money well and am able to earn quite a bit extra when i really need to.
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Woollard
Member
Registered: 20th Nov 01
Location: MK _________________ Drives :BMW 330ci
User status: Offline
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tesco are the cheapest for loans mate
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Siberia
Member
Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
User status: Offline
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quote:
Originally posted by Melville
quote:
Originally posted by Kyle T
quote:
Originally posted by Lawrah
loans, credit cards...evil!
Not if you use them properly
Indeed interest only mortgage can make a fortune if you know what you are doing
for the bank maybe.... simple thing is if your only paying the interest then the capital never comes down.... so the interest stays the same .... kinda forever...
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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Think about it sunny jim. You take out an interest only mortgage for a house worth 100,000. Rent it out for more than the interest payments for say 5 years. Sell it for 150,000 or something and pay off the capital with the bank leaving a tidy profit. Only works with investment properties.
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