Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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After christmas I'll be looking at getting a new car.
My choices are either paying upfront and getting a used car worth about £4000 tops, or getting something on finance, possibly brand new or at the most a year or so old.
Where are the best places to go for finance deals? Banks or specialist companies, and would anyone advise against it?
Cheers
[Edited on 11-10-2005 by Kyle T]
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Rileysport
Member
Registered: 18th Jun 04
Location: West Yorkshire
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finance sucks... i've been burned by it before 
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AJP
Member
Registered: 8th Sep 02
Location: Third roof tile on the left
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quote:
Originally posted by SRi-Co
finance sucks... i've been burned by it before
same here, don't do it. just either buy a car out right now or wait a little longer till you can save up more money.
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Rileysport
Member
Registered: 18th Jun 04
Location: West Yorkshire
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if you must buy new, get a loan instead... usually cheaper and not tied to the car in any way
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CCA
Member
Registered: 6th Dec 04
Location: Somewhere Drives: Not a bloody Vauxhall!
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Dont do it
If you cant afford to pay upfront then you cant afford it
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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Car finance is the worst of worst of worst
I just got a £6k Cahoot fixed rate loan 5.6% with Abbey staff discount over 4 years it works out at £139.95 a month 
Bargain arama
[Edited on 11-10-2005 by Ojc]
[Edited on 11-10-2005 by Ojc]
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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£4k is a reasonable ammount, stay away from debt it's bad.
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TNM
Member
Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
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make sure the loan isnt over 5 years or something silly or you will be paying for a car you no longer own.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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Ok, well ive not really read up much on car finance, and I just assumed that it was a loan for a car, I didnt realise it was tied up to the car in anyway. A Loan is another option - Im not sure on the comment "If you cant afford it upfront, you cant afford it at all" because I could save up £10,000 plus, but it would take ages. I can afford to pay monthly amounts of up to about £400 - so I dont see the problem in getting a loan.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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CCA  sometimes it's not always possible to pay for stuff up front. What are you gonna be like when coming to buy a house  "I can't pay for it upfront so can't afford it, thanks anyway"
Nothing wrong with it Kyle if you can keep up with the repayments. That's what loans are for. As TNM said try to pay it back as quick as possible otherwise you'll come to sell the car and still be paying off the loan.
Good luck 
Just make sure you get the lowest interest rate possible
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CCA
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Registered: 6th Dec 04
Location: Somewhere Drives: Not a bloody Vauxhall!
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I dont mean for everything, obviously when it comes to buying a house thats a different story
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by --Dave--
CCA sometimes it's not always possible to pay for stuff up front. What are you gonna be like when coming to buy a house "I can't pay for it upfront so can't afford it, thanks anyway"
Nothing wrong with it Kyle if you can keep up with the repayments. That's what loans are for. As TNM said try to pay it back as quick as possible otherwise you'll come to sell the car and still be paying off the loan.
Good luck
Just make sure you get the lowest interest rate possible
Cheers fella, whats an example of a good interest rate? Ive seen them from 7% to 16%.
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--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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people have their own opinions on it. I say you just have to be sensible and assess what you can and can't afford.
Getting loans aren't bad. Usually those who say "stay away from them" are people who have probably been burnt by them before for whatever reason.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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as ollie said above, loans can be had for as little as 5.6% percent.
on a loan of 4k you'd expect to pay a little more interest because it's a smaller amount.
It might be worth considering borrowing slightly more (maybe 5k) and getting into the lower band of interest.
Goldfish/Cahoot and Egg are all worth looking at
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ChrisD16v
Member
Registered: 16th Jun 04
Location: Chester, Cheshire
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Marks and Spencer Money do a car buying plan. where you have a deferred amount to keep your monthly payments down.
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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 --Dave--
as ollie said above, loans can be had for as little as 5.6% percent.
on a loan of 4k you'd expect to pay a little more interest because it's a smaller amount.
It might be worth considering borrowing slightly more (maybe 5k) and getting into the lower band of interest.
Goldfish/Cahoot and Egg are all worth looking at
Cheers mate, I know what you mean about spending more to lower interest, as Halifax offer 6.7% on 7k and above.
Ill shop around more seriously after xmas, cheers for the help.
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dannycorsa c
Member
Registered: 8th Mar 03
Location: manchester (astley/tyldesley)
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noooooooooooooo lost out loads on my old corsa. get a loan miles cheaper
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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If you end up not being able to pay for it, just ring them up and say " Can't afford it nomore, come and collect it " you may find they tell you not to pay anything till your straightened out, people I know do this all the time because the companies simply don't want the car back.
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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 VenomTurbo
If you end up not being able to pay for it, just ring them up and say " Can't afford it nomore, come and collect it " you may find they tell you not to pay anything till your straightened out, people I know do this all the time because the companies simply don't want the car back.
Ha, nice to know but Im pretty sure I wont need to do this.
Possible Cars are:
New Astra 1.8 Petrol, New Polo 1.9TD 130 (current favourite) and the New Seat Leon.
Opinions?
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SetH
Member
Registered: 15th Jul 01
User status: Online
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quote:
Originally posted by CCA
Dont do it
If you cant afford to pay upfront then you cant afford it
get in the corner and put the fucking dunces hat on
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by SetH
quote:
Originally posted by CCA
Dont do it
If you cant afford to pay upfront then you cant afford it
get in the corner and put the fucking dunces hat on
PMSL put a fucking dunces bodysuit on for that comment why treat the head only, let rip on the whole body.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
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quote:
Originally posted by --Dave--
CCA sometimes it's not always possible to pay for stuff up front. What are you gonna be like when coming to buy a house "I can't pay for it upfront so can't afford it, thanks anyway"
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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To be fair though, I've never liked loans, finance only really works in form of a work's vehicle where it pays itself off, or a mortgage, because it's thought of as 'secure'.
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Greg_M
Member
Registered: 2nd Sep 03
Location: Grantham, Lincolnshire
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A loan may seen a good idea, but bare in mind that car finance has its advantages.
if after you have payed 50% of the finance then, if the car has resonable milae and reasonable ondition, you can just hand the car back, and pay nothing more.
or considder an agreed valuation finance plan, a plan i which they account for the value of the car after 2/3/4/5 years, and you pay off the difference of the value in finance. Then after the period you agree you can pay off the rest and the car is yours or hand the car back. and pay no more
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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 Greg_M
A loan may seen a good idea, but bare in mind that car finance has its advantages.
if after you have payed 50% of the finance then, if the car has resonable milae and reasonable ondition, you can just hand the car back, and pay nothing more.
or considder an agreed valuation finance plan, a plan i which they account for the value of the car after 2/3/4/5 years, and you pay off the difference of the value in finance. Then after the period you agree you can pay off the rest and the car is yours or hand the car back. and pay no more
Ah, so your only paying the depreciation value?
What do you think of my possible cars? (astra Polo and leon)
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