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Author is finance...
AndyW
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Registered: 28th Oct 02
Location: Greater London
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26th Jan 04 at 21:03   View User's Profile U2U Member Reply With Quote

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.
m-dot
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Registered: 17th Aug 03
Location: Warrington
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26th Jan 04 at 21:04   View User's Profile U2U Member Reply With Quote

if you get it on 0% yes, otherwise avoid it possible
diddon
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Registered: 23rd Apr 02
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26th Jan 04 at 21:05   View User's Profile U2U Member Reply With Quote

nothing wrong with finance, just get a low apr rate
Greg_M
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Registered: 2nd Sep 03
Location: Grantham, Lincolnshire
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26th Jan 04 at 21:10   View User's Profile U2U Member Reply With Quote

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

shop around and play companys against each other
Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
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26th Jan 04 at 21:20   View User's Profile U2U Member Reply With Quote

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.
Fester
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Registered: 9th Oct 01
Location: Lancaster
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26th Jan 04 at 21:36   View User's Profile U2U Member Reply With Quote

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
AndyW
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Registered: 28th Oct 02
Location: Greater London
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26th Jan 04 at 22:07   View User's Profile U2U Member Reply With Quote

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



its the thought that counts mate.
dazz25
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Registered: 18th Dec 02
Location: Cheshire Drives: Corsa C SXi
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26th Jan 04 at 22:11   View User's Profile U2U Member Reply With Quote

I got a goldfish loan for 6.2%APR and it only works out at something like 500 extra!
Phil Hall
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Registered: 28th Sep 01
Location: Belfast
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26th Jan 04 at 22:14   View User's Profile U2U Member Reply With Quote

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.
Ben
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Registered: 12th Jan 03
Location: West Yorkshire
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26th Jan 04 at 22:16   View User's Profile U2U Member Reply With Quote

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
M2RTY
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Registered: 25th May 01
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26th Jan 04 at 22:17   View User's Profile U2U Member Reply With Quote

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!!
the_legend_of_yrag
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Registered: 7th Jul 03
Location: Cambridgeshire
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26th Jan 04 at 22:36   View User's Profile U2U Member Reply With Quote

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!!


lmao how much you take out? Must of been a bit for 500???
starkmotorsport
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Registered: 27th Apr 02
Location: Scotland
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26th Jan 04 at 22:45   View User's Profile U2U Member Reply With Quote

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! Atleast you can drive away from them!

Oh and why do you need another Golf? Yours is a weapon!
AndyW
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Registered: 28th Oct 02
Location: Greater London
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26th Jan 04 at 23:10   View User's Profile U2U Member Reply With Quote

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
Ian
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Registered: 28th Aug 99
Location: Liverpool
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26th Jan 04 at 23:43   View Garage View User's Profile U2U Member Reply With Quote

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
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Registered: 28th Oct 02
Location: Greater London
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26th Jan 04 at 23:59   View User's Profile U2U Member Reply With Quote

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 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.
Dave
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Registered: 26th Feb 01
Location: Lancs
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27th Jan 04 at 00:06   View User's Profile U2U Member Reply With Quote

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.
Ian
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Registered: 28th Aug 99
Location: Liverpool
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27th Jan 04 at 00:40   View Garage View User's Profile U2U Member Reply With Quote

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.
AndyW
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Registered: 28th Oct 02
Location: Greater London
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27th Jan 04 at 00:46   View User's Profile U2U Member Reply With Quote

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.
ultrabluesxi
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Registered: 12th Nov 03
Location: sydney aust
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27th Jan 04 at 05:16   View User's Profile U2U Member Reply With Quote

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

 
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