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Author Taking out a loan...
Ren
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Registered: 16th Oct 04
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20th Feb 08 at 21:25   View User's Profile U2U Member Reply With Quote

Ive seen a car I want to buy, and its priced to a number I cant afford at the minute. Im selling my car to pay for the new one, but as I dont have any funds it might of already sold by the time I save the cash up. What are your opinions of taking out a 2500 loan until I sell my current car, and using that money to pay for the loan outright, or is there some small print on loans that says I still have to pay the APR on top?

Cheers all
DannyB
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Registered: 6th Feb 08
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20th Feb 08 at 21:25   View Garage View User's Profile U2U Member Reply With Quote

Worst thing you can do is get a loan, might seem good that you will get handed this big wad of cash, but u wont think that in 5 years when you're still paying it back.
John
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Registered: 30th Jun 03
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20th Feb 08 at 21:26   View User's Profile U2U Member Reply With Quote

You still have to pay the interest to get out early on most loans, some you don't.

Nobody that can give you a couple of grand for a couple of weeks?
Ren
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Registered: 16th Oct 04
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20th Feb 08 at 21:30   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John
You still have to pay the interest to get out early on most loans, some you don't.

Nobody that can give you a couple of grand for a couple of weeks?


Unfortunatly, my family's going on holiday in a weeks time so they cant borrow me anything right now. I'm not sure what else I could do, unless someone wants to buy my car right this second...
DannyB
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Registered: 6th Feb 08
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20th Feb 08 at 21:32   View Garage View User's Profile U2U Member Reply With Quote

Out of interest what you after buying mate?in my experience loans are the spawn of satan, fucking horrible things...you dont want one.
S@M
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Registered: 3rd Oct 07
Location: East Yorkshire
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20th Feb 08 at 21:34   View User's Profile U2U Member Reply With Quote

just get a cheap car...
Ren
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Registered: 16th Oct 04
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20th Feb 08 at 21:35   View User's Profile U2U Member Reply With Quote

I need a diesel because owning my corsa is becoming expensive on the motorway. Seen a really nice Passat TDI priced at 3000, and excluding the money I have already saved up previously, I need another 2300. The next car I own, I'm going to keep for another 3+ years so I want a comfy car that will suit the bill.

[Edited on 20-02-2008 by Ren]
DannyB
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Registered: 6th Feb 08
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20th Feb 08 at 21:36   View Garage View User's Profile U2U Member Reply With Quote

You looked at boras?anyway...id think of any possible way to get the money other than a loan mate.
Wrighty
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Registered: 28th Feb 04
Location: Howden
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20th Feb 08 at 21:37   View User's Profile U2U Member Reply With Quote

coupla mates have taking out loans and its ruined them..going to be in debt for a good 8 years...
pow
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Registered: 11th Sep 06
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20th Feb 08 at 21:43   View Garage View User's Profile U2U Member Reply With Quote

Don't get a loan. Sell your car first
drax
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Registered: 5th Feb 05
Location: Sittingbourne, Kent
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20th Feb 08 at 21:51   View User's Profile U2U Member Reply With Quote

Have you checked you can insure it, and what price..

You need to budget for that as well..
p4uls corsa
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Registered: 2nd May 05
Location: BRADFORD
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20th Feb 08 at 21:58   View User's Profile U2U Member Reply With Quote

2.5k loan with hsbc was going to cost me 120 a month for 24 months
Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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20th Feb 08 at 22:00   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by red_top
Worst thing you can do is get a loan, might seem good that you will get handed this big wad of cash, but u wont think that in 5 years when you're still paying it back.


Loans are fine if you can afford them, not everyone gets loaned up without a second thought

My dad got a loan in November to buy his car, sold his old car in December, loan paid, cost 1 months interest which was peanuts.

I got a loan to buy my car, make a payment each month and can easily afford it, don't see the issue myself.

[Edited on 20-02-2008 by Ian W]
Tiesto
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Registered: 6th Jun 02
Location: Hinckley, Leicestershire
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20th Feb 08 at 22:03   View User's Profile U2U Member Reply With Quote

Loans are good if you can stomach the interest and can budget your repayments.
p4uls corsa
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Registered: 2nd May 05
Location: BRADFORD
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20th Feb 08 at 22:04   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian W
quote:
Originally posted by red_top
Worst thing you can do is get a loan, might seem good that you will get handed this big wad of cash, but u wont think that in 5 years when you're still paying it back.


Loans are fine if you can afford them, not everyone gets loaned up without a second thought


i agree loans are only bad when you cant afford the payments
DannyB
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Registered: 6th Feb 08
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20th Feb 08 at 22:14   View Garage View User's Profile U2U Member Reply With Quote

Id rather save up, than lend say 2k and pay about 4k back.
ShEp
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Registered: 9th Aug 05
Location: Dingwall, Highland
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20th Feb 08 at 22:15   View User's Profile U2U Member Reply With Quote

Depends if you get a fixed term loan

Get a flexi loan (depending on how good your credit status is) and you'll be able to pay back quicker and thus missing a lot of interest
p4uls corsa
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Registered: 2nd May 05
Location: BRADFORD
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20th Feb 08 at 22:16   View User's Profile U2U Member Reply With Quote

2.5k from hsbc over 2 years you pay back 2880

so 380 for borrowing over two years
pow
Premium Member

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Registered: 11th Sep 06
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20th Feb 08 at 22:28   View Garage View User's Profile U2U Member Reply With Quote

I had a nana loan. They are FTW
Ian
Site Administrator

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Registered: 28th Aug 99
Location: Liverpool
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20th Feb 08 at 22:36   View Garage View User's Profile U2U Member Reply With Quote

Sell your car and use real money to buy the other one.

Passats are not that rare that you won't find another if you miss this one. Is this private or trade?
Eck
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Registered: 17th Apr 06
Location: Lundin Links, Fife
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20th Feb 08 at 22:43   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian W
quote:
Originally posted by red_top
Worst thing you can do is get a loan, might seem good that you will get handed this big wad of cash, but u wont think that in 5 years when you're still paying it back.


Loans are fine if you can afford them, not everyone gets loaned up without a second thought

My dad got a loan in November to buy his car, sold his old car in December, loan paid, cost 1 months interest which was peanuts.

I got a loan to buy my car, make a payment each month and can easily afford it, don't see the issue myself.

[Edited on 20-02-2008 by Ian W]


What I was going to say! If you look around carefully, you should get a good deal. Or go to your bank and get one. I got a loan for 1,000. Paying it up over a year at 112 per month Buttons!
SAL
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Registered: 19th Dec 05
Location: Radlett, Hertfordshire
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20th Feb 08 at 22:48   View Garage View User's Profile U2U Member Reply With Quote

the way i see it is, house is the 1st thing i would borrow money for, and if i didnt earn good money and was deperate for a car i might consider it ?

i wantched my older sis get into really bad debt so lucky for me a learned to pay in my cash or wage for thing's

Ian
Site Administrator

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Registered: 28th Aug 99
Location: Liverpool
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20th Feb 08 at 23:10   View Garage View User's Profile U2U Member Reply With Quote

The issue here is not bad debt as it isn't a massive amount, I would be more worried about paying huge amounts of front loaded interest and set up charges then needed to settle the debt soon after. Depending how the loan is set up you could potentially pay a few hundred in charges in addition to the loan amount just to borrow for a month.

This effectively puts the price of the new car up by that amount which might make a bargain turn in to less of a bargain.
Ren
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Registered: 16th Oct 04
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21st Feb 08 at 01:05   View User's Profile U2U Member Reply With Quote

Cheers all. I've decided its not worth it, and I'll wait till my car's been sold before I consider buying another one.
Timbaland
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Registered: 20th Jan 07
Location: Glasgow
User status: Offline
21st Feb 08 at 01:26   View User's Profile U2U Member Reply With Quote

Your better of with a Bora anyway imo. Get alot more toys in them and a better looking car.

Your opinion might differ though,lol.

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