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K2 GTi

Member

Registered: 21st Oct 04
User status: Offline

13th Jul 08 at 15:30

hello

thinking about getting a vxr on finance. Has anyone done this? How much can you pick them up for these days? Also, what sort of monthly payments would I be looking at? Cheers for whoever helps

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

13th Jul 08 at 15:32

car finance = the devil

K2 GTi

Member

Registered: 21st Oct 04
User status: Offline

13th Jul 08 at 15:34

not worth doing then? Can't you like upgrade car once paid off 3 years or so? Just thought i'd love a new car for once , brand spanker

Mobby

Member

Registered: 31st Dec 07
Location: Leicestershire
User status: Offline

13th Jul 08 at 15:35

its cheaper to get a loan than finance it

K2 GTi

Member

Registered: 21st Oct 04
User status: Offline

13th Jul 08 at 15:37

don't wanna take a 15k loan out though?

Daniel_Corsa

Premium Member

Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline

13th Jul 08 at 15:38

Depends on deposit you put down and how many months you want to pay the car off over!

Then got things like ballon payment options.

I looked into getting a VXR on finance last year but really hate the idea of getting in debt, prefer to think, if I can't afford it I don't have it!

for example:

VXR - £15k
Deposit - £5k
36 Monthly payments - £277 (+ whatever interest rate) - £10k

April '06' Corsasport Feature Car

| Aug '08' Total Vauxhall Feature Car

| Spring '09' Fast Car Feature Car

Daveskater

Premium Member

Registered: 29th Apr 08
Location: Oxford, UK Drives: Jap wagon
User status: Offline

13th Jul 08 at 15:43

quote:
Originally posted by Russ
car finance = the devil

Numberwang!

Originally posted by AlunJ
I like you Dave, you are a man of men

Originally Whatapp'd by Neo
Dave's maybe capable of a drive-by cuddle

Look at my pictures

cesil

Member

Registered: 20th Aug 06
Location: stoke
User status: Offline

13th Jul 08 at 16:02

my older bro is a repo man, his advice was never never never get a car on tick!! i would never even think bout it, imo of course

Ian W

Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline

13th Jul 08 at 16:06

Depends if you can afford it, unless you can either save 15k or want to drive around in cheap motors for ever theres not much choice....

Only seems a problem if your streching yourself to do it.

IvIarkgraham

Premium Member

Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline

13th Jul 08 at 16:10

i got a quote yesterday

2.5k deposit
20k car
4 years
£100 a week

Jambo

Member

Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline

13th Jul 08 at 16:12

lease it

Fraser Young

Member

Registered: 26th Dec 02
Location: Dundee City Drives: 58 Impreza WRX
User status: Offline

13th Jul 08 at 16:15

quote:
Originally posted by Jambo
lease it

Car Leasing FTW

K2 GTi

Member

Registered: 21st Oct 04
User status: Offline

13th Jul 08 at 16:34

can someone please explain what that is in depth lol. Sorry to be a pain, but if its the better option i'd take it!

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

13th Jul 08 at 16:36

my car finance is fine.

it's good if you can afford the monthly payments WITH EASE. don't let it take up over 50% of your wage etc.

S@M

Member

Registered: 3rd Oct 07
Location: East Yorkshire
User status: Offline

13th Jul 08 at 16:37

same as renting a car just sign a contract for a certain period of time, like 3 years

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

13th Jul 08 at 16:39

car leasing - you pay each month for the car and after a certain amount of time, give the car back and no questions asked.

car finance - you pay each month for the car and at the end of the 3-4 years or longer/shorter agreement you pay off the outstanding balance for the car.

what i'm on - ford privilege - you pay each month for the car and can trade it in after 9 months of owning for a brand new car.

- you can either pay the whole car off and keep it

- give the car back anytime during the agreement no questions asked as long as it's been at least 9 months since you got the car

- trade the car in for a brand new one after 9 months or anytime after that

it's a good way of getting a brand new car without having to pay all at once. BUT ONLY IF YOU CAN AFFORD IT WITH EASE

K2 GTi

Member

Registered: 21st Oct 04
User status: Offline

13th Jul 08 at 16:43

if you don't mind me asking how much would i be paying on an st like yours. Also, you can upgrade after 3 years, and pay the same monthly payments for a better car?

Matt H

Member

Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline

13th Jul 08 at 16:44

quote:
Originally posted by K2 GTi
don't wanna take a 15k loan out though?

What do you think finance is?

VegasPhil

Premium Member

Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline

13th Jul 08 at 16:54

www.lvl.co.uk do personal leasing

Corsa 2.0 16v Vegas - Sold

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

13th Jul 08 at 17:01

quote:
Originally posted by K2 GTi
if you don't mind me asking how much would i be paying on an st like yours. Also, you can upgrade after 3 years, and pay the same monthly payments for a better car?

i'm paying £414 a month for 2 years on mine, then a balloon payment at the end but can't remember the exact amount for this.

i can upgrade at any time in my contract as long as it's 9 months after i got the car (just so you take the hit in depreciation rather than the dealer) and get a brand new car for the same monthly payments.

it's a good idea if you don't like MOT's, paying for stuff going wrong etc.

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

13th Jul 08 at 17:12

I'm always wary of finance agreements where you have the option to do stuff. Ultimately it's a debt and having option to rejig it usually means costing yourself more in the long term.

In response to the original question, your monthly payments depend on three things -

How much you borrow

How long you borrow it over

Your rate of interest

So it's difficult to estimate. Also don't be fooled by low monthly payments. These are usually accompanied by a long term or a balloon payment at the end which is another large debt which you'll have to manage when you get there. No good paying a few hundred a month and thinking you got a good deal if after three years you have a balloon at more than the car is worth and an agreement that you can walk away if you wish. You end up losing the car you've been putting money in to for those years, but it gets the monthlies down. Depends how you want to do it.

Also don't forget, borrowing is getting more expensive these days so you need to look for deals and incentives to get the rates down. Don't sign anything until you've posted the particulars in here and if it sounds too good to be true it probably is. It's just maths. There's no magic schemes and methods which get the costs down, that's all sales claptrap. Work out how much it costs and ask yourself if you want to pay it.

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