Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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http://www.ebay.co.uk/itm/270970826740
REPRESENTATIVE EXAMPLE: REPRESENTATIVE 59.8%APR. Flat rate fixed interest of 30% per annum. 156 equal weekly repayments of £75.15. The total amount payable on loan is £12048.15. The cash cost of the car is £6495.
So the car is three grand overpriced to start with, before you add 59.8% APR
You'd need to really really want one.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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E46 M3, a mere £28k
http://www.ebay.co.uk/itm/270970343895
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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4 grand for an old bollocks Omega
http://www.ebay.co.uk/itm/270970891065
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random dav
Premium Member
Registered: 7th Jan 04
Location: NSW
User status: Offline
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Thats amazing  who the fuck actually does that
WRLFC !
Project cars
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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That guy who bought a shonky old clio done the same thing. Total repayment was something like 10k for a 2 grand car.
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leon.
Member
Registered: 24th Jun 08
User status: Offline
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If anyone does that they may aswell bend over the bonnet and let the car salesman take them up the shitter bone dry!
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Ive often wondered if people actually go for stuff like that & those payday loans with 2387% APR............but they can afford to advertise on prime time telly so people must do, same with the cars, people must entertain the totally crazy idea otherwise it wouldn't exist.
Its absolutely shocking stuff like this goes on tbh, its nothing other than ripping off the poor and the simple minded.
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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People with crap credit history who can't get anything else
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adiohead
Member
Registered: 28th Sep 01
User status: Offline
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quote:
Originally posted by Colin
Its absolutely shocking stuff like this goes on tbh, its nothing other than ripping off the poor and the simple minded.
Totally agree! Some people say that it's tough on the prople who fool for it, but I think it should be regulated as there are a lot of really stupid human beings on this planet who can't help the way they are.
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John
Member
Registered: 30th Jun 03
User status: Offline
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If left to nature, people that stupid would have died anyway, paying loads of money a week for a car is probably the best outcome for them.
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adiohead
Member
Registered: 28th Sep 01
User status: Offline
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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quote:
Originally posted by adiohead
quote:
Originally posted by Colin
Its absolutely shocking stuff like this goes on tbh, its nothing other than ripping off the poor and the simple minded.
Totally agree! Some people say that it's tough on the prople who fool for it, but I think it should be regulated as there are a lot of really stupid human beings on this planet who can't help the way they are.
The companies aren't sly, they clearly show the rates and explain you need to pay it back quickly
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adiohead
Member
Registered: 28th Sep 01
User status: Offline
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quote:
Originally posted by LeeM
quote:
Originally posted by adiohead
quote:
Originally posted by Colin
Its absolutely shocking stuff like this goes on tbh, its nothing other than ripping off the poor and the simple minded.
Totally agree! Some people say that it's tough on the prople who fool for it, but I think it should be regulated as there are a lot of really stupid human beings on this planet who can't help the way they are.
The companies aren't sly, they clearly show the rates and explain you need to pay it back quickly
Yeah, it's clear to us normal people, but there are actually humans out there with low IQs and will just go for it without even understanding the concept or what APR is.
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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Anyone that stupid will end up forgetting to breathe and dying long before they finish repaying the loan
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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The payday loans aren't as bad as they look if you take the % straight. They're meant to be short term, if you take a year to pay it back when agreeing to on your next payday you deserve to be shafted.
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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quote:
Originally posted by LeeM
People with crap credit history who can't get anything else
Agreed, Might pay more in OD fees than the fee for borrowing for a pay day loan company for a month.
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mattant
Member
Registered: 19th Jun 10
Location: South Yorkshire
User status: Offline
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This is the same company that was selling a 2002 Corsa C for £10k, it's because the loan company accepts everyone
[Edited on 02-06-2012 by mattant]
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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payday loans are a good idea for someone who is desperate for cash and can afford it.
example. Im in the pub one friday and cant get home cause I have no money. I ask someone in there to borrow me £20. I go in the friday after give them the £20 back and buy them a pint for £3 as a thank you.
work out the YEARLY rate on paying £3 to borrow £20. must be worse
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mattant
Member
Registered: 19th Jun 10
Location: South Yorkshire
User status: Offline
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quote:
Originally posted by mattk
payday loans are a good idea for someone who is desperate for cash and can afford it.
example. Im in the pub one friday and cant get home cause I have no money. I ask someone in there to borrow me £20. I go in the friday after give them the £20 back and buy them a pint for £3 as a thank you.
work out the YEARLY rate on paying £3 to borrow £20. must be worse
True, but credit cards are surely better for small payments like that? But if you are refused a credit card because of your credit rating, should you really be taking out payday loans?
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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quote:
Originally posted by mattk
payday loans are a good idea for someone who is desperate for cash and can afford it.
example. Im in the pub one friday and cant get home cause I have no money. I ask someone in there to borrow me £20. I go in the friday after give them the £20 back and buy them a pint for £3 as a thank you.
work out the YEARLY rate on paying £3 to borrow £20. must be worse
Would pay £7.26 for fees and interest on £20 for a week with wonga.
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Chris
Premium Member
Registered: 21st Sep 99
User status: Offline
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They can just use the PPI payout for the deposit.
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Sunz
Member
Registered: 12th Jan 07
Location: SE England
User status: Offline
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Something must be working, they have a lot of cars there.
Location : Essex ! There isn't people stupid enough to pay those prices in Essex !
[Edited on 02-06-2012 by Sunz]
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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There is a market out there for this sort of thing. People who have a good income and can easily afford repayments but have a knackered credit history. Will only take a couple of default stauses on your credit file to stop you getting a loan in this climate and dont forget these are reported for 6 years on your file.
Granted this is an incredibly expensive way of doing things but it is an option for those with the income but without the clean credit history.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Not sure why you wouldn't just save up for a few months and buy it cash.
I've had some finance in the past but only because saving up would have taken years.
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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Maybe they need a vehicle here and now or do not have the patience to save up for it. IE if you were going for that M3, will take a long time to save 15k for the average earner!
I had finance before then was made redundant and it caused a ball ache. luckily I was able to sell the car and was not in negative equity so paid it off.
Now I just buy what I can afford which is why I pootle around in 5-6k cars.
When I come to buying something tasty again will probably go the personal loan route and pay a substantial sum cash. Thus will always have positive equity in a manner of speaking.
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