mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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If you can find a decent loan at decent APR there is nothing wrong with it, as long as you can afford the repayments there is no harm..This is the way probably 75% of people by cars, either that or HP from garage..
One thing though you would be best to keep loan for at least 1 year before paying it off.And DO NOT take a loan for a car over 5 years as you will not keep it 5 years more than likely..Take it over 2 or 3 years..
Nothing wrong with loans..
Everybody on here must be loaded or save for years before buying a car because when someone mentions a loan everybody goes off on one saying
NO NO NO blah blah blah..
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dave17
Member
Registered: 3rd Sep 02
Location: Greater London
User status: Offline
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I got a loan last month to pay for my new car and a few other bits ive wanted for ages. £7.5k over 2 years at 7.4% APR with Alliance & Leicester, pay about £340 a month and only pay around £550 in interest over the 2 years.
Not a problem if you can afford it imo. There are too many retards out there who just go stupid though.
Thought about getting a credit card with high limit? You will pay a high APR but if you have the cash there and then, you can pay it straight back?
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burberrychick1987
Member
Registered: 24th Jan 08
Location: Hornchurch, Greater London
User status: Offline
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From my experience loans are ok as long as you can afford the monthly payments. If ur trying for a loan always try ur bank first as it will be more than likely they will give you the lowest apr because they can see the money going in and out of ur account. Only take the loan out for a max of 2 yrs as it will keep the apr down if u want to pay off the amount earlier because there will be a buy out fee for the loan.
Never go for a loan with a company such as capital one or egg etc as the apr will be through the roof ie 40%
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