Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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Car lost quite abit of it's value, so was left with a shortfall that I didn't have the spare cash to cover the rest of the loan. 
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by Tiesto
I got a 14k loan over 5 years to get a Z4, biggest mistake ever. Still paying for it and don't even have it anymore.
How much cash did you have to put towards it?
quote:
Originally posted by John_CWhat about buying house etc down the line? Even if you pay up loan early there will be early repayment fees, normally 1 or 2 month interest.
We are looking to move in September this year.
We have around 60k equity in our house at the moment. I have no concerns about moving this year.
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Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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quote:
Originally posted by Bart
quote:
Originally posted by Tiesto
I got a 14k loan over 5 years to get a Z4, biggest mistake ever. Still paying for it and don't even have it anymore.
How much cash did you have to put towards it?
1.5k if I remember right. Problem is that I bought it on impulse and was just before the credit crunch hit.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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^^ and that you didnt put much of a deposit down.
I think with a bigger deposit, you would have been better off now.
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John
Member
Registered: 30th Jun 03
User status: Offline
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As long as the loan is always less than the car is worth there's no problem.
If it's not you'll end up owing after the car is well gone 99% of the time.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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As John said, my loan is worth half the car, I'm safe.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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So long as your not daft, you cant go wrong!!
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Dave86
Member
Registered: 3rd Jul 05
Location: Greenock
User status: Offline
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worst decision of my life, had 3k to pay off a car that i no longer owned, so got a 10k loan, over 4 years, paying back 300 a month, and with the remaining 7k was to buy a Leon Cupra TDI. But once i got the money, the guy wasent selling it to me anymore, so i had to find another one, which was 3k less, so had 3k spare, with which i paid back money i owed to my mum, fucked some of the cash away, and saved a bit of it. Worst thing is, the car i bought for 4k, got written off, so im paying for a loan and got fuck all to show for it!
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Debt free 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Im debt free aswell, just sometimes the bank gives me some money & sometimes I give them some back....its a 2 way thing, has to be to work 
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Dave86
Member
Registered: 3rd Jul 05
Location: Greenock
User status: Offline
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wish i was debt free, wish i knew what i know now back then!
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