Ren
Member
Registered: 16th Oct 04
User status: Offline
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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 
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DannyB
Premium Member
Registered: 6th Feb 08
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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.
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John
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Registered: 30th Jun 03
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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?
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Ren
Member
Registered: 16th Oct 04
User status: Offline
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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... 
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DannyB
Premium Member
Registered: 6th Feb 08
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Out of interest what you after buying mate?in my experience loans are the spawn of satan, fucking horrible things...you dont want one.
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S@M
Member
Registered: 3rd Oct 07
Location: East Yorkshire
User status: Offline
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just get a cheap car...
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Ren
Member
Registered: 16th Oct 04
User status: Offline
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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]
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DannyB
Premium Member
Registered: 6th Feb 08
User status: Offline
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You looked at boras?anyway...id think of any possible way to get the money other than a loan mate.
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Wrighty
Member
Registered: 28th Feb 04
Location: Howden
User status: Offline
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coupla mates have taking out loans and its ruined them..going to be in debt for a good 8 years...
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Don't get a loan. Sell your car first 
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drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
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Have you checked you can insure it, and what price..
You need to budget for that as well..
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p4uls corsa
Member
Registered: 2nd May 05
Location: BRADFORD
User status: Offline
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2.5k loan with hsbc was going to cost me £120 a month for 24 months
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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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]
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Tiesto
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Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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Loans are good if you can stomach the interest and can budget your repayments.
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p4uls corsa
Member
Registered: 2nd May 05
Location: BRADFORD
User status: Offline
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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
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DannyB
Premium Member
Registered: 6th Feb 08
User status: Offline
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Id rather save up, than lend say 2k and pay about 4k back.
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ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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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
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p4uls corsa
Member
Registered: 2nd May 05
Location: BRADFORD
User status: Offline
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2.5k from hsbc over 2 years you pay back 2880
so 380 for borrowing over two years
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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I had a nana loan. They are FTW
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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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?
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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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!
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SAL
Premium Member
Registered: 19th Dec 05
Location: Radlett, Hertfordshire
User status: Offline
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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
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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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.
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Ren
Member
Registered: 16th Oct 04
User status: Offline
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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.
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Timbaland
Banned
Registered: 20th Jan 07
Location: Glasgow
User status: Offline
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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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