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challinor

Member

Registered: 30th Sep 09
Location: stoke on trent
User status: Offline

29th Dec 09 at 16:57

hey iv seen a car i realy like but the only way i can have it is on finace is this a good idea as im only 19 n the car is 6k so any bit of info will help thanx ben

John

Member

Registered: 30th Jun 03
User status: Offline

29th Dec 09 at 17:03

Is the finance at a good rate?

Can you afford it?

Will the deposit and payments mean that the car is always worth more than you owe on it?

chloe16v

Member

Registered: 29th Nov 07
Location: Rotherham
User status: Offline

29th Dec 09 at 17:03

really depends on if you can afford the repayment

*awaits all the anti finance people*

Ben G

Member

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

29th Dec 09 at 17:05

i got my car on finance.

as long as you can EASILY AFFORD THE REPAYMENTS then you will be fine.

it's only a bad idea for twats that can't handle their money properly or people who have other outgoings i.e. mortgages, all depends on how much you earn > how much you spend though.

craig8

Premium Member

Registered: 31st Dec 04
Location: Glasgow
User status: Offline

29th Dec 09 at 17:09

as said, if you ca afford the payments then its okay

try to forecast how long you will keep the car for and how much you will still owe on the car when you want to get rid of it, if you can trade the car in for that much and write off the finance then it is ideal

E36 328

challinor

Member

Registered: 30th Sep 09
Location: stoke on trent
User status: Offline

29th Dec 09 at 17:14

ye it sounds like a good deal to me £100 deposit £130 a month is the lowest or 160 with loads off extra shit like warrenty 3 years of servicein but the only probklem is the insurance does it go higher when you get a almost brand new car + i got go fully comp as well

chloe16v

Member

Registered: 29th Nov 07
Location: Rotherham
User status: Offline

29th Dec 09 at 17:23

all depends on what car it is with the insurance, sooo what car is it?

Eck

Premium Member

Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline

29th Dec 09 at 17:29

There are many different variables that need to be considered before deciding if it's right.

You're 19, do you get a decent wage? What is the interest rate? Over how many years are you considering taking the finance? What sort of insurance/tax/servicing will you be paying? Once you've answered all them, and if you feel that you can afford all of the upkeep, then I don't see why not.

fir3vip3r

Member

Registered: 14th Jun 06
Location: Stevenage, Hertfordshire
User status: Offline

29th Dec 09 at 17:30

at 19, do you need to spend 6k on a car?

its a good idea, if you can easily afford the repayments, and have a bit of disposable income after its paid.

Im 20 and i HATE having any finance. Especially for a car

Simon_16v

Member

Registered: 14th Aug 06
Location: Yorkshire
User status: Offline

29th Dec 09 at 18:32

Im 20 and have a £8500 on finance.

I have a secure job which i can afford the repayments. I bought this particular car as i do high mileage so i wanted a reliable new(ish) car to do this with. 6% apr and £200 a month which suits me fine as il keep it 3years and just change it.

Chris x

Member

Registered: 11th Sep 08
Location: Bexhill
User status: Offline

29th Dec 09 at 19:01

My mate @ 18 spent 10k on a second hand Seat Leon. He had it 10months before he wrote it off. All the money he was spending in those 10months was the interest.

Insurance paid out for it along with the RTI insurance. Think he lost around 1k.

Loads of 17-20year olds have brand new cars around my area - all Seats. They seem to give finance to anyone!

[Edited on 29-12-2009 by Chris Corsa B]

Tomnova16

Premium Member

Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline

29th Dec 09 at 19:04

as long as he value of the car is allways more than the loan then it will be fine, just make sure you work it all out,

http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter

craig8

Premium Member

Registered: 31st Dec 04
Location: Glasgow
User status: Offline

29th Dec 09 at 19:06

thats the other thing, do not take GAP insurance from the dealership, they will want about £300 and it puts your monthly payments up, go to somewhere like directgap or one of the other companys who do gap insurance and you should get it for less than half that, if you can pay it in one go

E36 328

Tomnova16

Premium Member

Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline

29th Dec 09 at 19:09

your best off getting a loan instead of finance tbh

http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter

Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

29th Dec 09 at 19:16

i got my finance at 4.85% thats cheaper than any loan i can see

Eck

Premium Member

Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline

29th Dec 09 at 19:17

quote:
Originally posted by Tomnova16
your best off getting a loan instead of finance tbh

Depends. Peter Vardy are doing a fixed 5% APR just now. No loan could get near that in this current climate.

challinor

Member

Registered: 30th Sep 09
Location: stoke on trent
User status: Offline

29th Dec 09 at 19:20

Well its a 57 reg puto with 10k on the clock in gray looks nice intrest is 7% think i can afford it

fir3vip3r

Member

Registered: 14th Jun 06
Location: Stevenage, Hertfordshire
User status: Offline

29th Dec 09 at 19:33

can i just ask why you need to spend so much?

Tomnova16

Premium Member

Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline

30th Dec 09 at 11:01

hmm could get a nice bmw for that, but thats just me

, just think will you get bored of it in a year

http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter

Member

Registered: 10th Sep 03
User status: Offline

30th Dec 09 at 11:05

I think a £6k loan on a car might be depressing. I think I'd like to have it paid off in about a year or 18 months max. If you're having to go for a longer term loan then the value of the car will drop and the cost of the loan will be pretty high and paying the repayments will start to hurt.

Neo

Member

Registered: 20th Feb 07
Location: Essex
User status: Offline

30th Dec 09 at 11:14

quote:
Originally posted by ed
I think a £6k loan on a car might be depressing. I think I'd like to have it paid off in about a year or 18 months max. If you're having to go for a longer term loan then the value of the car will drop and the cost of the loan will be pretty high and paying the repayments will start to hurt.

Bang on IMO

You haven't answered any of the questions people have been asking such as whether you earn comfortably enough to have it AND save up at the same time.

I bought my first C2 on finance, was about the same price and got a good rate which meant when i sold it 8 months later the car was still worth more than what was outstanding. In my honest opinion if you could put down more to start you could pay it off sooner.

Also think about your working situation, are you off to uni in 8 months ? How secure is your job etc.

Also, have you thought about getting something cheaper i.e. a low miled 03/04 for 3k for instance

Buying a 57 plate means it'd be coming up to 3 years soon meaning first MOT etc which will probably be a right cunt

Root

Member

Registered: 28th Dec 08
User status: Offline

30th Dec 09 at 14:39

I'm 20 and purely from house bills and money owed to people, I am £5.5k+ in debt today, not over cars, but over moving out...it isn't the same but it's another big decision, what happened was i lost my job and the bills kept coming...

so you need to think carefully, just think if you can afford it? and is your job a stable one? If you tick them boxes, if you think it's a good decision, enjoy a lovely brand new car

Corsa_Sport21

Member

Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
User status: Offline

30th Dec 09 at 14:47

For a 57plate Fiat Punto,i wouldnt.

Not at 19 anyway as you will get bored of it.

Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

30th Dec 09 at 17:46

I'd get a car on finance aslong as all the right boxes are ticked, safe job etc, but it'd have to be for a car thats worth it, for a Punto I wouldn't not if you are into cars as you'll be bored and chop it in before the year is up

neil h

Member

Registered: 28th Sep 06
User status: Offline

30th Dec 09 at 18:30

I wouldn't bother unless it was something really nice that you were gonna keep for a while. Got my C on a 3 year finance deal and tbh i half wish i hadn't. Completely fed up with the car now and want shot of it.

So think carefully about how much you want the car.

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