deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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So, who has a loan?
In the process of going to take it out did you ever think - "what if I can't pay it back because I'm made redundant or lose my job?"
I've worked out on my wage, and by saving less, I could afford a £1500 loan over 12 months. This would mean I can get the car I want. But the risk I have is not being able to pay it back if I lose my job through redundancy. I know there are payment protection plans out there now separate from the loan, but do these really work?
Any advice or anything would be great tbh!
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John
Member
Registered: 30th Jun 03
User status: Offline
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1500 isn't that much to pay back, if it got that bad you can sell the car.
Get a virgin credit card and balance transfer 1500 across to your account for 16 months, better way to do it.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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I have 0% Virgin Card however have some debt on it. My own is only £100, £400 is my girlfriends which she is paying back. It is an option though.
I guess I could sell the car. . .and then I wouldn't need the car if I didn't have work 
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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My Car Loan ends in June, as as much as it helped me get a decent car, I am very happy its nearly gone. £1500 isn't much tbh, you'll be alright.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Hardly worth borrowing £1500. If it were me I'd use up my interest free overdraft (£500) and bung the rest on my credit card at the right date so I don't have to pay it off for 6 weeks. That would give me time for 2 paydays and enough to cover the grand I owe.
Thats assuming you have an interest free overdraft facility.....
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Well I do, but it is as a student. Barclays haven't cottoned on that I've left yet
But I have 0% available to me on credit card, which does have payment protection. I guess that is an option.
Max, I can only save about £350 per month.
I guess I should, as that is what it'd be like paying out for loan and saving the same amount.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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Save a bit longer for sake of £1500.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by deano87
So, who has a loan?
In the process of going to take it out did you ever think - "what if I can't pay it back because I'm made redundant or lose my job?"
I've worked out on my wage, and by saving less, I could afford a £1500 loan over 12 months. This would mean I can get the car I want. But the risk I have is not being able to pay it back if I lose my job through redundancy. I know there are payment protection plans out there now separate from the loan, but do these really work?
Any advice or anything would be great tbh!
Personally I wouldnt borrow £1500 i'd save it up over a couple months.
If you loose your job, you get another, if you cant you just flog the car, & never borrow so much (loan V's value) that you could slip into neg equ.
Dont bother with loan protection, its not worth the paper its written on.
[Edited on 01-02-2010 by Colin]
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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if its only £1500 you would be aswell trying to raise the cash from somewhere, overtime, extra job etc
colin has it covered 
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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On current saving rate £1500 would take me 6 months 
I guess if you can't afford you can't have. But what is annoying me is 6 months of quite hard saving gets me a car, but then I have no holiday. Earning so little sucks I should really stop moaning and get on with it.
[Edited on 01-02-2010 by deano87]
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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I can only advise one thing, don't get a loan at all, however big or small, walk or cycle before you get a loan for a car.
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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try and get a better payed job?
lower your phone tariff, take pack lunch to work, get a saturday job, do odd jobs for people in street relatives etc
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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sell random unwanted junk on ebay
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Can't get a better paid job. Phone tariff as low as it'll go, doesn't even include a phone. Already take pack lunched to work. Fuck getting a Saturday job, I work all week.
I'll just save or do what ever the longer I put off getting a car, the more money I'll have catch 22.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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Rate will be terrible on £1500.
Save up.
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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quote:
Originally posted by deano87
Fuck getting a Saturday job, I work all week.
sacrifices
depends how much you want it
a saturday job for a couple months could save you extra cash as your not spending and could amke you a bit extra
could see you to £1500 sooner than you think
hard work pays off
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Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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quote:
Originally posted by J da Silva
I can only advise one thing, don't get a loan at all, however big or small, walk or cycle before you get a loan for a car.
Listen to this.
Worst thing I ever done was getting a loan for my bikes and cars.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by Ian
Rate will be terrible on £1500.
Save up.
I would pay back £1693 over 12 months.
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Dione J
Member
Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline
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Save up Deano, worked for me and you will appreciate the car more as you saved up all the cash yourself, as said not worth getting a loan for 1.5K
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by Dione J
Save up Deano, worked for me and you will appreciate the car more as you saved up all the cash yourself, as said not worth getting a loan for 1.5K
Might be doing 0% Virgin Credit Card to fund the Punto. About £750 if all goes well on the trade in of the 12v.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I walked into the bank today, asked for 6k and walked out with it, it's not as scary as you think just make sure you can afford the monthly payments.
For £1500 I personally wouldn't bother I am sure there are better ways of getting the money as said with Credit Cards etc
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Well, if I get the trade in, I'd only need to 'finance' £750. That's on £500 trade in. If they give me more, brucey bonus!
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I seriously wouldn't bother 'loaning' or 'financing' such a minor amount, gotta be worth speaking to the bank of mum and dad for that!
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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They're skint. Dad is a bricklayer and been off work since Christmas pretty much for one week or another. He would tell me to wait. Anyway all depends on the trade in. Dream may be dashed for another month 
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daymoon
Premium Member
Registered: 1st Aug 08
Location: Selby, North Yorkshire
User status: Offline
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I was thinking of getting a load for about 5-6k to get an astra sri diesel, but my main concern is that i could loose my job anyday even though it seems secure atm...
Much prefer to save up and then buy what i want.
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