Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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How did it work out for you?
I have negative equity on my car so I'd need to borrow more than the value of the car, then pay some of the loan off with the money from the sale of the BM, leaving me with a smaller outgoing and a cheaper car.
Anyone done it?
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Gareth F
Member
Registered: 16th Jan 08
Location: Location Location
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Um bank loans are the cheapest one to go for mate.
Im looking for a new car so will go straight to the bank, some offer 8% interest.
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leon.
Member
Registered: 24th Jun 08
User status: Offline
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getting 8% interest rate isnt going to be easy without have an A1 credit rating
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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which I don't have, as I have finance lol
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Gareth F
Member
Registered: 16th Jan 08
Location: Location Location
User status: Offline
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Ah i suppose, mines good enough to get 8% which was nice to know.
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Gareth F
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Registered: 16th Jan 08
Location: Location Location
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Your pretty much stuck then, best bet is to pop into your bank and explain what your planning to do. They will be able to suggest the best way. Otherwise you might just be digging yourself deeper
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by Robin
which I don't have, as I have finance lol
Whats the outstading balance? I was in a similar position about 4 years ago but it was more personal debt so I consolidated it all despite a poor credit rating (at the time).
Do an Experian check on yourself to see your current position and then have a look around for a loan through a seach engine like Money Supermarket.
Loan companies like Money Back Bank who are a subsidiary of Aliance and Leicester are probably your best bet. Banks generally charge you higher rates but more likely to lend you money if you have banked with them.
Also if you get declined dont keep applying for loans. Have you fixed the turbo yet?
[Edited on 28-03-2010 by Fad]
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Not sure yet, need to find out the balance on Monday.
I also need to check if I can pay a lump sum off the loan when the BM sells.
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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Usually loans are front loaded so paying off a chunk or settling early means certain penalties. You are better off getting a settlement figure for the loan and working towards that and paying it off in one go.
You can get loans that allow you to pay back over payments but they are very few and far between.
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Turbo is still a bit crap, needs to be decoked but I can't find a good way without removing it.
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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Can you not just chuck it into an auction onces its paid off? Set a reserve and put it back to standardish?
Thats what I would do after seeing how they work 
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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My intention is to get it back to standard, aim for about 8k for it somewhere, the cheapest one on PH has done more miles than that and is about 7.5k.
I can't afford to save up for the settlement, it'd be loan or nothing 
What do you mean about the auction?
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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I'll drop you a PM about that a bit later mate 
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Planty02
Member
Registered: 5th Mar 05
Location: Burslem, Stoke-on-Trent
User status: Offline
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Tesco are one of the best for personal loans Robin  Also to settle early with them they just add two months interest to the outstanding loan amount AFAIK
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Ok, so worst case, if it was 2 months payments on top of the outstanding, I should owe around £12.5k on an 8k car
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Planty02
Member
Registered: 5th Mar 05
Location: Burslem, Stoke-on-Trent
User status: Offline
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 depreciation FTL!!
I think it was 2 months, always worth checking the small print out though just in case its changed 
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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quote:
Originally posted by Robin
Ok, so worst case, if it was 2 months payments on top of the outstanding, I should owe around £12.5k on an 8k car
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Worst thing is Jambo, I've already paid £5500 up to this point.
Finance sucks long term.
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Planty02
Member
Registered: 5th Mar 05
Location: Burslem, Stoke-on-Trent
User status: Offline
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Jesus Wept mate...how much was the car in the first place and how much is interest/depreciation? (if you don't mind me asking )
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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When I bought it, it was on the forcourt at around 12k, now it's worth maybe 9?
Overall, the finance all paid up, the car will have cost me £17400.
As an even bigger kick in the tits, BMW kindly told me that the 123d in their showroom, with ALL the BMW Performance bits fitted, in white, at a window cost of £32k, would have been the same money per month as mine is, if I could find a 20% deposit.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Were you drunk or mentally disabled when you signed up to pay 5.5k interest?
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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The latter.
I had no car, I had £400 and thought that putting that down as a deposit on a decent car was better than buying a 1.1 mk3 Fiesta.
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Theham85
Member
Registered: 29th Nov 06
Location: Brisbane Queensland
User status: Offline
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Why you selling the BMW, its a beast
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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To save me some money. It's done 90k now and is starting to need work frequently, as well as that, if I can manage this idea, I'll be going from £280 a month to around £130, which will mean I can actually pay the bills for the house me and the missus are renting
At the moment, we've got my car and her E46 325Ci, we don't need two good BMWs, we can manage with hers and I can have something smaller and less expensive.
[Edited on 28-03-2010 by Robin]
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