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djgritt

Premium Member

Registered: 1st Nov 07
Location: Dorset Drives: Focus ST / Hyundai i20N
User status: Offline

2nd Mar 10 at 01:30

Looking at options to change the GFs runabout for something newer etc

The timescale we want to buy the car in isn't long enough for us to just save the cash, so will need to consider credit.

But, wondering if it would be better to get a personal loan rather than pay through dealer finance - the way I see it, a loan opens up more choice - ie can look at private sales - which in turn gives a chance to do some haggling to save some moneys, with the change going back to start paying the loan off.

I've got my Mazda through Finance, but that is part of a work scheme, so haven't had to sort it all out myself.

What would you do in the position?

If it makes any difference, we would be looking to borrow/spend around £4k...

adiohead

Member

Registered: 28th Sep 01
User status: Offline

2nd Mar 10 at 01:36

Buy outright if possible, if not then a personal loan, imo

P1CK4D

Member

Registered: 19th Jun 06
Location: Around Essex Somewhere
User status: Offline

2nd Mar 10 at 01:39

You'll get a much better rate getting a personal loan than on finance,

Eck

Premium Member

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

2nd Mar 10 at 02:26

quote:
Originally posted by P1CK4D
You'll get a much better rate getting a personal loan than on finance,

I disagree. Peter Vardy Vauxhall are doing a fixed rate of 5% APR just now and no unsecured loan would get near that in this climate. It depends entirely on each individuals circumstances and which finance company it is!

adiohead

Member

Registered: 28th Sep 01
User status: Offline

2nd Mar 10 at 02:41

true, some offer 0%.
it can depend on the car you're after.

try and haggle a good rate, if not then get a personal loan at the rate you can handle.

[Edited on 02-03-2010 by adiohead]

Twiggy

Member

Registered: 15th Oct 04
User status: Offline

2nd Mar 10 at 03:56

Never get a car on hp, I want to sell my Laguna thats on hp but i have had no interest and put it down to this

Or could be the fact the gear box is shagged?

Graham88

Member

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

2nd Mar 10 at 05:11

Loan for me, not secured against anything then.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

2nd Mar 10 at 08:49

quote:
Originally posted by Twiggy
Never get a car on hp, I want to sell my Laguna thats on hp but i have had no interest and put it down to this

Or could be the fact the gear box is shagged?

I think thats more likely

Fro

Member

Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline

2nd Mar 10 at 08:55

If you are going to pay it off early then I'd go with finance if you get a good enough rate. With most loans they are front loaded now so even if you pay off early you will still pay for the interest you would have incurred if you didnt.

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

2nd Mar 10 at 10:03

NEITHER! Look at the number of people on this forum who are selling fancy cars they bought on fiance because they need the money now.

Getting finance/loan is just a quick fix, you'll be all happy with your purchase until the monthly payments hit home and then you'll realise the money was more important than having a nice car.

Save up!

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:24

Nothing wrong with either if you act responsibly.

Someone mentioned about bank loans being front loaded with interest, watch out for that if you do plan to pay it off in advance!!

Member

Registered: 10th Sep 03
User status: Offline

2nd Mar 10 at 10:26

Then compare that number with the number of people who get a loan or finance that they can afford.

A personal loan is often the best option in comparison to forecourt finance, even the 0% deals in some cases. You just need to work out the monthly repayments and how much you're going to end up paying in the end.

Member

Registered: 10th Sep 03
User status: Offline

2nd Mar 10 at 10:28

Oh, and don't finance the whole thing either. The trick is to get the deposit correct so that your loan never exceeds the value of the car, so that if you do decide to sell up you can repay the loan without difficulty.

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:30

I think my car finance is about 11% finance, tbh you get banks offering 8.9% APR but when you apply for it you end up getting offered a higher rate.

Mind & watch out for APR getting confused with the base rate. APR is the figure to be comparing. Usually when you see 5% etc offered its infact the base rate & the actual APR is much higher!!

Member

Registered: 10th Sep 03
User status: Offline

2nd Mar 10 at 10:31

quote:
Originally posted by DaveyLC
NEITHER! Look at the number of people on this forum who are selling fancy cars they bought on fiance because they need the money now.

I'm just going to object to this one more time. Have you even looked at the cars for sale section recently?

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:35

quote:
Originally posted by ed
Oh, and don't finance the whole thing either. The trick is to get the deposit correct so that your loan never exceeds the value of the car, so that if you do decide to sell up you can repay the loan without difficulty.

Best advice to give really.

Ive got about £6k financed on my car just now, but its probably worth about £17-18k (webuyanycar.com will give me 16.5

)

No way would I borrow more than half its value.

Id like to think i'll always come out with at least £10k whenever I sell it to put down on the next one, all im doing is paying off the depreciation!!

100% finance = :doyle:

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

2nd Mar 10 at 10:36

There have been atleast 3 members this year selling up cars on finance.. An M3, a Focus RS etc.

Seen it happen over and over and over again.

Save for what you want... That way you 100% know you can afford it.

Finance is cheating yourself.

[Edited on 02-03-2010 by DaveyLC]

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:37

quote:
Originally posted by ed

quote:
Originally posted by DaveyLC
NEITHER! Look at the number of people on this forum who are selling fancy cars they bought on fiance because they need the money now.
I'm just going to object to this one more time. Have you even looked at the cars for sale section recently?

Yeah I couldnt work out who either!!

:doyle:

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

2nd Mar 10 at 10:40

quote:
Originally posted by Colin

quote:
Originally posted by ed

quote:
Originally posted by DaveyLC
NEITHER! Look at the number of people on this forum who are selling fancy cars they bought on fiance because they need the money now.
I'm just going to object to this one more time. Have you even looked at the cars for sale section recently?

Yeah I couldnt work out who either!!:doyle:

http://www.corsasport.co.uk/board/viewthread.php?tid=543284
http://www.corsasport.co.uk/board/viewthread.php?tid=546405

Two current threads.

Tomnova16

Premium Member

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

2nd Mar 10 at 10:41

quote:
Originally posted by DaveyLC
There have been atleast 3 members this year selling up cars on finance.. An M3, a Focus RS etc.

Seen it happen over and over and over again.

Save for what you want... That way you 100% know you can afford it.

Finance is cheating yourself.

[Edited on 02-03-2010 by DaveyLC]

m3 isnt on finance (jambo)

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

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:42

quote:
Originally posted by DaveyLC
There have been atleast 3 members this year selling up cars on finance.. An M3, a Focus RS etc.

Seen it happen over and over and over again.

Save for what you want... That way you 100% know you can afford it.

Finance is cheating yourself.

[Edited on 02-03-2010 by DaveyLC]

No one on here with a focus RS

If selling your car to fund your 1st house is a crime then I think you've just inciminated half the population

I can 150% afford my car, I just chose not to have an empty bank account because of it & put down what I wanted

mwg

Member

Registered: 19th Feb 04
Location: South Lakes
User status: Offline

2nd Mar 10 at 10:43

Finance worked out cheaper per month for me and have no interest in owning the car at the end of the term so didn't make any sense to me to get a loan. I'd be paying about £200 a month more just so I could own it at the end of the loan period by which time I'd want rid of it for a new one anyway!

I must be one of the few not selling my car that I've bought on finance then

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:44

quote:
Originally posted by DaveyLC

quote:
Originally posted by Colin

quote:
Originally posted by ed

quote:
Originally posted by DaveyLC
NEITHER! Look at the number of people on this forum who are selling fancy cars they bought on fiance because they need the money now.
I'm just going to object to this one more time. Have you even looked at the cars for sale section recently?

Yeah I couldnt work out who either!!:doyle:

http://www.corsasport.co.uk/board/viewthread.php?tid=543284
http://www.corsasport.co.uk/board/viewthread.php?tid=546405

Two current threads.

Like I said, in order to get onto the house ladder then theres no shame in that, I done so when I bought my 1st place & my car wasnt on tick then, I just needed as much capital as possible to do so at that time. Theres no shame.

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

2nd Mar 10 at 10:46

quote:
Originally posted by Colin

No one on here with a focus RS If selling your car to fund your 1st house is a crime then I think you've just inciminated half the population

I can 150% afford my car, I just chose not to have an empty bank account because of it & put down what I wanted

ST or what ever it is !

My point is you might be able to 'afford' the repayments but your circumstances change and having that finance over you restricts what you can do.

I know you'll defend finance until you are blue in the face but I think people these days just want the easy way out..

Bottom line is If you can 'afford' the repayments you can 'afford' to save just got to use this thing call patience.

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Mar 10 at 10:46

Theres guys at my work on £70k+ a year that still get laons & buy their cars on finance. It doesnt mean you cant afford it :doyle:

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