Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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never taken a loan out before, tempted to take out either a £1,000 or £2,000 loan to go towards a car..
i can pay it back within 1 year..
some people are saying dont bother, and some say if the apr aint much then go for it if you can pay it back..
can anyone shine some light on this for me?
thanks
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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can you just not have a life for 2 months and save up, 1-2k isnt really that much, i wouldnt get a loan for that tbh mate
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
User status: Offline
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Depends on how much you'd be paying back, im guessing around £100 p/m?
If you could save more than that per month then I wouldn't bother. You might have to wait 5/6 months for what you want, but you'll money in the long run.
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CORSA NUT
Member
Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Want some advise??? From somone who learnt the hard way??
Don't bother getting credit unless you can REALLY afford to pay it back.
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DizzyRebel
Member
Registered: 2nd Jan 09
Location: Lincoln
User status: Offline
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If its low apr, and you are paying it back over a year. A grand loan would be worth doing as you would only pay about £100 back in interest
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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a £2,000 loan over 1 year is around £175 a month (pay back around £2200)
aint got no bills going out, no contract (phone), no house bills, just food and petrol costs.
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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As long as it doesnt leave you short id say go for it.
Also how secure is your job? can you still find £175 a month if you suddenly lost your job?
Have you had any previous credit before? if you have little or no credit history you might have a hard time getting low rates.
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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you could get a credit card with 0% then just keep getting new cards and transfer the balance so you dont have to ever pay any apr whilst paying it off at the same time
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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it wouldnt leave me short as such as i dont go out on the town very often at all, rather chuck my money at a car then that tbh..
i have no previous credit history as never looked into it before..
im not 100% how secure my job is, but im sure for atleast a year i would be fine, if not im sure i would find some way of paying it off..
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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If I didn't have the house I could save that over 5months max if I had put going out on hold etc. Better in the long run no? Up to you really though!
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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quote:
Originally posted by Tomnova16
you could get a credit card with 0% then just keep getting new cards and transfer the balance so you dont have to ever pay any apr whilst paying it off at the same time
could you explain a little more mate? never done anything like this before, loans or credit etc
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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quote:
Originally posted by AlunJ
If I didn't have the house I could save that over 5months max if I had put going out on hold etc. Better in the long run no? Up to you really though!
totally agree, i could easily save it over time but im thinking if im only paying £100 on top then tbh thats not bad..
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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most credit cards give you the first few months 0% and after that period get another credit card with 0% and free balance transfer. transfer the amount from the previous card to the new one and cancel the old one, and so on. takes a bit of effort but at least you wont have to pay any interest
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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GF-91
Banned
Registered: 8th Jul 09
Location: Burnley!
User status: Offline
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Could you not borrow it from a parent? And throw them a couple of quid for helping you out? Also, they'd be more useful if you lost your job and was struggling with money.
Just my two cents anyway, or you could save save save for the next few months I'm sure you could do it if you wanted to 
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Taking loans = silly
Especially for a small amount aswell, I blame your parents tbh. 
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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£1000 over a year is £1100 to pay back, surely not as bad as people are making out, plus im 100% i can pay it back so that will go my way to get a good credit history for the future..
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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I wouldn't bother for sake of £2000.
If you want something bad enough it's worth the wait and saving for.
IMO
April '06' Corsasport Feature Car | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by mk4_boy
£1000 over a year is £1100 to pay back, surely not as bad as people are making out, plus im 100% i can pay it back so that will go my way to get a good credit history for the future..
If you can pay it back, then just use the money you'd pay a loan back with?
A good credit history would be to never have taken loans and have shitloads of wonga in the bank under your name? 
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lostboy
Banned
Registered: 29th Jan 09
Location: Durham
User status: Offline
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quote:
Originally posted by CORSA NUT
Want some advise??? From somone who learnt the hard way??
Don't bother getting credit unless you can REALLY afford to pay it back.
Ditto that.
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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 wouldn't bother for that small an amount, but I don't see a loan as a bad thing
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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quote:
Originally posted by J da Silva
quote:
Originally posted by mk4_boy
£1000 over a year is £1100 to pay back, surely not as bad as people are making out, plus im 100% i can pay it back so that will go my way to get a good credit history for the future..
If you can pay it back, then just use the money you'd pay a loan back with?
A good credit history would be to never have taken loans and have shitloads of wonga in the bank under your name?
nope, if youve never had any credit this leaves you with no history at all which can affect you as much as no history
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DizzyRebel
Member
Registered: 2nd Jan 09
Location: Lincoln
User status: Offline
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You will need a credit rating if you wish to buy a house etc. and a small loan like £1000 is a good way of getting that credit rating up.
Banks want to see that you can borrow money and pay it back on time with no defaults, and small loans and 0% credit cards are the best way to do this.
As long as you are sensible and pay it back, then there should be no problems at all with it. people are too quick to jump on the 'loans are bad' bang wagon, when if the are used properly can be a great help and actually beneficial in the future.
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ashleh
Member
Registered: 23rd Dec 08
Location: Nottingham
User status: Offline
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My mate took a 0% APR loan out to pay for his car insurance, and jus set up a direct debit from his account straight back into the loan account.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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A loan for a £1-2k car is madness.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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You're almost better off getting a credit card, if you can get one with a high enough limit. You could then tart the 0% introductory offers by switching the balance to another card when the deal runs out.
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