Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
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Im on the brink of applying for a 12k loan, split over 5 years to get myself a decent car.
I was wondering who here also has a loan, what size it was when you took it out, for how long and who's it with?
Ive been searching the net, used all the money compare sites and I think £240 a month is the lowest I can get mine down to.
£240 a month might sound alot, but I get paid £840 a fortnight, which means £120 every time I get paid.
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Fuck that for 5 years. I've always been a can't afford it don't have it kinda guy.
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Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
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quote:
Originally posted by Dan
Fuck that for 5 years. I've always been a can't afford it don't have it kinda guy.
For the past 4 months, I have been saving £500 a month to put towards this car, im now fed up of saving. I see it no different to buying the car on finance and paying less per month and slightly more in the long run and having a decent car now.
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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depends on the rate you get. i wouldnt take out a loan if it had a high rate
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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If you can afford it do it, I don't see the issue.
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Daveskater
Premium Member
Registered: 29th Apr 08
Location: Oxford, UK Drives: Jap wagon
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I took out an £1800 loan to pay for my car, paying it back over 2 years at about £94/month. I can afford the repayments so don't see it as an issue really.
If you've been saving £500 for the past 4 months with no problems then paying £240 a month will be even easier.
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Blade_sri
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Registered: 23rd Apr 03
Location: Pop
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i have a loan that finshes in two years and pay back £240! its a lot to me now as i have a young one!
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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what are you going to do? get the loan and pay that each month and carry on saving £260 as well?
so you are still saving £500 a month but get your car now?
that way you can pay the loan off earlier
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Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by IvIarkgraham
what are you going to do? get the loan and pay that each month and carry on saving £260 as well?
lol no, my misses is now 10 days overdue, I think the remainder of the money will be going on baby stuff.
(for information, we already have everything for the baby now).
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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Congrats Bart
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AndyKent
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Registered: 3rd Sep 05
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I'd take out the loan if it was affordable, but not over 5 years.
Can you see yourself still owning it after all that time?
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
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doesnt have to own it for 5 years, he can always sell it on and use the money from that sale to buy another car.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by AndyKent
I'd take out the loan if it was affordable, but not over 5 years.
Can you see yourself still owning it after all that time?
A very good point, I have thought about this alot.
My last car was a 318 coupe, I bought in 2006, the car was 6 years old. Its not felt like I've had the car for 4 years either!
The new car im looking at is only 4 years old.
If I can make it to 4 or 4.5 years then yes I can still see me owning it, based on my last car.
Going back to the OP, anyone taken out a recent loan?
[Edited on 11-06-2010 by Bart]
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AndyKent
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Registered: 3rd Sep 05
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Fair enough. If it were me and I could afford to be saving up to £500 a month I'd see if you could borrow over a shorter term but with a slightly higher repayment cost just so it costs less in interest.
If you could get less £300 per month over a 4 year term it would work out cheaper.
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StueyBoy1989
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Registered: 22nd Feb 07
Location: North West London
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need to think seriously if your going to keep it for 5 years. If you dont think you will get higher repayment so you pay it off sooner. Personally i saved up for my car as wasent sure how long i would keep it for.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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If it's just a loan, he doesn't have to keep the car for 5 years though.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by StueyBoy1989
need to think seriously if your going to keep it for 5 years. If you dont think you will get higher repayment so you pay it off sooner. Personally i saved up for my car as wasent sure how long i would keep it for.
Realistically, to save up £12k even at £500pm, is 2 years, so that aint going to happen.
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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Do it Bart.
you will have to factor in the depreciation and how long your going to potentially keep it for? I.e if you had it a year decided to sell, how much neg. Equity will you be in with loan etc..
I don't see the issue. I have purchased 2 cars outright and would never, ever, ever do it again. Waste of capital tbh.
Cars always depriciate and will loose value, there is no way to avoid this. A loan gives you not a finance company control over the car and the payments.
Have you considered pcp Bart?
Could get a VXR for that
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Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by Jambo
Have you considered pcp Bart?
I have, but I dont like the idea of not owning the car.
I have a 9k lump to put down and currently looking at a £21k car.
As ive said above, the wife is 8 days overdue and I need a nice 4 door car, not a VXR 
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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Megane 225 5door tbh 
Do HP then, with a large deposit like that you would get one easy. A3?
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Daimo B
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Registered: 20th Mar 00
User status: Offline
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Been there with loans for a cars.
Worst thing I ever done, ruined me for years. Would never ever do it again.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by Jambo
Megane 225 5door tbh
Do HP then, with a large deposit like that you would get one easy. A3?
Renault? behave mate.
A3, too small for my liking.
Have looked/considered A6/A4 S lines, but they dont come close to a well packed/fully loaded bmw 535D @ 280bhp
As I do alot of scuba diving, it needs to be a reasonably bigger car.
[Edited on 11-06-2010 by Bart]
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Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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Nothing wrong with Renault, but if we are talking proper cars here then BMW is what you need!
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
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quote:
Originally posted by Jambo
Nothing wrong with Renault, but if we are talking proper cars here then BMW is what you need!
Noooothing James?
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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I got a loan to get the 350. Got it for 5k less than the car was worth though to avoid any negative equity. Loann term is 3 years and in theory depreiciation shouldnt be 5k in that time.
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