corsa120
Member
Registered: 4th May 02
Location: Northamptonshire
User status: Offline
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basically me and my mrs are considering a loan for a car.... we are completely debt free and i mean debt free........ bar our mortgage which is in a very good position, we have not had a loan for approx 8 years now between us but we do use credit cards etc to pay for a holiday blah blah just to keep our credit ratings up... we saved up for our last car so no loan was needed etc etc etc however.............
we are considering a loan for the first time for a decent car for around 15k but we really dont no whether to do it or not, we are both in fairly good solid jobs bringing home enough money to comfortably pay the loan back, its just i cant seem to get the amount out of my head it seems like such alot of money.
we would not be using the loan just for a car as we would like to use some for couple of home improvements, plus we have 5k put on top from the sale of our current car so we'd have 20k for nice motor and few other bits and bobs, sorry its a life story im just interested in what u guys all do and what you have borrowed now or previously?
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N16K
Member
Registered: 4th Oct 04
Location: Belfast, NI Drives: Corsa D SRi, Tuned Cooper S, B
User status: Offline
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People who say they have no loans / finance are just playing internet baller, it is easy, you just lie! If you can afford it go for it.
[Edited on 22-06-2012 by N16K]
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BluKoo
Member
Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline
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quote:
Originally posted by N16K
People who say they have no loans / finance are just playing internet baller
Shite 
I have no loans, but my car isn't worth that much.
I don't think any of my mates have loans for their cars either. Then again most my mates work in oil.
[Edited on 22-06-2012 by BluKoo]
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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I have, borrowed 5k, just paid it off. Looking at borrowing another 10k for a new car soon.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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Took out a 10k loan for 22k car.
My previous car was £8k and then £2k before that.
I was in the same position and infact had also just had a baby at the same time 
But the way I looked at my loan was that it was always going to be less than what the car was worth, so worst case I could make a quick sale to pay off my loan.
I dont regret getting my loan and had previously had a few other loans about to finish (my NAS box, £2.5k TV etc).
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I have no finance, loans or debts bar mortgage but m car is shit and I hate it, I'm considering going the other way entirely and getting a brand new Evoque just because I could! Probably won't though as I'll shit it if it comes to it
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N16K
Member
Registered: 4th Oct 04
Location: Belfast, NI Drives: Corsa D SRi, Tuned Cooper S, B
User status: Offline
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quote:
Originally posted by BluKoo
quote:
Originally posted by N16K
People who say they have no loans / finance are just playing internet baller
Shite
I have no loans, but my car isn't worth that much.
I don't think any of my mates have loans for their cars either. Then again most my mates work in oil.
[Edited on 22-06-2012 by BluKoo]
fine or have cheaper cars! not really answering the posters question to be fair.
[Edited on 22-06-2012 by N16K]
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Ben J
Member
Registered: 31st Jan 05
Location: Cheshire
User status: Offline
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I have no loans or finance etc. Just mortgage.
We had a loan a few years back for Jen's old car. Paid off now though.
You can often get loans at better rates than finance so it's worth comparing figures. Best would be some 0% finance of you can get it.
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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Just make sure you don't get a loan for the whole value of the car. Basically if you get into trouble you can always sell the car to pay it off and not have anything outstanding.
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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Have my mortgage and credit cards, paid off each month! I'm after a new car and in two minds put a few K on top of Golf and get something half decent or take out bit of finance / loan and get something better.
Not a fan of owing money, I like to save up and pay outright for my stuff! But obviously can't always have the nicest of things!
Just don't get finance on a car over 3yrs then decide after 1yr you no longer want it then repeat and get more finance on another nice car for 3yrs turn your 15k into 20k and so on!
Pay for it outright and you know what your able to spend!
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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Took out a 8k loan on a 14k car.
I can comfortably afford the repayments and if I need to pay it back I have enough equity in the car to do so.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I'd quite happily borrow half the cost, more than that I think I'd start getting itchy feet.
More if it was a 0% deal and it wasn't costing me anything to take it out.
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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If like you say can comfortably pay it off without any worries then I can't see any issues or worries. To be honest it would be easier to pay 15k off in a loan than if
I had 15k and wanted to buy something. Easier to spend money that isn't real.
Just think about what it is you spend that money on now each month, if it's spare, get among a posh car.
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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quote:
Originally posted by N16K
People who say they have no loans / finance are just playing internet baller, it is easy, you just lie! If you can afford it go for it.
[Edited on 22-06-2012 by N16K]
Truth.
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nathy_87
Member
Registered: 14th Aug 08
Location: West Mids. Drives: koda Fabia VRS 5J
User status: Offline
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Since my Polo I've always had finace for my cars, it doens't bother me. I can't afford to pay a car outright, those who can are lucky so good for them.
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JordyCarter
Member
Registered: 14th Mar 10
User status: Offline
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Wouldnt ever get finance or loans, i always just save. Im normally the want everything yesterday guy but for some reason im against loans and finance etc
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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Most people could afford to buy a car outright as they're that cheap nowadays they just choose to get something flash and get finance etc.
I used to be the same, bought last few cars without loan or finance and wouldn't have it any other way now 
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Finished my last car loan about 3 years ago. Would like a shiney new car but I enjoy having no loan!
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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My loan will be paid off in september. Cant wait tbh, ive saved so much after i bought a diesel, and to have an extra £255 saved a month will be even better.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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Even if I had the money in the bank that I'd saved for a long time, I wouldn't buy a car outright. I'd still have a low interest loan and have the money sitting in the bank.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by JordyCarter
Wouldnt ever get finance or loans, i always just save. Im normally the want everything yesterday guy but for some reason im against loans and finance etc
this is where the old have you got 200k for a house debate starts poking it's head.
so, did you pay cash for your house?
mortgage is the same as a loan/finance/whatever you call money lending.
i've had 3 cars on finance which is the same as a loan. nothing wrong with it if you can comfortably afford the repayments and know you have good job security.
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micra_pete
Premium Member
Registered: 23rd Apr 03
Location: West Yorkshire
User status: Offline
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90% of Posters in this thread saying they don't have loans / would never have a loan live with their parents.
If you can pay it, do it.
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DansCorsaSXi
Organiser: Yorkshire
Premium Member
Registered: 13th Jan 10
Location: Worksop
User status: Offline
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I had one when I just turned 18 to get my corsa. Loaned £1300 and just finished paying for it over 3 years.
Way I see it if you can afford to pay it every month then why not. 
Star silver C20XE SXi Project thread
Smoke Grey Corsa GSi Project thread
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Matt L
Member
Registered: 17th Apr 06
User status: Offline
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quote:
Originally posted by A2H GO
Even if I had the money in the bank that I'd saved for a long time, I wouldn't buy a car outright. I'd still have a low interest loan and have the money sitting in the bank.
that seems the oddest mentality to me ever tbh, why would you pay for money you already have? yes it could be a low interest loan but still paying for it when you already had it which makes it a waste of money.
I have never had a loan/finanace and only use a credit card to get cash back (it gets paid off in full each month anyway).
im under the firm belief that if you cant afford it dont have it (obviously bar a mortgage, thats the only loan i intend to ever get).
to answer the original question, I have never had a loan so cant comment from first hand experience, but a friend of mine had a loan for a car and he to this day claims its the worst thing he ever did, hes still paying it off and hasnt had the car for a good few years now.
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Ben J
Member
Registered: 31st Jan 05
Location: Cheshire
User status: Offline
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quote:
Originally posted by Nic Barnes
quote:
Originally posted by N16K
People who say they have no loans / finance are just playing internet baller, it is easy, you just lie! If you can afford it go for it.
[Edited on 22-06-2012 by N16K]
Truth.
I have no finance or loans. No lie.
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