Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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Not having the money sitting in the bank and not being able to afford something isn't ty same thing IMO.
I didn't have the few grand I needed to buy my last car after I sold my S3. Stuck it on my 0% card and I'll have it paid off within a year as I can easily afford to pay off a big chunk each month.
If your getting a loan that's x amount a month and going to leave you skint every month then yes it's a bad idea but that's where common sense comes in to play.
[Edited on 23-06-2012 by Ian W]
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by Matt L
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.
Why did your friend think that? Was he a fucking retard who got a 10k loan out and couldnt afford to.repay it comfortably?
If you get a house and want to extend, what would you do?
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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Save up Ben m8.
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John
Member
Registered: 30th Jun 03
User status: Offline
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People who claim car loans are the worst thing they have ever done are idiots.
If it wasn't a car they'd have pissed the money up some other wall.
I still don't get you either Ben J, 20k car cash but a mortgage 
[Edited on 23-06-2012 by John]
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djgritt
Premium Member
Registered: 1st Nov 07
Location: Dorset Drives: Focus ST / Hyundai i20N
User status: Offline
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I got a bank loan to pay for my Vectra, including 12m Tax and some of the 12m Insurance.
Did it via a bank loan as I can sell the car on and clear the outstanding loan, or at least a large chunk of it, if I ever had a need to do so.
Didn't fancy a finance deal on the Car as they feel more tied down if you begin to struggle atall for whatever reason.
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John
Member
Registered: 30th Jun 03
User status: Offline
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I always pay insurance outright but never stick tax or anything onto the finance when they try it, don't want to pay interest on my tax over 3 years.
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Matt L
Member
Registered: 17th Apr 06
User status: Offline
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quote:
Originally posted by Ben G
quote:
Originally posted by Matt L
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.
Why did your friend think that? Was he a fucking retard who got a 10k loan out and couldnt afford to.repay it comfortably?
If you get a house and want to extend, what would you do?
was a mixture the car developing issues costing loads to fix and the fact hes still paying it off a few years after he got rid of the car.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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Thats a bit of a bugger tbh. Would hate to have a long loan or finance deal on a car.
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djgritt
Premium Member
Registered: 1st Nov 07
Location: Dorset Drives: Focus ST / Hyundai i20N
User status: Offline
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quote:
Originally posted by John
I always pay insurance outright but never stick tax or anything onto the finance when they try it, don't want to pay interest on my tax over 3 years.
Mine wasn't intentionally done to also pay for the tax - I had intended to top up on the bank loan with a decent pay packet at the time, but found a good example of a car, for less money than initially budgeted so whacked the 'change' onto the other costs, in this case £445 worth of VED and a full years Insurance.
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corsa120
Member
Registered: 4th May 02
Location: Northamptonshire
User status: Offline
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well the idea is to use the 4k we got for our astra gsi and around 1.5k saved up clocked with a 15k loan with give us roughly 20k, with this money i want an m3 which im prepared to spend around 11.5-12k on.... running the m3 is not a problem as if shit hit the fan i have a 3k motorbike which is paid for which i could sell so a big bill for the m3 dont bother me that much...............!!!
rest of the money will be used for a bathroom improvements and porch on front of the house which a mate will do for me at mates rates etc....... it may be possible to take less out but we'll see
as previously said me and my mrs do have no debt except our mortgage, we used to have but we are both 29 and 27 now so any debts we had from our youth are long gone right now..... im not gonna say we have never had debts 6 months ago we just finished 30 quid a month for dfs for our sofa but at thisw present time we are debt free! i mean between me and the mrs we bring in around 50-55k a year!!! its just biggest loan we have ever had in our lives is our mortgage and the i had 6k on a corsa when i was 18, i brought my astra gsi with some inheritance and savings so no loan was needed...
so thats whay it kinda concerns me as we have nover borrowed this much for such a well....... toy to be honest.....
i do believe the comment about if you cant afford it outright dont have it is abit rubbish to be honest... you said you will take out a mortgage??????? sorry to piss on ur bomb fire but no matter what way you look at it that is a LOAN..... AND IT WILL BE THE BIGGEST loan you will ever have so you are happy to do that but wont borrow 3k for a motorbike or 8k for car etc???? double dutch to me, houses are the biggest risk ever because if u cant pay it u become homeless
[Edited on 23-06-2012 by corsa120]
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
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]
You are just cheating yourself with Loans and finance.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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hardly.
not everyone has spare cash laying around for a decent motor/home improvements/bills when things go wrong.
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
User status: Offline
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Ive never had a car loan 
Marcy Marc 
White Sport Progress Thread
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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No debt or loans here other than a mortgage, but I would happily get a loan if it was needed for either home improvements or a car. When I have borrowed money in previous years I have always taken a bank loan and not secured the debt against the purchase - gives me flexibility if needed
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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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I wouldn't be getting out a 15k loan when i could overpay the mortgage instead saving bags on interest later down the line in the process.
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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Just do it, I got £8k for my m3 over 4 years... Payments are cheap as chips and it the only debt I have, plan to save and pay it off early or put the savings towards a new car once its paid... Or fix it when it breaks
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JordyCarter
Member
Registered: 14th Mar 10
User status: Offline
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quote:
Originally posted by Ben G
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.
I think mortgage is a totally different matter as its your house, where as a car is just something you want i love cars but i wouldnt lend money from banks etc for one id just save. It was the same as a kid i wouldnt spend all my pocket money on sweets id save and get a playstation game lol
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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Id buy sweets and my mam would buy the game
Who the fuck saves up for a £12k car.. Would take years when he could get a loan and have it now
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corsa120
Member
Registered: 4th May 02
Location: Northamptonshire
User status: Offline
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exactly john, i already over pay on my mortgage so im not being silly in other departments and with only 15 years left on my house and around 40k collateral im in a good position...
however as i explained earlier i gain my last car without needing a loan as i had inherited money from grandparents etc now im in a position where ive always wanted and m3 and in a position to run one for couple of years so thats the reason for the loan.... and i do not wanta shit one either!!! if u want a good car like this u have to come up with some muller at the end of the day!!
if i saved up it will take me best part of 4-5 years and thats not taking into account any problems i might have down the line like death for instance being the biggest
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Ben G
hardly.
not everyone has spare cash laying around for a decent motor/home improvements/bills when things go wrong.
And they never will if they keep borrowing 
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by JordyCarter
quote:
Originally posted by Ben G
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.
I think mortgage is a totally different matter as its your house, where as a car is just something you want i love cars but i wouldnt lend money from banks etc for one id just save. It was the same as a kid i wouldnt spend all my pocket money on sweets id save and get a playstation game lol
Agreed a mortgage is an investment.. Buying a car (unless its a collectors item) is totally the opposite.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by john-d
Id buy sweets and my mam would buy the game
Who the fuck saves up for a £12k car.. Would take years when he could get a loan and have it now
But whats the point? You can buy a cheaper car that serves the same purpose the only reason to have a more expensive one is for 1) self gratification or 2) to impress others..
Well you fail on point 2) because you couldnt afford it in the first place.
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corsa120
Member
Registered: 4th May 02
Location: Northamptonshire
User status: Offline
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well if thats ur view dave why do you buy clothes when u could just be naked???..... so dave you never buy anything that serves no purpose like a magazine u must not because that would abe a waste of money which would be better spent on a mortgage.....
technically you are correct in some ways i should have kept my old car there was nothing wrong with it, and WHO SAYS THERE IS SOMETHING WRONG WITH WANTING SOMETHING end of the day we are only here once and i dont want to look back and regret it saying to myself i wish i bought that m3 and not kept this rusty old escort..
i disagree about my house being an investement too its a loan no matter how you look at it, and dave lets just hope you are saving for your house and dont have a mortgage cosw that would make you a hypocrite
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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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Pretty sure he has a house and has a fair few K of savings too.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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I have a mortgage, I saved hard for 12-18months to get a decent deposit. Sold my TT, bought a diesel golf to save money on fuel and free up money for deposit.
No one will normally be able to pay £100,000+ to pay a house outright!
Where as you can quite easily save £10,000 to buy a car or get a cheaper one!
I'm tempted by Z4 M coupe but rather than finance / loan would rather save up and buy something with my own money.
I also like to use cash to buy things on a day to day basis rather than cards!
Always appreciate things more when have to save to buy them IMO.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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