Cheapest way to borrow £8500 for a car

Cheaper way is to save up for it.

Have you recently started a new job ?

Just wonderingas if you can afford the £180 for the new car where has the £180 gone up to now ?

If you had saved the £180 over 4 years you would have had enough to buy it in cash.

I don't really have any constructive advice about borrowing cheaper but please, think about what you're doing!

Even if this is a shiny new car, those five years contain three MOTs, 5 services and other incidental expenses. And then to add insult to injury, it's valued less than £2000 when you want to swap it again!

Clearly you know your own financial situation and will have worked out what your budget will allow, but it's a huge financial commitment (as someone said, over £10.8k plus your old car) over a long time.

Would it be wiser to compromise on something a bit older, but over a much shorter period of time.

(This from someone who's just bought a 12-yr old diesel for less than £1000 which I only intend to keep 12-18 months tops, having saved the money for a similar replacement. This is based on it'd cost me much more than £1000 per year in loan payments for a millstone round my neck.)

Good luck, whatever you decide to do. As I said, no real advice, just a cautionary note to say are your sure about this?

Thanks Vikipollard, I still owe my son £11 though, so I better not leave town he is six by the way.

OP, the cheapest loan I could find was Sainsbury's Bank at 5.1% over 5 years repayments are £160 a month. and Interest is £1147 over the term.

or you could do £176 over 4.5 years, interest would be £1030 if you got this loan.

Ask if they will match this or knock £1100 off the car, worth a cheeky try, if you really want it, can afford it and think its worth it.

From my son? No :rotfl:

What Clive Woody says is very true, there are loads of dealers selling identical shiny metal boxes with wheels. If they don't give you a very good deal, walk away and take your custom elsewhere.