Need £11,000 loan for a car

kriss_boy · 11 August 2009 at 1:00PM

blue_haddock wrote: »

I would still however say there are better ways of spending 20k on a performance car - you could get a BMW E46 M3 for 10k and that is a much better vehicle.

I picked up a really nice 2 litre 3 series coupe, 2002, full leather, all the toys etc plus a very nice set of alloys. Only £4000 taxed and mot'd.

Got it in March this year.

mistysmoth · 11 August 2009 at 1:09PM

Not very relevant but had a quick google and that's a massively hideous car.

Suppose it's a matter of personal taste though.

Deadman_2 · 11 August 2009 at 1:31PM

Is it a £9000 loan or £11000 loan you require?

I'm confused.

slipp_digby · 11 August 2009 at 1:45PM

sometime, regardless of depreciation, finaces and practicality you just have to get the car that you really really want want.

not a f*cking bright yellow SEAT though

bet he'll rev it hard from cold as well

THRIFTY_GIRL · 11 August 2009 at 1:52PM

The thread tells me you ARE buying this car no matter what so here goes...

Important questions to ask:

The £12k for house deposit.......how long until this will be required? If more than 2 years then use this.

If house buying is happening soon then important to look at loan to value. May work out cheaper to place a larger deposit and get a cheaper mortgage. This might mean taking a bigger loan for the car - for which you may also get a lower rate.

I suggest you have a good think about your plans for the next few years before taking the plunge. Map out your options and then cost them (look on the dedicated boards for loans etc - moneysupermarket.com is a good starting point).

option 1: spend all savings. Benefit - no loan, no interest; drawback: no deposit.

option 2: keep large deposit for house and take larger loan for car. Benefit: lower interest rates Drawback: loan repayable over a short time - ensure u can afford it.

your option: keep half and half: this doesn't look like a good option - but Idon't have all the info, so do you sums and see for yourself. In my opinion if you have a few years you can save the extra money and save the interest.....

Hope this helps

sharpy2010 · 11 August 2009 at 4:37PM

Herein lies the one of the problems with this site, I think. Whilst some crackingly good advice is offered, it seems that the advice offered to the original poster of this thread is "don't do it, you can't afford it".

The thing is, how do any of the people who have replied here know what the original poster can, or cannot, afford?

All they asked was "Where can we get the cheapest loan, with which to finance a car that we wish to purchase?".

Yes, there are cheaper cars. But this isn't the issue. They have obviously sat down and decided on the car that they wish to buy, and have worked out that over a period of time they can afford to purchase it. All they wanted was to find out who is currently offering the best loan product to help them finance the vehicle.

I think it is a shame that people's personal opinions sometimes seem to be more important than posting factual, and useful, information.

sparklygemster wrote: »

Nice cars for more than 200HP?? that come with the manufacturer warranty???

My OH wants a car.....he was looking for a Ford Focus RS which is around £25,000......in the meantime we saw the advert for the Seat Leon FR which is a little less powerful and a lot less cheaper!!!

I am the money saver of the couple, and managed to get him to see a bit of sense with this car......

If you have nothing nice to say dont say it at all!!!!

ALL WE WANT TO KNOW IS WHERE WE CAN GET A £9,000 LOAN!!!!!! THATS ALL!!!!

DONT WANT ANY DIGS ON OH YOU GET A CAR FOR CHEAPER THAN THIS......ITS THE 2010 MODEL HE WANTS AND ITS A FACTORY ORDER.....

WE JUST WANT TO KNOW IF THERE IS ANYWHERE WHERE WE CAN GET A CHEAPER LOAN THAN THE 10.9% WE WERE QUOTED BY SEAT!!!!!

digitalphase · 11 August 2009 at 4:45PM

I think it's a shame that the OP probably won't return to this thread as I am still interested to know about the savings. I know this wasn't relevant to the OP's original question, but I thought I'd ask anyway!

Most of us agreed that buying the Seat was an extreme waste of money, but it's up to her boyfriend how he spends his money. The OP obviously didn't want any advice on his choice of car or whether any moneysavers think it's a good idea getting into such debt.

I personally think that the height of ignorance is to have something spelt out in front of you, explained in many ways and examples in this case, and then to totally disregard it. But the only person ignorance effects in this case is the OP's boyfriend, so good luck to him and his future purchase!

tobiascurious · 11 August 2009 at 4:46PM

sharpy2010 wrote: »

The thing is, how do any of the people who have replied here know what the original poster can, or cannot, afford?

If they could afford it, they wouldn't need a loan. Simples

True moneysavers only get loans to consolidate debt or buy their home.

sharpy2010 · 11 August 2009 at 4:53PM

tobiascurious wrote: »

If they could afford it, they wouldn't need a loan. Simples

I do accept that this is correct, but these days getting a loan for a car seems to be "accepted".

Like you say, its not money saving in the true sense of the word (money saving would be to buy a car they could afford outright), but they do want to save money by getting the cheapest loan available to them.

If people only ever bought things when they could afford them, there would be no loan companies in existence. The fact that there are proves that there are people who would like/need to use them.