Need £11,000 loan for a car

movingforward2010

the op wanted to know where to get the best loan deal from, fair enough - just tell them!

on a more personal note ( not telling anyone what to do) i had a brand new astra sri a few years back it cost £17000 and i got £10000 on finance, i now have a 8 year old car that cost £2300 bought for cash. Personally looking back i was stupid , i cant believe i got that loan!! I WONT be doing that again! and if out of some bizzare reason i do i wouldnt go above £5k on a car loan and pay it back in 2-3 years! Looking around there are so many great deals on really nice cars for the 5k mark!

Chipstter

I hope OP bought the car AND got a decent APR. It's clear that they wanted to do it so it would have been much nicer to just answer the question.

I have looked at this site for a while now and I get rather amused by the 'I'm a money saving warrior' attitude. Heavens forbid if I have a similar question; think I might be better off keeping it to myself.

Mister_aaa

Yep, bought a 2002 renault megane coupe new for 11500, its now worth 1500 quid.

Only finished the loan early because of my ppi reclaim.

Simple steps to buying a car

1) buy car
2) dig big hole
3) pour money into it
4) get annoyed

You might as well just get 10 grand and go to the top of a building and throw it off, but its your (well his) cash.

dfh

Chipstter wrote: »

I hope OP bought the car AND got a decent APR. It's clear that they wanted to do it so it would have been much nicer to just answer the question.

I have looked at this site for a while now and I get rather amused by the 'I'm a money saving warrior' attitude. Heavens forbid if I have a similar question; think I might be better off keeping it to myself.

To be fair,I think the majority of the posters did have the OP's best interests in mind.They were trying to tell her that the loan was a bad idea.But the OP and her OH had already made up their minds and were looking for a good APR. I guess we all need to ensure that we can get our point across without being discourteous.

*Vikki*

Mister_aaa wrote: »

Yep, bought a 2002 renault megane coupe new for 11500, its now worth 1500 quid.

Only finished the loan early because of my ppi reclaim.

Simple steps to buying a car

1) buy car
2) dig big hole
3) pour money into it
4) get annoyed

You might as well just get 10 grand and go to the top of a building and throw it off, but its your (well his) cash.

nah you would get enjoyment out of a car!:p

TMoose

Mister_aaa wrote: »

Yep, bought a 2002 renault megane coupe new for 11500, its now worth 1500 quid.

Only finished the loan early because of my ppi reclaim.

Simple steps to buying a car

1) buy car
2) dig big hole
3) pour money into it
4) get annoyed

You might as well just get 10 grand and go to the top of a building and throw it off, but its your (well his) cash.

Ah, but you did miss out the "get from A to B" quite quickly and efficiently on your own schedule. And maybe even "have fun".

Yes, a car is a money drain, but it can also be a liberation (if you live outside of decent public transport), as well as fun.

Whether or not you got 10K of use and fun out of that vehicle only you can decide...

Snakeeyes21

Chipstter wrote: »

I hope OP bought the car AND got a decent APR. It's clear that they wanted to do it so it would have been much nicer to just answer the question.

I have looked at this site for a while now and I get rather amused by the 'I'm a money saving warrior' attitude. Heavens forbid if I have a similar question; think I might be better off keeping it to myself.

Its not about being a money saving worrior its about the OPs OH being a complete numpty and having the CASH in the bank yet wants to pay 5k in interest for no reason.
well there probably is a reason, he must be lacking in other areas :@) you know what they say about guys with big flash cars, they have small.......
no doubt he wants to try and impress people with an expencive car and 12k kicking around :beer:

THRIFTY_GIRL

ILW wrote: »

Can you honestly see the OPs boyfriend ever settling for a Skoda?

Part of buying a sporty car is the namebadge.....and Skodia is probably not acceptable for most people no matter how good it is:rotfl::rotfl::rotfl:

boltonangel

standupguy wrote: »

sparklygemster wrote: »

Sorry but youre wrong, finance for 5 years with seat is less than £300, OH can afford over £300 in finance for the 5 years, did i mention in the first post what we could afford....NO!!!!

for 54 months with Seat at 10.9% APR will be just over £300 a month which we can easily afford.



An advance of £11000 over 54 months at 10.9% APR would be about £258 per month?

An advance of £11000 at 10.9% flate rate - ie approx 20% APR would be approx £303 per month?

Is the dealer trying to confuse you on the difference between flat rates and apr's?

I don't think anyone has picked up on what this poster is trying to say.
The dealer is doing the sales patter of saying that the interest rate of 10.9% is the APR when it isn't. APR is the interest rate plus the charges associated with the finance. If they are saying that 10.9% is the APR when it isn't then this is clearly misselling.

Also, I also agree that if you can 'easily' afford the finance then why not shorten the term so that you don't pay as much interest.

Take it from one who has been there and done this (I too was warned!) new cars are not usually worth the premium, try and find one a year or so old then you'll still have the warranty.

Chipstter

Snakeeyes21 wrote: »

Its not about being a money saving worrior its about the OPs OH being a complete numpty and having the CASH in the bank yet wants to pay 5k in interest for no reason.
well there probably is a reason, he must be lacking in other areas :@) you know what they say about guys with big flash cars, they have small.......
no doubt he wants to try and impress people with an expencive car and 12k kicking around :beer:

So you've met the guy then??? This is exactly the attitude that others have commented on. If one can't be constructive then it's better to keep those thoughts to yourself. I'm sure at some time most of us have made a poor judgment when it comes to money, I guess they'll learn in the long run (whatever the lesson may be).