Need £11,000 loan for a car

Gillianh2

Op,
Whilst I appreciate your OH wants a treat after working so hard, I am sure he could have an equally nice treat for the £9000 he has to use as a deposit. To pay this much for a vehicle over the next 5 and a bit years is madness and certainly not very MSE. The car will depreciate in value the minute it is driven from the forecourt. Sadly circumstances can and do change, this is a massive commitment and I am sorry but I do have to agree with other posters that to consider a loan for this amount is madness.:eek:
Just have a look around there are cars a plenty for £9000 or less and I mean serioulsy nice cars.;)

Sorry OP if this isnt what you wanted to hear:cool:

ILW

sparklygemster wrote: »

How on earth do you know if we can afford this car or not?????

For all you know, we could be on £10k and year or £100k a year!!!!

If you could sensibly afford it, you would not be looking at paying over 5 years with the additional interest that entails.

sparklygemster

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!!!!!

LJDavis

Agree with above also...

Are you able to post links on this forum? - i.e. a quick search of autotrader shows a 2009 Seat Ibiza with 2000 miles on the clock for £8,995

Sparklygemster - what would you do with an extra £3.5k a year (that is spent on capital and interest)?

If you think a car is worth this then so be it - after alliance and leicester First Direct do and 8.9% but with 10% cashback loan (apparently works out at 8.1%)



And no five year debt!

standupguy

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?

sparklygemster

ilw wrote: »

if you could sensibly afford it, you would not be looking at paying over 5 years with the additional interest that entails.

its a factory order car that he wants!!!!!!

The car is not even on the road yet!!!!

All we want to know is if we can get a better loan than the 10.9% from seat!!!!!!

ILW

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!!!!!

Your OH does sound a bit of a spoilt kid.

Heath84

Gillianh2 wrote: »

Op,
Whilst I appreciate your OH wants a treat after working so hard, I am sure he could have an equally nice treat for the £9000 he has to use as a deposit. To pay this much for a vehicle over the next 5 and a bit years is madness and certainly not very MSE. The car will depreciate in value the minute it is driven from the forecourt. Sadly circumstances can and do change, this is a massive commitment and I am sorry but I do have to agree with other posters that to consider a loan for this amount is madness.:eek:
Just have a look around there are cars a plenty for £9000 or less and I mean serioulsy nice cars.;)

Sorry OP if this isnt what you wanted to hear:cool:

Have to agree, I wasnt trying to be a smart a rse as you put it before, but hoping you would think about it a bit more and realise that wasting 5k on interest on that loan is not MSE. You have 9k, do you really need to spend more than that on a car? My car cost less than 1000 and I am really happy with it, ok a car at that price isnt going to be the 'treat' your OH wants, but at least if any unforeseen circumstances come up in the next 5 years, the car will be yours and not as likely to be taken away by baliffs because you cant keep up the £300 repayments a month for the car as well as other living expenses.
Your right, I know nothing about your finances, sorry I offended you just think in my opinion that 5k you will spend on interest will be better off in your pocket rather than the car company's. Sorry if you think I'm wrong.

LeeSouthEast

This is going to sound harsh, but it has to be said: Drop the attitude Gemster, it's really not helping you.

On a forum like this, it is unlikely you will get a single answer to a single question. Your circumstances as described do say "we cannot afford this". The true money saver would save what you are missing and refuse to finance any part of it at all. No one has given you bad advice. You've just not heard the advice that's been given.

LJDavis

Just seen you above post:

therefore I would try:
A&L 7.9%
Sainsburys / Tesco do about 8%
FD 8.1%

Hope this helps...